Be it a masters degree from London School of Economics or from the mighty Massachusetts University, this is one dream that all parents have and all students nurture. There’s no dearth of good and renowned universities around the world, and often it’s not your grades that stop you, but the access to adequate funds.
No matter how intelligent you are—and how well you’ve scored in their entrance exams (receiving a scholarship)—you’ll still need a lot of money to stay and live abroad. Given the fact that the Indian rupee has a low exchange rate compared to countries like the UK and USA with good universities, this amount often goes beyond Rs.10 lakh and much more, especially when you don’t get a scholarship.
A person in such a situation has two options—to avail a Personal Loan for higher studies, or to opt for a student loan.
Let’s take a look at which option is the best for you.
Personal Loan vs. Education Loan
Many banks and NBFCs like Bajaj Finserv offer you Personal Loans that help fulfil your dream of studying abroad. They offer you loans of up to Rs.25 lakh—an amount that is more than enough for studying at one of the most expensive universities, and living a decent life while there.
When you avail a education loan, there’s usually a fixed amount that you can take as loan and this depends on your college tuition fees and few other expenses which is just about sufficient to survive there.
Moreover, banks and NBFCs don’t offer student loans for all universities. There’re only a handful few universities (the top universities around the world) for which they offer a loan, and very few people can actually make it to these places. The interest rates charged on education is usually higher as compared to Personal Loans.
All these limitations make availing a Personal Loan for higher education abroad the best bet for Indian students and their parents alike.
Personal Loan for Higher Education: Bajaj Finserv has you covered
Bajaj Finserv’s Personal Loan can serve as the best education loan for abroad universities. Let’s look at some of the key features of this loan:
Loan up to Rs.25 lakhs
Higher education abroad doesn’t come cheap. With a loan amount as high Rs.25 lakh, there’s nothing that you need to worry about. They offer you a flexible tenure option as well that ranges from 24 months to 60 months meaning you can pay according to your financial situation.
Disbursement in 72 hours
No other bank or NBFC approves and disburses the loan amount in such a short time. Bajaj Finserv ensures that the money reaches your account in less than 72 hours, provided you fulfil their eligibility criteria and your documents are sorted.
Once you avail a Bajaj Finserv loan, you get your own loan account that you can avail from anywhere and at any time of the day. It has all your loan related detail.
Bajaj Finserv has one of the lowest interest rates on personal loan in the market which alone makes it the best option.
How to Apply for Bajaj Finserv Personal Loan?
You can apply for Bajaj Finser’s Personal Loan online. Log into their website and apply online. Make sure to check your eligibility criteria to know how much loan amount you’re eligible for. You can also calculate the EMI with their online calculator to know how much you need pay every month.