Personal Loan for Education

In today's competitive world, education plays a pivotal role in shaping one's future. Pursuing higher education, whether it's a specialized course, degree program, or professional certification, often comes with a financial burden. For those seeking to enhance their skills and knowledge through education, personal loans can be a viable option to ease the financial strain.

As education continues to be a catalyst for personal and professional growth, exploring the option of personal loans can be a strategic financial move for those committed to advancing their knowledge and skills.

Eligibility criteria for Educational Loan

Getting a personal loan for Education is possible if you meet the below eligibility criteria

• Age Requirement:

• You should be aged between 18-65 years.

• Residency:

• You should be a resident of India.

• Minimum Income:

• You should have a minimum salary of Rs. 15,000.

• Professional Status:

• You should be either a self-employed individual or a salaried professional.

• Credit Score:

• You should have a minimum credit score of -1.

Documents required to get loan for Education

Below is the list of documents you need to submit to get personal loan for education

• Identity proof: PAN card/ Aadhar card

• Address proof: Utility bill, passport, rent agreement, sales deed

• Bank statement of past 6 months reflecting salary credit

• Business existence proof: Shop and registration certificate/GST registration/ Property Documents /Maintenance Bill/Electricity Bill 

Benefits of Education Loan

Usage of Funds: The loan amount for education can be utilized for various purposes, including tuition fees, study materials, accommodation, and other related educational expenses. Whether it's paying for course fees, purchasing books, or covering any costs associated with the chosen educational path, there are no restrictions on the usage of funds.

Flexible Repayment Tenures: Recognizing the diverse nature of educational pursuits, personal loans for education offer flexible repayment tenures. Borrowers can choose a repayment period ranging from 6 months to 60 months, making it convenient to manage the financial obligations associated with their academic journey.

Affordable Interest Rates: One of the notable advantages of obtaining a personal loan for education is the availability of affordable interest rates. The interest rates are determined based on factors such as age, income, credit score, and others. With Credit Fair, you can access education loans at attractive terms, including the option for ZERO cost EMIs.

Instant Approval and Disbursal: Credit Fair ensures a seamless process for education loans, providing instant approval and disbursal of the loan amount within 24-48 hours. This quick turnaround time enables borrowers to address their educational expenses promptly.

Minimum Documentation: Simplifying the loan application process, personal loans for education require minimal documentation. Basic KYC documents and income proofs are typically sufficient, eliminating the need for extensive paperwork and streamlining the application procedure.

Credit Score Improvement: Timely repayment of the education loan contributes to an enhanced credit score. A positive credit history not only reflects responsible financial behavior but also opens doors for securing more favorable loan terms in the future, facilitating continued financial support for educational pursuits.

Apply for Education Loan with Credit Fair

Credit Fair offers you a loan up to Rs. 20 lakhs for funding your education or any other expenses related to it. The loan is offered at ZERO COST EMI at LOW processing fee.