{"id":268057,"date":"2024-08-13T06:17:11","date_gmt":"2024-08-13T06:17:11","guid":{"rendered":"https:\/\/www.paymeindia.in\/blog\/?p=268057"},"modified":"2024-09-03T10:24:04","modified_gmt":"2024-09-03T10:24:04","slug":"personal-loans-higher-education-india","status":"publish","type":"post","link":"https:\/\/www.paymeindia.in\/blog\/personal-loans-higher-education-india\/","title":{"rendered":"Personal Loans for Higher Education in India: Dreams to Reality"},"content":{"rendered":"<p>What are your future goals? The first step for completing your goals is pursuing \u201chigher education\u201d. The cost of a college education can often be an obstacle whether you want to study in India or abroad, college education fees are increasing daily.<\/p>\n<p>That&#8217;s where personal loans come in. It includes tuition fees, books, and other educational expenses. In this blog, we\u2019ll understand the personal loan for higher education, Eligibility Criteria, How to Apply, Benefits, Tips to Secure the Best Personal Loan etc.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_83 ez-toc-wrap-left counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.paymeindia.in\/blog\/personal-loans-higher-education-india\/#understanding-personal-loans-for-higher-education\" >Understanding Personal Loans for Higher Education<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.paymeindia.in\/blog\/personal-loans-higher-education-india\/#eligibility-criteria-for-personal-education-loans-in-india\" >Eligibility Criteria for Personal Education Loans in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.paymeindia.in\/blog\/personal-loans-higher-education-india\/#how-to-apply-for-a-personal-loan-for-higher-education\" >How to Apply for a Personal Loan for Higher Education<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.paymeindia.in\/blog\/personal-loans-higher-education-india\/#benefits-of-personal-loans-for-students\" >Benefits of Personal Loans for Students<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.paymeindia.in\/blog\/personal-loans-higher-education-india\/#-tips-to-secure-the-best-personal-loan-for-education\" >\u00a0Tips to Secure the Best Personal Loan for Education<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.paymeindia.in\/blog\/personal-loans-higher-education-india\/#top-banks-and-financial-institutions-offering-personal-loans-for-education\" >Top Banks and Financial Institutions Offering Personal Loans for Education<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.paymeindia.in\/blog\/personal-loans-higher-education-india\/#faqs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"understanding-personal-loans-for-higher-education\"><\/span>Understanding Personal Loans for Higher Education<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Understanding personal loans is quite simple, it is a type of unsecured loan that you can use for your individual needs it can do anything for weddings, shopping, start-ups etc. Also, it includes Education loans.<\/p>\n<p>Unlike education loans, which often come with specific terms and requirements, personal loans offer more flexibility in using the funds. This flexibility makes them an attractive option for covering not only tuition fees but also other essential college-related costs such as textbooks, accommodation, and living expenses.<\/p>\n<p>Students should choose personal loans over other types of loans because they offer great flexibility and easy access. Whether you need to pay for tuition, buy textbooks, cover rent, or handle daily expenses, a personal loan can meet all these needs without the limitations that come with other specific loans.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"eligibility-criteria-for-personal-education-loans-in-india\"><\/span>Eligibility Criteria for Personal Education Loans in India<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table width=\"593\">\n<tbody>\n<tr>\n<td colspan=\"2\" width=\"593\">\n<p style=\"text-align: center;\"><strong>Eligibility Criteria<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"159\"><strong>Age<\/strong><\/td>\n<td width=\"434\">Typically it should be between 18 to 35 years old<\/td>\n<\/tr>\n<tr>\n<td width=\"159\"><strong>Income<\/strong><\/td>\n<td width=\"434\">There should be a stable source of income, either through part-time work, parental income, or a co-signer\u2019s income.<\/td>\n<\/tr>\n<tr>\n<td width=\"159\"><strong>Credit score<\/strong><\/td>\n<td width=\"434\">A good credit score is above 650, maintain this for Favourable terms<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"how-to-apply-for-a-personal-loan-for-higher-education\"><\/span>How to Apply for a Personal Loan for Higher Education<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ol>\n<li><strong> Do the Research and Compare Loan Options:\u00a0<\/strong>\n<ul>\n<li>You can check for lenders who offer personal loans only for education purposes. Then compare the interest rate, repayment terms, and any additional charges.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Check Eligibility Criteria:\u00a0<\/strong>\n<ul>\n<li>Make sure the accuracy of income, age and credit score requirements sent which is set by the lender.<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<ol start=\"3\">\n<li><strong> Requirement of Necessary Documents:<\/strong><\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Proof of identity (Aadhaar card, passport, etc.)<\/li>\n<li>Proof of address (utility bill, rental agreement, etc.)<\/li>\n<li>Proof of admission to an educational institution (admission letter or fee receipt)<\/li>\n<li>Academic records (transcripts, certificates)<\/li>\n<li>Income proof (salary slips, bank statements)<\/li>\n<li>Employment details (if required)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"4\">\n<li><strong>Fill Out the Application Form:<\/strong><\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Fill out the online or paper application with accurate information and check the form twice.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"5\">\n<li><strong> Submit the Application:<\/strong><\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Submit the application form along with the needed documents.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"6\">\n<li><strong> Await Approval:<\/strong><\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Wait for the lender\u2019s approval. They may ask for more information and verifications.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<ol start=\"7\">\n<li><strong> Disbursement of Amount:<\/strong><\/li>\n<\/ol>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>The loan amount will be disbursed to your account or directly to the education institution after signing the agreement.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>PayMe makes it easy to get a personal loan for higher education in just a few minutes. With PayMe\u2019s personal loan, you can enjoy instant approval with minimal paperwork and no hidden fees. Simply log in to PayMe\u2019s official website\/<a href=\"https:\/\/www.paymeindia.in\/personal-loan-app\/\">PayMe loan app<\/a>, register with your mobile number, apply for the loan, and have the funds deposited directly into your account!<\/p>\n<h2><span class=\"ez-toc-section\" id=\"benefits-of-personal-loans-for-students\"><\/span>Benefits of Personal Loans for Students<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p style=\"padding-left: 40px;\"><strong>Flexibility in Usage<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Can be used for various expenses such as tuition, living expenses, books, and supplies.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">\u00a0<strong>Quick Disbursement and Minimal Paperwork<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>The fast approval process with minimal documentation requirements, makes it convenient for students.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"padding-left: 40px;\">\u00a0<strong>No Collateral is Required (in Many Cases)<\/strong><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li>Often available without the need for collateral, reducing the burden on students and their families.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"-tips-to-secure-the-best-personal-loan-for-education\"><\/span>\u00a0Tips to Secure the Best Personal Loan for Education<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong style=\"font-size: 16px;\">Compare Interest Rates and Loan Terms from Different Lenders<\/strong>\n<ul>\n<li>Research and compare offers from various lenders to find the most competitive rates and favourable terms.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Maintain a good<\/strong> <strong>Credit Score Before Applying<\/strong>\n<ul>\n<li>Check your credit report and work on improving your credit score by paying off existing debts and managing your finances well.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Consider Potential Co-signers<\/strong>\n<ul>\n<li>A co-signer with a strong credit history can increase your chances of loan approval and might help you get better terms.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Understand fees<\/strong>\n<ul>\n<li>Be aware of any additional fees such as origination fees, late fees, or prepayment penalties that could affect the overall cost of the loan.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"top-banks-and-financial-institutions-offering-personal-loans-for-education\"><\/span>Top Banks and Financial Institutions Offering Personal Loans for Education<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<table width=\"602\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\" width=\"124\"><strong>Factors<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"97\"><strong>State Bank of India<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"97\"><strong>HDFC Bank<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"89\"><strong>ICICI Bank<\/strong><\/td>\n<td style=\"text-align: center;\" width=\"98\"><strong>Axis Bank<\/strong><\/td>\n<td width=\"97\">\n<p style=\"text-align: center;\"><strong>PNB for study abroad<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"124\"><strong>Maximum Loan<\/strong><\/td>\n<td width=\"97\">\u20b920 lakhs<\/td>\n<td width=\"97\">\u20b920 lakhs<\/td>\n<td width=\"89\">\u20b950 lakh for courses in India and Rs 1 crore for those abroad<\/td>\n<td width=\"98\">\u20b940 lakh<\/td>\n<td width=\"97\">Need-based finance based on repayment capacity<\/td>\n<\/tr>\n<tr>\n<td width=\"124\"><strong>Tenure of loan<\/strong><\/td>\n<td width=\"97\">15 yrs excluding a moratorium of 1 yr<\/td>\n<td width=\"97\">Up to 15 yrs excluding moratorium of 1 yr<\/td>\n<td width=\"89\">5yrs for loans without collateral and 7yrs with collateral<\/td>\n<td width=\"98\">15 years<\/td>\n<td width=\"97\">15 years<\/td>\n<\/tr>\n<tr>\n<td width=\"124\"><strong>Margin requirement<\/strong><\/td>\n<td width=\"97\">For loans up to \u20b94 lakh -Nil Above 4 lakh- 5% for studies in India or 15% for studies abroad<\/td>\n<td width=\"97\">For loans up to \u20b94 lakh -Nil Above 4 lakh- 5% for studies in India or 15% for studies abroad<\/td>\n<td width=\"89\">No margin for loans upto \u20b9 20 lakh.<\/td>\n<td width=\"98\">Up to \u20b94L<\/td>\n<td width=\"97\">No margin for loans up to Rs 4 lakh. 15% for those above \u20b94 lakh<\/td>\n<\/tr>\n<tr>\n<td width=\"124\"><strong>Rate of interest<\/strong><\/td>\n<td width=\"97\">10.05% fixed<\/td>\n<td width=\"97\">9.55 -13.25%<\/td>\n<td width=\"89\">Starts from 11.75%<\/td>\n<td width=\"98\">15.2%<\/td>\n<td width=\"97\">Floating Rate based on Repo Rate Up to \u20b97.5L-9.05% Above 7.5L -9.75%<\/td>\n<\/tr>\n<tr>\n<td width=\"124\"><strong>Processing Fees charged<\/strong><\/td>\n<td width=\"97\">Nil for loans up to \u20b920L<\/td>\n<td width=\"97\">\u20b91000 or 1% of the loan, whichever is higher<\/td>\n<td width=\"89\">1% of the loan amount plus taxes<\/td>\n<td width=\"98\">Nil up to \u20b910 lakh, Rs 15000+GST for amounts up to \u20b920 L, 0.75% of differential loan amount above \u20b920 lacs + GST<\/td>\n<td width=\"97\">1% of the loan with a minimum of \u20b910000<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"faqs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>For educational loans what are the Eligibility criteria?<\/strong><\/p>\n<p style=\"padding-left: 40px;\">Education loans are specifically designed to cover educational expenses and often come with lower interest rates and longer repayment terms. Personal loans, on the other hand, can be used for any purpose, and may have higher interest rates and shorter repayment periods.<\/p>\n<p><strong>What are the Eligibility Criteria for a Personal Loan for Education?<\/strong><\/p>\n<p style=\"padding-left: 40px;\">Eligibility criteria typically include a good credit score, stable income, and in some cases, a co-signer. Specific criteria vary by lender.<\/p>\n<p>Also, Read:<\/p>\n<ul>\n<li><a href=\"https:\/\/www.paymeindia.in\/blog\/overdrafts-vs-instant-loans\/\">Understanding Your Choices: Choosing Between Overdrafts and Instant Loans<\/a><\/li>\n<li><a href=\"https:\/\/www.paymeindia.in\/blog\/personal-loan-vs-loan-against-ppf\/\">Personal Loan Vs Loan Against PPF \u2013 Which is Better?<\/a><\/li>\n<li><a href=\"https:\/\/www.paymeindia.in\/blog\/non-performing-assets\/\">Non-Performing Assets (NPA) \u2013 Meaning, Types &amp; Examples<\/a><\/li>\n<li><a href=\"https:\/\/www.paymeindia.in\/blog\/difference-between-crr-and-slr\/\">Difference Between CRR and SLR<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>What are your future goals? The first step for completing your goals is pursuing \u201chigher education\u201d. The cost of a college education can often be an obstacle whether you want to study in India or abroad, college education fees are increasing daily. That&#8217;s where personal loans come in. It includes tuition fees, books, and other [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":268084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"none","_seopress_titles_title":"Personal Loans for Higher Education in India | Turn Your Dreams into Reality","_seopress_titles_desc":"Discover how personal loans can help finance your higher education in India. Learn about eligibility, interest rates, and the application process to turn your educational dreams into reality.","_seopress_robots_index":"","_seopress_analysis_target_kw":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-268057","post","type-post","status-publish","format-standard","has-post-thumbnail","category-loan"],"blocksy_meta":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.paymeindia.in\/blog\/wp-content\/uploads\/2024\/08\/personal-loan-for-higher-education.jpg?fit=1200%2C700&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/www.paymeindia.in\/blog\/wp-json\/wp\/v2\/posts\/268057","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paymeindia.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paymeindia.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paymeindia.in\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paymeindia.in\/blog\/wp-json\/wp\/v2\/comments?post=268057"}],"version-history":[{"count":8,"href":"https:\/\/www.paymeindia.in\/blog\/wp-json\/wp\/v2\/posts\/268057\/revisions"}],"predecessor-version":[{"id":268248,"href":"https:\/\/www.paymeindia.in\/blog\/wp-json\/wp\/v2\/posts\/268057\/revisions\/268248"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.paymeindia.in\/blog\/wp-json\/wp\/v2\/media\/268084"}],"wp:attachment":[{"href":"https:\/\/www.paymeindia.in\/blog\/wp-json\/wp\/v2\/media?parent=268057"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paymeindia.in\/blog\/wp-json\/wp\/v2\/categories?post=268057"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paymeindia.in\/blog\/wp-json\/wp\/v2\/tags?post=268057"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}