Education and learning must never stop. Why let your finances become a hindrance?
Education loans are essential to pursue your dream career as a student. Many students avail of education loans to fund their education in India or abroad. However, they are not easy to avail of, as they are granted based on the student’s merit and capacity to earn in the future. Many students look for personal loans to cover their education-related expenses. While Students can use even the best education loan in India for admission fees only, personal loans have no end-use restrictions. As a result, the borrower may use it for any big-ticket expense, including examination, accommodation, travel, lodging, study material, visa, equipment, etc.
That said, most people are concerned about the higher interest rates they pay for personal loans. Here is a list of the top six low-interest personal loans for education.
- Clix Capital
Clix Capital offers low-interest personal loans of up to Rs.1025 lakhs to salaried employees and self-employed individuals. Their best features include flexible repayment terms, easy eligibility conditions, 100% online loan processing, and loan approval within 15 minutes. Aspiring students may avail of a personal loan for education from Clix Capital and repay with lower interest rates.
- Bajaj Finserv
Bajaj Finserv is another reputed NBFC offering personal loans for varied purposes, including education. They claim approval in 5 minutes and disbursal in 24 hours. Select a convenient repayment tenure of up to 60 months to keep EMIs manageable. Avail of their Flexi personal loan facility to reduce instalments and pay interest-only EMIs.
- Fullerton India
Fullerton India offers low-interest personal loans of up to Rs.25 lakhs with an interest rate as low as 11.99% per annum. The flexible repayment term of up to 60 months makes EMIs more manageable, as one may select a tenure with EMIs suitable to their monthly budget.
- Kotak Mahindra
Avail of an education loan of Rs.50,000 to Rs.25 lakhs from Kotak Mahindra. They offer collateral-free personal loans that one may repay in 12 to 60 months. The 100% online loan procedure makes loan approval possible in three seconds, and interest rates are as affordable as 10.99% per annum.
- Axis Bank
Axis Bank is a reputed lender offering personal loans of up to Rs.15 lakhs for education and other purposes. Eligibility conditions are simple, documentation requirements are minimal, and repayment terms range from 12 to 60 months. The lender has competitive interest rates on personal loans to minimise the loan cost.
LoanTap offers personal loans for education and other purposes, ranging from 3 to 60 months. One may apply for a personal loan of Rs.25,000 to Rs.10 lakhs at low-interest rates and minimal processing fees.
These are the top six lenders offering low-interest personal loans in India. However, an applicant’s interest rate depends on income, financial obligations, credit rating, and other crucial parameters. One must pay off their existing loans, improve credit scores, and increase income sources to get the best education loan in India with the lowest interest rates. Compare lenders based on their interest rates, customer service, repayment terms, and other factors to get the best deal.