Studying abroad is a dream come true for many students. It provides an opportunity to explore new cultures, gain international exposure, and pursue a degree from a prestigious university. However, studying abroad can also be expensive, and many students may find it difficult to fund their education. Therefore, if you are planning to study abroad and need financial assistance, an instant Personal Loan online can be a viable option for you.
An instant Personal Loan online is an unsecured loan that can be availed of without pledging any collateral. You can find an instant loan online that can be repaid in a period of 12-60 months. These loans are typically provided by banks, Non-Banking Financial Companies (NBFCs), and fintech companies.
Benefits of Personal Loan to Fund Overseas Education
Here are some of the top benefits of availing of an instant Personal Loan to fund your education abroad:
- Quick Disbursal: One of the most significant advantages of an instant Personal Loan is that it can be disbursed quickly. The application process is simple, and the loan can be approved and disbursed in just a few days. This can be especially helpful if you need funds urgently.
- No Collateral Required: Since an instant Personal Loan is an unsecured loan, you do not need to pledge any collateral to avail of the loan amount. This can be beneficial for students who do not have any assets to pledge and just need quick funds to fulfil their education goals.
- Flexible Repayment Options: An instant Personal Loan online comes with flexible repayment options. You can select a repayment tenure that best suits your finances and budget. You can also opt for an EMI (equated monthly instalment) repayment plan, which makes it easier to manage your overall finances and plan your budget accordingly.
- Low-interest Rates: Instant Personal Loans typically come with lower interest rates than other forms of credit, such as credit cards. This can also help you save money on EMI payments in the long run as low-interest rates can lower the EMI amount.
- No Restriction on End-use: Unlike education loans, which come with restrictions on how the funds can be used, an instant Personal Loan can be used for any purpose. This means that you can use the funds to pay for tuition fees, accommodation, travel expenses, or any other expenses related to your education.
- Improve Your Credit Score: If you repay your instant Personal Loan on time, it can help improve your credit score. This can be beneficial in the long run as it can help you qualify for other forms of credit such as home loans or car loans.
Things to Consider Before Applying for an Instant Personal Loan Online
While an instant Personal Loan can be a useful tool to fund your education abroad, there are certain factors that you should consider before availing of one. Let’s see what those are:
- Interest Rate: While instant Personal Loans come with lower interest rates than credit cards, they can seem expensive in certain cases. Hence, make sure you compare the interest rates offered by different lenders before you decide.
- Processing Fees: Instant Personal Loans come with processing fees that can range from 1-3% of the loan amount. Make sure you factor in these fees while calculating the cost of the loan.
- Repayment Tenure: While an EMI repayment plan can make it easier to manage your finances, it can also extend the duration of the loan, which can increase the total interest paid.
- Loan Amount: Make sure you only borrow the amount that you need. Borrowing more than you require can lead to unnecessary debt and can also affect your overall creditworthiness.
Availing of an instant Personal Loan can be a viable option to fund your education abroad. It comes with several benefits like quick disbursal, no collateral required, flexible repayment terms, and low-interest rates.
However, it is important to consider the factors mentioned above before deciding. Make sure you compare the interest rates and processing fees offered by different lenders and borrow only the amount that you need. With careful planning and research, an instant Personal Loan can help you achieve your dream of studying abroad and help you turn your dreams into reality.