Planning to study abroad? Here’s how a personal loan can help!

Posted on Monday, September 25th, 2023 | By IndusInd Bank

Are you lacking financial resources but yearning for your academic and professional development? You can fulfil your aspirations and have a great professional future with the aid of a personal loan for education. While having a vibrant social life and global connections can be profitable, studying abroad provides greater opportunities for academic, cultural and professional growth.

Let us take a look at how a personal loan can help you fulfil your education goals.

Benefits of a personal loan for education

• All expenses covered: All fees associated with studying abroad can be covered by a personal loan for education. In addition to tuition, you can utilise your loan to pay for other living costs, such as books, laptops, travel, housing and health insurance. Thus, a personal loan taken for education can be used to pay for many more costs than just education.
  
  
• Adjustable loan tenure and amount: You should select a personal loan with a customisable payback period and loan amount. Using a personal loan EMI calculator, you may determine your estimated monthly payment and choose a loan term with an EMI you can comfortably afford.
  
  
• Easy online application: Nowadays, banks have made it quite simple to apply online for an instant personal loan at competitive interest rates.

For instance, applying for IndusInd Bank Personal Loans is a 100% digital process. All you need is your PAN and Aadhaar details. You can complete the video KYC process from the comfort of your home, and get the loan amount disbursed directly to your account.

• Quick disbursals: Technology simplifies the entire process of applying for a personal loan online. As a result, you can receive authorisation in a short amount of time. The procedure gets accelerated even more as a result of a lack of collateral and physical documentation.

Why choose a personal loan over an education loan?

Traditional student loans often only cover tuition and educational costs, leaving you to make other arrangements for other expenses on your own.

On the other hand, a personal loan can be used to pay for all of your living expenditures, including housing, food and other fees, thereby not restricting you to use only for your education.

Additionally, lenders may shortlist colleges and universities and grade them according to their reputation. You may not qualify for student loans to study abroad if your university or college is not on the lender’s current list of institutions. Some lenders will also look into your academic history before approving an education loan for international studies. 

Therefore, personal loans are usually preferable over student loans while financing studies abroad. Another attractive feature of personal loans is that they are unsecured, meaning you do not need to maintain any assets as security or collateral.

How are IndusInd Bank Personal Loans useful for education?

A personal loan from IndusInd Bank can help pay for your education, whether it be for living expenses, supplies, or any other fees that are not covered by a student loan. Everything you can do with an IndusInd Bank Personal Loan for Education is listed below:

• Pay tuition: If you are enrolled in schools or colleges that are not eligible for education loans or if you have exhausted your loan option, you may utilise this personal loan to cover your tuition costs.
• Pay for living expenses: A personal loan for education can be used to pay for living expenses like rent, utilities and food.
• Pay for textbooks and supplies: You can utilise the money from your personal loan to pay for textbooks, school supplies, and other items required for your classes.
• Consolidate existing debt: An intriguing feature of personal loans is their ability to be used to pay off existing debt, including credit card debt and high-interest loans. This can lower your monthly payments and make it simpler to manage your money while you’re in school. 
• Flight and visa: IndusInd Bank Personal Loan for Education can be utilised to handle costs associated with airline tickets and immigration fees.
• Emergencies: If you are in need of emergency cash during your studies, whether for medical, academic, or personal needs, this personal loan can be your saviour.

Conclusion

A personal loan for education covers multiple requirements that you may have when you are planning to go abroad for higher studies. A 100% digital application process, swift approval, affordable personal loan interest rates, and a flexible repayment schedule make IndusInd Bank Personal Loans for Education a hassle-free way to realise your ambition of attending college abroad. Apply now to start the process of achieving your goals.

Disclaimer: The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information.