Anita Arora is extremely happy today because she has scored an excellent score in GMAT exam. This score has opened the door for her to opt for the higher education of Master’s degree in renowned foreign universities such as Oxford University, Harvard University etc. At one end, where she and her family members are happy with her score at the other end they are equally worried as far as the different expenses those will come along with this course. Anita and her family members are thinking to opt for the option of the loan, but somewhere there are some questions, which are chasing them every now and then such as will Anita have to leave her opportunity just because of financial hindrances? Or will she have to miss out the golden chance to shape her career? Should they opt for educational loan or the personal loan for educational purpose? Or as the educational loan is not sufficient to cover up all the expenses, should they finally opt for personal loan or not.
Are you also in the similar situation? Are you also wanting to take a loan for further education? Or do you want to avail loan for meeting the educational requirement for your son or daughter? Do you want to know the best deal in the market for personal loan to fulfil your educational fund requirement?
Well, well, now keep your worries aside, because, we, at Finance Buddha, are determined to provide you one stop information for all your questions regarding the personal loan, which you would want to avail for the educational purpose.
The banks, financial service providers, Non-Banking Financial Corporation etc. have started to extend their helping hands by providing the various kinds of loan to the customers. The personal education loan is also one of them. It is preferable for the customers to opt for personal loan in order to meet the educational needs because the all the expenses can be covered with the help of personal loans.
We, at Finance Buddha, are providing you all the information related to personal loan. There are various banks such as ICICI bank, Kotak Mahindra Bank, Indusind Bank, AXIS bank etc and also various financial institutions such as Bajaj Finserv, Fullerton India, etc. are providing the loans.
The identification of the best deal for can be done on the basis of the offered interest rates, tenure of the loan, monthly instalments amount, processing fees, other charges etc. Here, we are giving you some options on the basis of various features to help you chose the better option.
Best Personal Loan On the Basis of Interest Rate
|Sr Num||Loan Provider||Offered Interest Rate|
|1||SBI||11.95% to 19.65%|
|2||Standard Chartered Bank||10.99% to 14.49%|
|3||Kotak Mahindra Bank Ltd||11.50% to 19.65%|
|4||ICICI Bank||11.70% to 18.85%|
|5||HDFC Bank||11.29% to 19.50%|
|6||Indusind Bank||14% to 16.5%|
|7||Bajaj Finserv||11.99% and above|
|8||Fullerton India||16% to 32%|
The another factor which plays a role in terms of availing the personal loan is of the processing charges and other charges. In the below table, we are giving you the various options as far as processing charges of the loans are concerned.
Best Personal Loan On the Basis of Processing charges
|Sr Num||Loan Provider||Processing Charges|
|1||SBI||2% to 3%|
|2||Standard Chartered Bank||Zero|
|3||Kotak Mahindra Bank Ltd||Zero|
|4||ICICI Bank||1999 to 2.5%|
|5||HDFC Bank||999 to 1%-2.5%|
|6||Indusind Bank||1% to 2%|
|7||Bajaj Finserv||2% to 2.5%|
There are some banks and financial service providers, which are charging penalties if the loan amount is paid early then the determined tenure. Such penalties are known as prepayment penalties or the prepayment charges. Here, we are giving you the comparison of the various loan providers in terms of prepayment charges.
Best Personal Loan On the Basis of prepayment charges
|Sr Num||Loan Provider||Processing Charges|
|2||Standard Chartered Bank||Up to 2%|
|3||Kotak Mahindra Bank Ltd||Below 10 lacs rupees loan amount 5%, Above 10 lacs rupees loan amount zero|
|4||ICICI Bank||Below 10 lacs rupees loan amount 5%, Above 10 lacs rupees loan amount zero|
|5||HDFC Bank||Below 10 lacs rupees loan amount & salary above 75k, 4%, Above 10 lacs rupees loan amount zero|
|6||Indusind Bank||Up to 4%|
|7||Bajaj Finserv||Up to 4%|
|8||Fullerton India||Up to 6%|
The personal loan, which have been offered by the banks and financial institutions have certain various advantages. However, it is essential for the applicant to meet the eligibility criteria in order to avail the loan. These criteria can be defined as follows.
- The applicant should be the resident of India
- The person should have a good credit rating and strong CIBIL score
- The applicant should provide all the needed documents which are asked for the processing of the loan.
The personal loan, if utilized for the education purpose can serve the purpose in the best manner. The personal loan has variety of features. It helps to get the loan amount disbursed in the quickest time because the same requires minimum documentation. If the person is meeting the eligibility criteria and if the person is holding a good CIBIL score, then there are high chances of loans to get sanctioned. And once the loan gets sanctioned, it takes almost no time for the loan to get credited in to the account of the applicant. Hence, if the person has to utilize the amount for the educational purpose, then expenses such as payment of the fees, or admission fees etc can be taken care at appropriate time.
Also, the tenure for the personal loan repayment is higher. Hence, the applicant get the sufficient time in order to complete the education and pay back the dues. So, if the person is opting for the further education courses such as Master degree that is MBA, M.D. or the doctorate courses or equivalent courses, then such courses help to get the handsome package, which helps to pay back the loan amount to a greater extent.
Apart, the banks, Non-Banking Financial Institutions, lenders, loan providers etc are usually provide the EMI calculator on their respective websites. Hence, the customer can get all the necessary documents from the website related to loan such as interest rate, monthly instalment amount, repayment schedule, terms & conditions, policies etc. The customers can check on their own that whether they fall under the loan criteria or not. Also, with the help of EMI calculator, the customers can plan their repayment schedule, tenure for which the loan has to be repaid and monthly instalment amount which is affordable for him, can be seen.
Now, do not let the financial hindrances hamper your or your family member’s educational needs. We are happy to serve your educational needs by helping you chose the variety of options available in terms of personal loan. We provide the round the clock assistance to our valuable customers and we guarantee the best services in the industry.
Allow yourself to be a master of your own destiny and carve your future by choosing the best career option. Make your dreams your passion, and convert your passion in your reality. We are happy to help you to chase your dreams. For more information, you can write to us or call us on the mentioned number.
— Amrita Agarwal (@InvestorAmrita) June 28, 2017