4 Factors to Consider for an Education Loan When You Apply Online

Studying from a reputed global institution is like a dream come true for most of us. But then, pursuing higher education or upgrading your qualification demands a lot of investment. The cost includes travelling, lodging and, of course, the fees, study materials and other related expenses. Here, a Personal Loan for Education, commonly known as Education Loan, helps serve the purpose.

To get an education loan, apply online and start the process. But before that, there are several things you must keep in mind. Here are five critical points that can help you make a well-informed decision.

Factors to Consider While Taking a Loan for Education:

If the amount you wish to take is substantial, say more than 20 lakhs, you can opt for a Personal Loan for Education. However, if your liability is less than 10 lakhs, you could also consider taking a small Personal Loan. Both these loans vary in their requirements, so evaluate each criterion and parameter carefully.  

1. Eligibility criteria:

  • Education loan eligibility criteria vary from one lender to another. Traditional lenders may not provide loans for all colleges and courses.
  • New-age lenders like Clix Capital can offer you a Personal Loan for Education with instant approval since the application process is online. So, for an education loan, apply online on their website.

2. Secured vs unsecured loans:

  • Education loans are available as both secured and unsecured loans. Secured loans come at a lower rate of interest but require collateral.
  • A Personal Loan for Education is unsecured and provides faster disbursal of funds. 

3. Keeping a margin:

  • Consider how you take a car loan. You make a down payment for a certain amount, and the rest is repaid as fixed EMIs. Education loans are usually a fixed percentage (70-80%) of the course fee. For example, if the expenses and fees for a college are 10 lakhs for a year, the approved amount might come up to Rs. 8 lakh. This means you will have to provide the remaining two lakhs from your pocket.
  • If you opt for an instant personal loan for education, you can take it for any college, course, or amount. You can easily take a loan of Rs. 20 lakhs, pay the college and then repay your lender in equated monthly instalments over a fixed tenure.   
  • When you choose to take an education loan, apply online as lenders like Clix Capital provide Personal Loans with greater flexibility and instant disbursal. 

4. Loan tenure:

  • For a student loan, financial institutions generally offer tenures of up to 10 years for secured loans that come with collateral and up to 8 years when the loan is unsecured (without collateral).
  • A Personal Loan for Education by Clix Capital is inherently unsecured and comes with a tenure of up to 4 years. However, the tenure may vary from one lender to another, so research enough lenders before opting for one. 

By factoring in these parameters, you can get an education loan at a reasonable interest rate and fulfil your dream of studying at a distinguished college. To start the application process for a Personal Loan for Education, get in touch with the Clix Capital experts today.

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