Pursuing higher education can be an expensive endeavour. Education loan is the popular credit option; however, the margin of loans is extremely high and is difficult to obtain. Moreover, these loans require collateral above a certain amount. But there are numerous other options that you can look out for to meet the educational expenses.

If you don't have enough money saved up to cover the tuition and other related costs of going to college, obtaining a personal loan for education could help finance your future. Obtaining a personal loan for education isn't always easy, so researching and preparing for the loan application process is key to getting approved. This guide will provide you with helpful tips and information on how to get a personal loan for education.

What is a Personal Loan?

A personal loan is a type of loan that is usually unsecured and can be used for a variety of purposes, including debt consolidation, home improvement projects, medical bills, or to finance a major purchase. Unlike secured loans, unsecured personal loans are not backed by any collateral, so the lender considers all the risk when the borrower takes out the loan. Furthermore, a personal loan's rates and repayment terms can vary greatly depending on the individual lender and the borrower's financial history.

Personal Loan Requirement

To apply for a personal loan for higher education, you must ensure that you meet the following requirements. Keep scrolling through to know the details:

  • Good Credit Score

To avail of a personal loan to meet the education expenses, the borrower must have a high credit score. A score of more than 700 is considered a good credit score and is essential for quick approval. 

  • Meet Eligibility Requirements

In order to qualify for a personal loan, the borrower needs to meet the eligibility requirements specified by the lender. It includes having a good CIBIL score, minimum monthly based income, meeting age requirements, and much more.

  • Get the Documents in Order

To get a loan quickly and instantly without any hassle, you need to keep all the required documents ready. These include KYC documents, employee ID, salary slips for the last two months, and bank statements.

Ways to Apply for a Personal Loan

If you plan to apply for a personal loan for higher education, then here are some of the steps that you must follow:

  • Download the online loan app
  • Share the required information 
  • Enter your 10-digit number and OTP
  • Select the amount you want to borrow to meet education expenses
  • Share the details about income and employment
  • Upload the required documents and submit the loan application online

Read Also: Features and Benefits of a Paperless Personal Loan

Wrapping Up

Now that you know applying for a personal loan to meet educational expenses is the best alternative to an education loan, when are you planning to download the reliable loan app? True Balance is the best personal loan app that offers an instant personal loan to borrowers in times of emergency. With this online loan app, you can apply for a loan of up to 1 lakhs while staying in your comfort zone. All that you have to do to avail of an instant personal loan is download the True Balance online loan app from the google play store, enter your details, submit the documents and loan application online, and there you go. Once your loan request gets approved, the amount will be disbursed into the borrower's account in just a few minutes.

Isn't obtaining a personal loan with True Balance easy and hassle-free? Download the app now and enjoy the convenience of this personal loan app.