One of the ways to steer your career in the right direction is to get quality education from a reputed institute. However, the cost of higher education in India and abroad is skyrocketing each year. Many people can’t afford to pay such high tuition fees and therefore they opt for education loans.
Additional expenses such as tuition fees, hostel fees, lodging costs and day-to-day expenses are sometimes left out of some regular education loans. However, a personal loan for education can be used without any restrictions and for 100% of students’ expenses.
Let us look at the details of these loans.
Navi offers personal loans of up to Rs. 20 lakh, which you can use to pay all education-related expenses. The approval process is completely hassle-free and almost instantaneous. You can download the Navi app to avail a personal loan through a completely paperless procedure.
To apply for this loan, follow the given steps:
Step 1: Open the Navi app and opt for a personal loan.
Step 2: Select the loan and EMI amount.
Step 3: Fill in the details of your PAN and Aadhaar to complete KYC.
Step 4: After a quick approval, your money will be credited to your bank account.
A personal loan is a useful credit facility that does not require you to pledge any collateral. It comes with no end-use restrictions, so you use it for any purpose. This is quite useful for higher education as it funds all additional expenses, including travel, lodging, cost of special coaching, purchase of study material, etc.
Unlike a regular student loan, you can get a personal loan for your own or your family member’s education. It is also easier to avail a personal loan than an educational loan as the former does not have stringent eligibility criteria.
It is quick and hassle-free to get approval for a personal loan for education, and you can get 100% of your education-related expenses funded. The entire process is entirely paperless, and you can get this loan almost instantly approved online.
A high-value loan
With Navi, you can get a cash loan of up to Rs. 20 lakh almost instantly through a paperless approval process.
Affordable personal finance
An instant personal loan for education is available at affordable interest rates, making repayment much easier.
Flexible EMIs
You have the flexibility to choose the EMI amount at your convenience.
Instant approval process
The approval process is completely paperless. You can download the application from Google Play or App Store and get instant approval.
For emergency funds
Due to no end-use restrictions and almost instant approval, you can opt for this loan during an emergency. You can also create an emergency fund with it for your son/daughter to meet unforeseen expenses while studying abroad.
No need for collateral
Unlike secured loans, you do not have to pledge any asset to get a student loan without end-use restrictions.
Minimal documentation
You do not need to submit many documents to avail this loan. Just proof of your identity, address and income will get you quick access to funds.
The following are the common eligibility criteria for this type of financial assistance:
18 to 65 years
Residing citizen of India
Salaried or self-employed professional
At least 3 years
750 or above
Note that the eligibility criteria for a personal loan for education may vary from one lender to another. For example, a financial institution might require borrowers to have a minimum monthly income. Moreover, the minimum age limit for applying for a personal loan for education can be different.
Most financial institutions will require you to submit the following documents for a personal loan:
Individuals need to submit self-attested copies of documents along with the duly filled application form. The financial institution may ask for additional documents if required.
A personal loan for education is a great alternative to student loans as it comes with no end-use restrictions. Moreover, there are other advantages such as no requirement for guarantors and less stringent eligibility criteria.
Many education loans come with strict eligibility criteria, which prevent many from getting access to funds. Whether or not a student is eligible for an education loan depends on his/her academic records, the reputation of the educational institution and courses applied for.
The moratorium period of an education loan refers to a duration of 6 months to 1 year after the student has completed his/her course. During this period, the applicant does not have to start repayment of the loan and can spend the time looking for a job.
Take the following steps to get a personal loan if you have a low credit score:
Most financial institutions offering education loans will require the applicant to be an Indian citizen. Moreover, he/she has to secure admission into a recognised college/university. Some lenders may require students to be of a certain age to apply for an education loan.
Yes, Section 80E of the Income Tax Act allows a tax deduction on the interest paid for student loans. You can claim this deduction for interest paid for 8 assessment years. Individuals can claim this for paying interest for themselves, their spouse or children.
Looking for instant 🚀 personal loans 24*7 anywhere, anytime? Get personal loans up to ₹20 lakh starting at 9.9% p.a. Install the Navi app now!
Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
How to Get a Personal Loan without Income Proof?
When in sudden need for credit, both salaried and self-employed professionals can apply for a perso... Read More »How to Get Urgent Cash Loan without Documents Online in India?
An urgent cash loan without documents is a quick and easy solution for individuals in need of sudde... Read More »What is an Aadhaar Card Loan and How to Apply?
What is an Aadhaar Card? An aadhaar card loan is a type of instant cash loan that requires the b... Read More »20 Best Personal Loan Apps in India for Instant Loan in Feb 2023
Personal loan apps are apps designed for anyone looking for an instant personal loan with minimal d... Read More »Get Instant Cash Loan in 1 Hour Without Documents: Interest Rate and Eligibility
Instant Cash Loan in 1 Hour Are you in any emergency cash crisis and in need of an instant cash ... Read More »How to Apply for ₹5,000 Loan on Aadhaar Card?
Aadhaar card is an essential identity proof for all Indian citizens. From opening a new bank accoun... Read More »How to Get ₹20,000 Loan on Aadhaar Card?
Short on cash? What if we told you it's possible to get an instant, convenient, paperless ₹20,000... Read More »How to Get ₹10,000 Loan on Aadhaar Card?
Need ₹10,000 cash urgently to pay your rent or bills? Don’t worry, you can take a ₹10,000 loa... Read More »How to Get ₹50,000 Loan on Aadhaar Card?
Financial emergencies come unannounced. In such a situation, taking an instant personal loan could ... Read More »Peer to Peer (P2P) Lending – Features, Working, Benefits and How to Apply?
Peer-to-peer lending is an alternative financing system that enables borrowers to get loans from ot... Read More »What is a Cash Credit Loan and How to Apply for it?
What is a Cash Credit Loan? A cash credit loan is a short-term loan given to businesses to meet ... Read More »How to Get Small Cash Loan on Aadhaar Card without PAN Card?
Small cash loans are loans offered by banks and NBFCs to meet short-term financial requirements. Th... Read More »Top 10 Chit Fund Schemes in India in 2023
Chit funds are one of the most popular return-generating saving schemes in India. It is a financial... Read More »10 Best Gold ETFs to Invest in India in February 2023
Gold ETFs or Gold Exchange Traded Funds are passively managed funds that track the price of physica... Read More »Top 10 Demat Accounts in India [Lowest Brokerage Charges]
A Demat account was created to eliminate the time-consuming and inconvenient procedure of purchasin... Read More »20 Best Index Funds in India to Invest in 2023 (Updated on 31st Jan)
What is an Index Fund? An index fund is a type of mutual fund or exchange-traded fund (ETF) that... Read More »Best Arbitrage Mutual Funds to Invest in India: Returns and Taxation
Arbitrage funds are hybrid mutual fund schemes that aim to make low-risk profits by buying and sell... Read More »Best SIP Mutual Funds To Invest In India (2023) – Its Types And Taxation
A Systematic Investment Plan (SIP) is a convenient way to invest a fixed sum in mutual funds. For i... Read More »10 Best Corporate Bond Funds in India 2023 – With Returns
Corporate bond funds are debt funds that invest at least 80% of the investment corpus in companies ... Read More »10 Best Banks for Savings Account in India (2023)
A savings account keeps your money safe, and lets you earn interest every quarter. There are many b... Read More »All information is subject to specific conditions | © 2023 Navi Technologies Ltd. All rights are reserved.
FEE FREE MONTH
No Processing Fee on Cash Loan