The expenses associated with higher studies can affect your financial life significantly. You may apply for an education loan for your child but it will cover only the tuition fees. Therefore, you will have to bear the expenses of books, accommodation, living costs, etc. by yourselves. Instead, you can apply for a personal loan as it allows you to apply for a loan amount as per your needs. However, you will need to take care of these things before seeking a personal loan for students. Assess your needs accurately Assess the funds required for carrying out all the expenses of your child’s higher education accurately as sudden expenses due to an educational trip or online course might affect your financial plans. Also, if you don’t need a huge amount, you can apply for a small personal loan offered by peer-to-peer lenders and instant loan apps as it gets approved quickly. Use the personal loan EMI calculator A personal loan EMI calculator is provided by many lenders nowadays and it allows you to validate your loan eligibility as well. Also, by knowing the EMI that you will be paying to clear the loan, you can plan your finances without any confusion. Pre-approved offers Some financiers provide pre-approved loan offers based on your eligibility. You can explore the offers from various lenders to find a small personal loan at a lower interest rate. Bajaj Finserv offers pre-approved offers that get approved faster and without any hassles. These offers consist of personal loans, credit card offers, travel loans, etc. Also, as the personal loan will be pre-approved, minimum documents will be needed and you can apply for the loan without submitting any collateral. To know your eligibility, you only need to submit basic details such as your name and contact number on their official website. Additional Read: Everything You Need Know About Personal Loan For Students
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |