The COVID-19 pandemic has brought a significant change in how education now globally. For both students and teachers, laptops, smartphones, tablets, and 24*7 uninterrupted internet services are the new classrooms. The change in the education system is not only limited to schools or colleges. It has also changed the way how students want to learn.
Online learning has opened new doors for learners of all ages and backgrounds to choose from, where, and whom they want to learn. Many new start-ups have also popped up offering short- and long-term courses in partnership with various domestic and international universities that too from the comfort of home. But all this comes at a cost. So, here comes a personal loan as your saviour.
Usually, financial institutions offer an Education Loan to finance a prospective student’s higher studies. But this goes only for courses offered by universities or colleges approved by the University Grant Commission (UGC), All India Council for Technical Education (AICTE) and state/central governments. So now, how can a student get an education loan for an online degree? Simple, by taking a personal loan instead.
Why There’s Need for a Personal Loan
Today, many online platforms offer skill development courses and degree programs from one of the best industry experts. These degree programs are beneficial for learners worldwide because of their rich experience and expertise that no learner could deny. Now, you don’t need to compromise with your career. You have the option to take a personal loan offered at lucrative personal loan interest rates that are even affordable and easy to pay.
Since personal loans are unsecured loans, they don’t ask you for any collateral. This gives you added benefits such as no risk of mortgaging assets, quicker processing, minimum documentation and most importantly, no questions asked on its utilisation. You only have to pay an upfront processing fee deductible from the amount disbursed to you.
How to Get a Personal Loan?
You only need to approach a financial institution by physically visiting them or virtually through their app. But, first, you need to place an application with your request of the amount you need. Once you place the application, these institutions take some time to process your application as they check your eligibility based on your credit score, income factor etc. They may even reject your application in some cases, such as when you have an impoverished credit history or if your income doesn’t match the payback capacity of the loan.
So, it is always advisable to do some homework from your end beforehand only. You may use an online personal loan EMI calculator. When you insert the loan amount you desire for in the calculator, the expected personal loan interest rates, such as 10.99 % offered by some best institutions, are typically pre-filled and tenure in which you will pay back, usually between 12 to 60 months. The online personal loan EMI calculator will calculate the EMI amount for you, which can help you in correct decision making based on your budget. You may ask for the maximum loan amount as high as INR 25 Lakhs.
To conclude, as a learner, you need not compromise on your dreams of getting a better education. An online degree can raise your chances of a better career, and money shall not be a constraint in this. So, without worrying about getting an education loan, go for a personal loan as it is easy with minimum documentation and affordable interest rates.