In life, we all harbour a dream that we wish to fulfil within a set period of our lifetime. This dream is often related to aspirations, which could be something that we wish to accomplish either personally or professionally, like studying abroad. While it may not always be easy for individuals to arrange for the necessary funds to study abroad, they can always go for Personal Loan finance.
Let’s learn more about Personal Loan finance and how it can help you study abroad.
What is Personal Loan finance?
A Personal Loan is a financial product that can be availed of to fulfil various personal finance requirements of an individual. It can be used for different needs like:
- Meeting medical expenses
- Travelling overseas
- Funding education abroad
If you are planning to pursue education abroad but are unsure if you should go ahead with it, read on to find out why you should go ahead with it.
Benefits of Studying Abroad
Some of the top benefits of studying abroad include:
- Access to Quality Education – You can get the best start in building your career by receiving high-quality education abroad from a premier educational institution of your choice.
- Exploring a New City & Culture – Going abroad allows you to enhance and develop your perspective on different things. Exploring a new city and its culture while studying abroad can be an excellent way to grow both personally and professionally.
- Hone Your Language Skills – You can improve your language skills and even learn a new language when studying abroad. This is an excellent skill set to possess and can be applied in all aspects of life.
- Getting Better Career Opportunities – A degree from a foreign institution looks great on your resume! By studying abroad, you can significantly boost your career and receive promising growth opportunities.
If you are still unsure about studying abroad due to a lack of adequate financing, there’s a solution for that – Personal Loan finance!
Getting a Personal Loan to Study Abroad
With the help of Personal Loan finance for studying abroad, you can cover various expenses, such as:
- Tuition & Other Costs – Studying abroad comes with its own set of financial challenges, one of which is meeting the cost of tuition and study fees. However, with a Personal Loan, you can easily meet these costs without any hassle.
- Travel & Living Expenses – You can use a Personal Loan to fulfil your travel and living expenses when studying abroad. This is especially a great option in countries with a high cost of living.
- Miscellaneous Expenses – Getting a Personal Loan can also help you manage other expenses when you study abroad. These could include the cost of study materials and more.
How Do I Qualify for a Personal Loan?
Lending institutions usually look for the following factors when checking your qualification for a Personal Loan:
- Credit Score Requirements – Credit score is a three-digit number that determines your creditworthiness, i.e., your ability to repay a loan on time. A score of 750 and above is considered excellent by lenders.
- Income Requirements – The income of the loan applicant is an important point of consideration to determine their qualification for a Personal Loan. The minimum income requirement can vary between lenders.
- Debt-to-income Ratio (DTI) – The debt-to-income ratio is used to compare how much you earn versus how much you owe. A DTI ratio of 30% or less is usually considered favourable.
Other Considerations When Taking Out a Personal Loan
- Interest Rates – Make sure you do your research to find a Personal Loan at the best interest rate that suits your requirements.
- Repayment Terms – Look for Personal Loans with a flexible repayment term to make loan repayments easier. Some NBFCs offer a Personal Loan with a repayment tenure of up to 60 months.
- Fees & Other Costs – Check the fees and charges, if any, applicable to the Personal Loan.
How to Apply for a Personal Loan?
Simply follow the below-mentioned steps to apply online for a Personal Loan for studying abroad:
- Step 1: Visit the website of your chosen lender
- Step 2: Click on ‘Apply Now’
- Step 3: Enter the basic KYC details
- Step 4: Wait for the application assessment
- Step 5: Receive loan approval confirmation
- Step 6: Authorize the disbursal of your Personal Loan
Conclusion
Personal Loan finance is a great way to pursue higher education overseas. It can be applied easily and quickly from anywhere in India. For example: If you wish to pursue studies abroad and are looking for Personal Loan finance in Chennai, you can simply apply online.
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