Over the past several decades, education prices have been rising significantly. A personal loan can help you meet your child’s educational expenses. If you working for a reputed organization, then you can apply for a salary loan, else you can opt for an easy online loan.
A personal loan can help you pay for your child’s admission, tuition fees and all other curriculum activities. It can also come in handy when you need financing for educational tours and trips.
Read on to discover the ways to use a personal loan for your child’s education –
Personal Loan for A Child’s Education
When it comes to personal loans, they are unrestricted. That means you can use these loans to meet a range of financial needs as per your requirement. A child’s educational cost can be diverse and there are many anticipated and unanticipated expenses that you have to bear. Here is how a personal loan can come to your aid for meeting your child’s educational needs.
Pay for admission and tuition fees
You can use a personal loan for paying the admission and tuition fees of your child. This is a lump-sum amount that you have to pay at the beginning of the session. In case, you do not have the liquid cash available for this payment you can rely on a salary loan or an online loan.
Pay for stationaries and books
Another big expense that you might have to bear at the start of the session is the cost of books and stationeries. An instant personal loan offers you a loan amount ranging from Rs. 10,000 to Rs. 1.5 lakh. With this, you can easily take care of the uniform, books and other stationary expenses.
Pay for educational tours and trips
Educational trips are also an important part of your child’s learning and development. They teach your child to be independent while imparting valuable lessons. Though they are not always compulsory, they are very beneficial. An online loan can come in handy in managing these expenses.
Pay for your child’s extracurricular activities
These days education is not just limited to school books, but you also need to enrol your kid in lots of extracurricular activities. Be it sports, music, dance, art, self-defence and more. Paying for all these activities at once can be a huge burden on your budget. A personal loan can help you diversify this fee in your monthly budget.
Pay for hostel
If you want your child to get the best education opportunities, then you may consider sending them to a hostel. However, that too is a big expense which can be met with an instant loan like a salary loan or online loan.
Benefits of availing a personal loan for your child’s education
Contrary to an education loan, a personal loan may be used for any reason. You can use a personal loan to pay for any expense, such as living expenses, educational fees or travel charges.
No Need for Collateral
Borrowers are not required to offer collateral for personal loans. Thus, you can get a personal loan without owning expensive assets. You can take a personal loan against your salary as a salary loan. Compared to other loan categories, the eligibility restrictions are less stringent.
Admissions to colleges and universities do not wait for anyone. You must deposit the necessary fees for the entire year within a short time of being accepted. This is where an online loan with speedy disbursal can be beneficial.
High Loan Amount
The maximum loan amount of your personal loan for education purposes depends on your eligbility. If you apply for a salary loan, it could be 10 times your monthly salary. In case of an online loan through a loan app, the maximum loan amount could range up to Rs. 1.5 lakh. You must check your maximum loan eligibility online before applying for a loan.
A personal loan can be repaid in approximately 60 months, depending on the lender (or 5 years). When submitting a loan application, you can select the loan’s tenure. Depending on your circumstances, you can choose between making monthly or lower interest payments thanks to the adjustable loan tenure.
A personal loan may be the greatest choice when thinking about the best way to pay for your child’s education. These loans are developed specifically to be hassle-free and convenient. The borrower feels at ease because there are no collateral requirements for the loan. Even if you do not receive the education loan tax benefit, taking out a personal loan has several advantages to borrowing money for education.
You can apply for an online loan, which is quick and simple. Lenders know that borrowers should experience as little trouble as possible during the loan application procedure. To make it simpler for the borrower to collect the necessary documents, they only ask for the absolutely necessary documents.