If you want your children to pursue higher education in a foreign country, then you need to have a large amount. With the cost of higher education increasing each year, it may be tough to afford it with the money that you may have saved. But there is nothing to worry about if you have a shortage of funds. It is because you can always avail the facility of the higher education loan.
Read on and know the incredible benefits of opting for a higher studies loan.
What is a higher education loan?
The loan for abroad studies is an extension of the personal loan. It is designed to fulfil the needs of undertaking higher education. If you have a healthy cibil score, employment history and can meet the lender’s eligibility, then you can get the loan approval.
What are the benefits of a higher education loan?
- Loan amount of up to Rs.25 lakh
The loan for abroad studies lets you borrow up to Rs.25 lakh as per your eligibility. It means that you can have enough money to meet all expenditures of your child’s education. Not only your child’s education, but you can use the remaining amount, if any, for any other purposes as per your preferences.
- Instant approval
The higher studies loan comes with instant approval if you are the right candidate. Once you apply online, lenders process your application instantly. If you are the right candidate, then your loan application can be approved in a flash.
- Money in your bank account in 24 hours
Once you have the loan application approved, then a lender may not take much time to credit the sanctioned amount in your bank account. Leading lenders disburse the same in your bank account within 24 hours. And that means you can access the amount quickly to meet all needs.
- Flexible tenure to repay conveniently
The higher education loan comes with flexible tenure of up to 60 months. It means that you can stretch the amount and pay smaller EMIs. In turn, it can help you manage your outlays without stress.
- Easy to meet eligibility criteria
The eligibility criteria for acquiring the loan for abroad studies are simple. Take a look at the standard loan eligibility conditions that you can meet without issues:
- Your age should be between 25 and 57 years.
- You should be working with an MNC, Private or a Public Limited Company.
- You ought to be a resident citizen of India.
- Negligible documentation
Along with meeting the eligibility criteria, you also need to furnish some documents, such as:
- KYC Documents
- Employee ID Card
- Last 2 months’ Salary Slips
- Previous 3 months’ statement of the Salaried bank account
The many benefits of the higher education loan are now discussed. If you are looking to go ahead with the higher studies loan, then you can apply for it online. It is a preferred mode to see your children getting a quality education and becoming successful in life.
Nowadays, many reputed lenders let you apply for a pre-approved personal loan offer. It means that the loan is already approved. And you only need to apply for it to get the sanctioned amount in your bank account quickly.
It can save your time and effort compared to applying for a conventional higher education loan. Such pre-approved offers are enlisted on the website of renowned lenders from time to time.