Sign in

Is a Personal Loan best option for Funding your higher studies?

Fleet Quid
Is a Personal Loan best option for Funding your higher studies?


These days students are pushing themselves over their comfort levels. They are being very interested in reaching new levels and achieving wonders. Abroad education is now what interests the student most. And it generally costs a minimum of Rs.1Crore, most of the students feel this as a financial burden.

 But do not worry you can avail low-interest personal loans, which can help you in dealing with your financial burden. There is always confusion between choosing personal loans and educational loans. But do you know the personal loan is far reliable than the educational loan?

 Differences between the factors of Personal Loan and an Education Loan:

 Loan Amount: You can apply for the personal loan amount according to your financial conditions. Which varies from Rs. 50,000 to Rs. 50lakhs you can use it for multiple purposes like accommodation, food, etc. On the other hand, the educational loan amount varies between Rs. 50,000 to Rs. 1.5 crore. You can only use it for the education purpose when you choose to go abroad.

 Interest rates: You can get reasonable interest rates, even when you are taking personal loans for poor credit. Your credit history won't be a problem while availing the loan.

 Loan Tenure: Generally the personal loan tenure will be a maximum of 5 years. You can have a word with your lender regarding the loan tenure. But before deciding upon the loan tenure, cross check with the amount you will be paying during the time.

 Guarantor/Collateral: When it comes to a personal loan, you have a chance to avail loans for bad credit no guarantor.  But when you are attaining an educational loan, a co-applicant and sometimes a third party guarantor is also required.

 Common Factors between Education and Personal loans:

There are some common factors between these two loans, in spite of being different.

 Credit Check: Credit check is a required process, before approval of the loan in both the cases.  Even if you have a bad credit score, there is a chance to get loans for bad credit direct lenders.

 Unsecured loans: There is no involvement of any collateral or asset while availing any of the loans.

 nstallments: Monthly installments as in EMI option is available for both the loans. You can discuss EMI's with your lender before deciding.

 When you are taking an education loan, there will be restrictions on the usage of the amount. You can use the amount for paying your college fees. The respective college will receive your loan amount directly from the lender.

 There is no restriction upon the usage of the personal loan amount. You can use the amount on your accommodation, food, etc. As you are moving to another place, you might come across other expenses. The personal loan amount can be quite useful in these situations.

 The final decision is yours. If you are looking for something which can help you to deal with all the expense, personal loans are the best. At FleetQuid, our team will help you to reach out to trustworthy lenders. By procuring low-interest personal loans, you can pursue your higher education without much financial burden.

Fleet Quid
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more