Last Updated on March 9, 2024 by admin
In today’s era of economic uncertainty, rising tuition fees and increasing living expenses leave many students struggling financially. This problem can be solved with Personal Loans. Many students who want to study abroad lack financial resources. While the cost of tuition alone can run into the tens of thousands, most students take out Personal Loans to meet their needs.
What are the steps for getting Personal Loans for Education?
To get Personal Loans for Education, follow the below steps:
1. Estimate Need
The first step is estimating how much money will be spent on the course of the study. To determine the monthly expenses, the student should add up everything they may spend each month. This includes fees, rent, utilities, phone bills, food, transportation, clothing, etc. Students may even want to make separate categories for groceries and entertainment. If a student travels to a new country or city, getting a reliable estimation of the cost of living there is necessary. The right estimation will help the student apply for the right amount of Personal Loan.
2. Check the Eligibility Criteria of the Lending Institutions
Once students know the amount required for their education, they can select a loan provider. Also, before applying, check the eligibility requirements of the lending institution. Checking eligibility set by the loan provider before applying is critical as the chances of a loan getting rejected would be minimal. It is also advisable to compare the interest rates of different NBFCs and opt for the one that offers the best. To keep the EMIs within acceptable limits, evaluating interest rates and repayment terms offered by top NBFCs is crucial.
3. Decide tenure and repayment options
Since a borrower’s EMI is closely correlated to the available repayment terms, choosing a Personal Loan for students from an NBFC that offers flexible repayment terms is crucial. Choosing tenure wisely while opting for a Personal Loan is good. Repaying the amount regularly and on time will help you get better interest rates on loans you may take in the future. Students can opt for instant Personal Loans to match their needs from reputable NBFCs like Clix Capital at competitive rates, ranging from 14.99% to 24.99% pa, and flexible repayment terms ranging from 12 to 48 months with instant disbursal within minutes.
4. Apply for the Loan
Once the student has decided on their desired NBFC and repayment duration, they can proceed with the application process. They can either go to the nearest branch of the lending institution or fill out the application online on the website of new-age NBFCs like Clix Capital. offers personal loans for students.The students must provide basic details in the application like name, age, address, contact number, etc.
5. Submit Documents
Students who have applied for Personal Loans will be asked to submit some documents along with the application form. Make sure to attach proof of identity and address to the application form. Parents, co-signor, and guardians could provide proof of income as students don’t have a regular income source.
6. Get instant funds
Finally, sit back and relax as the NBFC processes your request. You will be sent an online confirmation after you have been accepted, along with the authorized amount. The time for disbursal of funds depends on the NBFC’s processing time. Usually, you will get the funds within a few minutes of verification of the application.
Conclusion
Taking a personal loan for Education is the best way for students to realize their dream of studying abroad. Just follow the tips in this article to make the process easy. However, students must be careful how they utilize the loan amount and avoid wasting it on unnecessary items.
