Many people find themselves burdened with higher education costs, especially when they wish to study abroad. Over the last few years, the cost of higher studies has skyrocketed, and people feel devastated when it comes to arranging finance for the education they want. However, getting a personal loan for education can make you independent, with which you can fund your higher education in the institute of your choice.
A personal loan is an instant loan online that you can avail right from the comfort and privacy of your home. It is one of the most commonly sought-after resorts when it comes to pursuing higher education. NBFCs like Clix Capital offer personal loans for higher education at attractive interest rates. If you are also planning to do a personal loan online apply for higher education, you need to remember these 6 points.
1. Choose the Loan Amount Carefully
You may use the personal loan for education to cover all your education-related expenses, including course fees, accommodation, travel, living expenses, course material, and others. So, while applying for a loan, keep in mind all these expenses and decide the loan amount carefully. It should be enough to cover all these expenses. However, applying for more than needed would only waste your money on the interest amount. Calculate your costs and carefully decide the loan amount you have to apply for.
2. Check the Lender’s Eligibility Conditions
Whether you want to pursue education in an Indian or a foreign institute, you must never apply for a loan that you are not eligible for. Otherwise, you will only end up having a loan rejection and ultimately harming your credit score. Every lender has a set of eligibility conditions that you have to meet to apply for their loan. For Clix Capital, you have to fulfil the following conditions:
- You must be between 25 and 58 years of age
- You must have a monthly income of at least ₹ 25,000
- You must be working with your current employer for at least 6 months
- You must have work experience in the current field for a minimum of 12 months
Other than these, you also need to have a credit score of 725 to apply for a personal loan.
3. Keep Your Documents Ready
Although many lenders like Clix Capital follow a paperless procedure to process their loan applications, you still need to share some basic documents with them online to prove your identity, address, and income. To apply for a personal loan from Clix Capital, you need to keep the following documents ready:
- Duly filled online application form
- Recent passport size photograph
- Identity proof like Aadhaar Card or PAN Card, or government ID for government employees
- Address proof like Aadhaar Card, Voter ID, passport, driving license, etc.
- Income proof, including your last month’s payslip or current year’s Form 16
If your KYC is updated with Aadhaar and PAN, you don’t need to submit or upload these documents anywhere. You need to have these documents verified online to get your approval within 15 minutes*.
4. Give Attention to the Repayment Options
When it comes to repaying the loan, the lender must offer you flexible repayment options that you can choose as per your convenience and budget. For instance, Clix Capital allows you to select a loan term from 12 to 48 months. You can use a personal loan EMI calculator to get an estimate of your EMIs and select a loan term with the EMIs you can easily afford.
You have to choose your loan tenure wisely. Selecting a longer loan tenure means smaller EMIs but higher interest outgo, while a shorter loan tenure means bigger EMIs but lower interest outgo by the loan term-end. So, pay highest EMIs possible within your monthly budget to pay off the loan as soon as possible.
5. Collateral Requirement
While you are considering applying for a loan for your education, you must also consider the lender’s collateral requirement. Personal loans from Clix Capital are collateral-free, which means that you can avail them without the need to pledge any collateral, security, or guarantor. While pursuing your higher education, you don’t need to worry about the asset you put at stake for your studies.
6. Application Procedure
Online loan application is one of the easiest and fastest to get a personal loan for higher education. If you are planning to apply for a personal loan from Clix Capital, you need to follow these simple steps:
- Visit the Clix Capital website
- Check your credit scoreand ensure that it is more than 725
- Fill up the personal loan application form
- Get your documents verified online that takes just a few minutes. However, if your KYC is not updated, you will have to provide some necessary details
- Once you receive your loan approval, accept the loan offer
- Activate the e-mandate for regular EMI payments on time
So, if you are looking forward to doing a personal loan online apply for higher education, then look nowhere else other than Clix Capital. We offer personal loans of up to ₹25 lakhs for 12 to 48 months. Take advantage of our easy online loan application procedure to get your loan fast within 15 minutes*.
You can also reach out to us at email@example.com or call us at 1800 200 9898
* T&C Apply