Funding Your Higher Studies: Personal Loan VS Education Loan

 



Education is the pillar of society. Higher education is a must in today’s generation. Even the rich are looking out for higher education in some reputed and elite organizations. However, any professional degree or elite organization will cost you a good deal. However, the market is filled with a diversified form of debt that helps you in meeting your education expenses. If you are confused between a personal loan and an education loan, then you need to read this. Both are very different and you need to know what they are and compare their features to get instant personal loan.

 

What is a personal loan?


A personal loan is meant to be the most affordable and flexible form of debt. You can use the fund for meeting any need that comes your way. It is affordable because you can repay it easily and flexible because you can use the fund for anything.

 

What is an education loan?


An education loan comes with a fixed end-use facility. It is not like a personal loan that allows you to use the fund for anything. An education loan is used only to meet the expenses related to your education. It can carry your fees, tuition fees, hostel expenses, and other accessories. An education loan will cover up your entire education expenses.

 

Which one is better

 

Interest rate: In terms of interest rate, a personal loan has a high-interest rate as compared to an education loan. If you look for savings, you can go for an education loan.

 

Usage: In terms of usage, a personal loan can be used for anything and everything, but an education loan will be used for education. It will cover up all your expenses related to your education coursework.

 

Repayment: In an education loan, your EMI repayment will start after your course is over and you get a job. However, for a personal loan, your EMI will start the moment you get the fund. There is no moratorium period in the personal loan, but in an education loan, you get a period of moratorium.

 

Wrapping up

In terms of education, an education loan will be a must-have. You can study and then pay off your EMI as soon as you start earning. If you have questions about how to get a loan online, then you can look for various options online.


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