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.


Comments

Post a Comment

Popular posts from this blog

5 Factors that can influence the interest rate of your loan

Image
  Needs don’t come up by notifying you. You may need funds when you have least expected it to come. However, you need to stay ready and prepared to face situations that cross your path. If you are looking for a personal loan  to meet your various needs, it is now easy. Do you know how a personal loan works? It is a fund that you can use for any need and then repay it in easy EMI along with interest rate. This interest rate is the charge that your loan provider will take from you for offering you the fund as debt. It is always better if you get a loan at a low rate of interest. A low rate will decrease your burden and makes it easy to repay. Find out the factors that make a lot of sense in deciding your rate of interest.   Credit score: A credit score is a three-digit number that accounts for all your past transactions and financial activities. It considers the debt repayment and how you have managed your past credit activities. A good credit score helps you t
Read more

3 Ways to Pay Off Your Personal Loan in 2021

Image
    Carrying a personal loan balance? You can now finish it off easily with some easy tips. Often you feel stressed by being in a long-term loan, where you need to pay off EMI monthly and get stressful bank statement. If you are looking out to finish it off at once, you need to work on it. If you figure out the entire outstanding balance on your personal debt, you can work out on some ways to pay off your debt without any hurdle. It is easy and will give you a peaceful life with no banks running behind you for EMI dates. However finding a good source of amount such as the best personal loan to pay the entire debt will not be easy. You need to focus on various finances and deal with them effectively. Find out a source of income: If your existing income is falling slow, you need to consider some another source of fund. Try out and figure out some other extra source of income so that you can save it and pay off your personal debt easily. Why don’t you pay attentio
Read more

Can Senior Citizens Apply for Personal Loan in India?

Image
  Life can throw a curveball at any point of the hour. Be it an adult, middle age, or a senior citizen, life and its problems are never-ending. Being a senior citizen with no salary can put you through troublesome situations that become daunting. However, the financial market and debt portfolio work equally for everyone. If you have a source of income, in the form of a fixed pension you can get a  personal loan   easily. The loan provider is only interested in the fact that whether you have a source of income to repay the loan. You can use a personal loan to meet any wish or requirement that comes up all of a sudden. However considering your financial crisis and age, you need to keep in mind a few things so that your decision to borrow is wiser.   A fixed source of income: If you have a fixed source of pension every month you can go for a loan. It will help you relax as there will be a source of money to pay back your loan. At such a sensitive point in life, any k
Read more