Responsive Ad Slot

Popular Posts

Latest Posts

Resources

Study Abroad with a Bajaj Finserv Personal Loan for Higher Education

Aug 12, 2017

Every parent wants their child to get the best education, and studying at some of the best universities in the world is hardly a distant dream today. But an education abroad does not come cheap. Tuition fees, accommodation expenses, books, clothes, and other living costs all need to be taken into account when you’re planning to an educational program to study abroad.

And while an education loan may seem like the obvious choice to finance this dream, the loan does not cover living expenses or the cost of medical emergencies. A personal loan can therefore be more useful.

With loans up to Rs.25 lakh and attractive interest rates, personal loans offered by banks and non-banking financial companies (NBFCs) are a good option to meet your education-related expenses.

However, there are certain factors that you must keep in mind when it comes to your Bajaj Finserv personal loan for education. If you are applying for one, here is a handy guide:


Loan Amount: This is the fund you request from your lender. This fund is also your principal amount and on which the interest will be charged. More the loan amount you apply for more will be the interest you have to pay.

Tenor: This is the amount of time you take to pay off the loan. The tenor is calculated in months i.e. 12, 24, 36 and 60. Hence, you have up to 5 years to pay off your personal loan. When the loan repayment starts, most of your EMI (Equated Monthly Instalment) is accumulated towards the interest and as the period progresses, the amount is used for the principal amount.

Interest Rate: Rate of interest depends on your lender. The rate of interest is the constant but is different for different financial institutions. Hence, you must compare all the rates of different lenders who are offering you a personal and choose the lender who is offering the lowest interest rate.

Credit Score: For getting a loan approved, you must have an ideal credit score of 750. A credit score is calculated on the basis of your regularity of repaying loan EMI. Your lender will cross check everything and then decide whether to sanction the loan or not.

A personal loan EMI calculator will show you the amount of instalment you will have to pay each month. This will decide whether your current income will be sufficient to pay off your EMIs. Also, a personal loan can be paid off within 1 to 5 years which gives you sufficient time to plan your future expenses. Hence, you must decide your loan tenor carefully.

If you are applying for a personal loan, then you must know that your interest amount depends on the loan amount you are applying for.

You must consider the factors involved and cost of the course and then decide accordingly the amount you can opt for in a personal loan.


No comments

Post a Comment

More Resources

Our Sponsors