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Tata Capital > Blog > Dream Big with Personal Loan for Education

Loan for Education

Dream Big with Personal Loan for Education

Dream Big with Personal Loan for Education

The road to a thousand miles begins with a single step. For most of us, that step is getting the right education. As kids, we would prepare ourselves to get into the vocation that would suit us.

After all, a good degree/diploma is a ticket to a different life. For those who aspire big, the door is always open for top education in India as well as globally.

Higher overall costs in privately-managed unaided colleges also drive the need for affordable and quick external finance. The education loan market is predominantly serviced by banks, but their low ticket size i.e. education loan amount throws a spanner in the works. This is where education-focused personal loans from financial institutions like Tata Capital are making a world of difference.

Overseas education

There is a big demand for postgraduate courses mainly Engineering, Management and Master of Science. Indian students understand that undergraduate courses give them a platform, but it is postgraduate education, preferably abroad, that provides a definitive edge. Locations like the US, Europe, and Australia are emerging as preferred destinations for pursuing higher education.

While domestic education loan needs are mostly taken care of around the Rs 9-10 lakh bracket, the foreign education finance needs are much bigger. You can take an education-focused personal loan of up to Rs 25 lakh from NBFC’s like Tata Capital. There is no requirement for a guarantor or providing any asset as collateral. That is a huge advantage to students, compared to conventional high-ticket education loans. You can apply for an education Loan on our website as well.

Unique in its own way

Personal loans are unique and quite flexible. Not only do they come at competitive interest rates, but such personal loan are also perfect for all types of needs like education. There is no restriction on how you use the loan funds. So, if you use a small portion of your education focused personal loan for lifestyle or a small tour while you are abroad, no approvals are required.

Additional Read: Can You Get Education Loan for Online Education?

Typically, a conventional education loan is given for 7 years in India. Once you take a personal loan for education, you can get up to 72 months i.e. 6 years for personal loan repayment. One year less is actually good for you because this means you would pay 1 year i.e. 12 months less interest. The longer the repayment tenure, the bigger is the interest amount in a loan.

Just because your aspiration for foreign education is big does not mean you have to pay a big price. When you apply for a personal loan for use like education, the personal loan interest rates do not change. We give personal loans for education starting at 11.25% rate. If you need extra money beyond your loan amount while studying, you are also allowed the window to withdraw additional funds up to an agreed limit. This works like an overdraft facility. The interest charged is only on the amount you use.

Once your education is complete, your chances of getting a job rise. In fact, many students engaged in foreign education get jobs while at the campus. They also start earning by doing part-time jobs, which generates an extra source of income that can be used for personal loan repayment. Institutions like Tata Capital allow you to prepay part of such personal loan for education any time after 6 months without any penalty or additional fee.

Additional Read: NBFC vs Bank – Which one is better for an Education Loan?

Your dreams of a better life and better education doesn’t become reality through magic. We understand that it takes sweat, determination and hard work. As you start working on them, a trusted financial institution like Tata Capital is here to help you reach your goals and achieve your rightful destiny. Taking an easy and hassle-free personal loan for education opens up a gateway of opportunities. If you are ready to take the call, apply for a personal loan with Tata Capital.

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