Personal Loan for Higher Education Abroad: How is it Beneficial?

Given the educational inflation rate which stands in between 10-12 percent, sending your child abroad can cost you a fortune. However, given the importance of good quality of higher education for your child - the cost is a very small sum you can part with without a second thought in your mind. Having said that, keeping the unequal income distribution in India, it is not possible for everyone to be able to afford the cost of sending their child abroad for higher education, not at least from their own pocket even if they want to. Despite that, if your child has the merit and you have instilled faith in them, financial hurdles won’t restrict your child from getting the quality education he/she deserves. You can apply for a Personal Loan and pay for your kids higher education and meet all the other related expenses easily. Apart from that, you can also claim tax benefits for the interest that you pay towards the Personal Loan for Higher Education as per Section 80E of the Income Tax Act, 1961.

Why Personal Loan for Higher Education? 

• Speedy Processing and Faster Approval: Compared to other loans, a Personal Loan is processed faster and the approval takes within 24-48 hours after that. Furthermore, if you apply for the schemes offered by NBFCs, the approval can be even faster compared to bank schemes. 

• Easy Eligibility Criterions: The eligibility criterions are easy to meet, and thus, the credit scheme can be accessed by anyone with the required loan eligibility.
  

• Substantial Loan Amount Available: Lastly, assuming the cash need can be very high, you can avail a substantial amount by applying for a Personal Loan. What more? You can apply for flexi Personal Loan - a flexi line of credit which allows you to borrow more than your eligibility up to a certain amount, as per your needs in one go or in parts. 

Lastly, compare the different schemes available in the market to choose the most fitting solution before settling into anything inappropriate.

Read More: How Safe is it to Apply for a Personal Loan to pursue Higher Studies Abroad?