Introduction
Studying abroad can be an enriching experience that opens up new personal and professional growth opportunities. Many students struggle to cover the cost of tuition, accommodation and other expenses. In such cases, a personal loan can be a viable option for financing your education abroad. Using a personal loan for studying abroad can also help cover living expenses while you are away from home.
Benefits of using a Personal Loan to study abroad
1. Personal loans are flexible, and you can use the funds for any purpose, including paying for tuition, accommodation, food, transportation and other expenses.
2. Personal loans interest rates are fixed in nature, which means your monthly payments will remain the same throughout the loan term.
3. Personal loans have a relatively easy application process; you can receive the funds within a few days of applying.
Tips for choosing the right Personal Loan for your study-abroad plans
When choosing a personal loan for studying abroad, several factors must be considered. Some of them are:
1. You should check the interest rate and repayment terms of the loan. A lower personal loan interest rate will save you money in the long run. A longer repayment term will reduce your monthly payments but increase the total interest you pay.
2. You should compare the charges associated with the loan, such as processing fees, prepayment penalties and late payment fees.
3. You should consider the reputation and reliability of the lender.
Maximising the use of your Personal Loan for studying abroad: Do's and Don'ts
Once you've obtained a personal loan for studying abroad, it's important to use it wisely to ensure you get the most out of your education and minimise your debt.
Do's:
1. Budget wisely: Create a budget that accounts for all expenses, including tuition, accommodation, food, transportation, and leisure activities.
2. Look for scholarships and grants: Scholarships and grants can reduce the overall cost of your education and lower your debt burden.
3. Make payments on time: Making timely payments on your loan is crucial to avoid late payment fees and damage to your credit score.
Don'ts:
1. Don't borrow more than you need: It can be tempting to borrow more than you need, especially if you have easy access to funds. However, this can increase your debt burden and make it harder to repay your loan after graduation.
2. Don't use the loan for non-essential expenses: While personal loans are flexible, it's essential to use them only for necessary expenses related to your education and living expenses while studying abroad.
3. Don't neglect your credit score: Your credit score is a crucial factor in determining your ability to borrow money in the future, so it's important to maintain a good credit score by making timely payments and avoiding default.
EMI calculator for Personal Loan
An online Personal Loan EMI calculator helps determine the loan amount, interest rate and repayment tenure suitable for an individual's financial capacity. It's essential for making informed decisions when obtaining a personal loan.
Axis Bank personal loans can be used to pay for a range of things, including loans for students, medical costs, home improvements and wedding costs. It offers Personal Loans from ₹50,000 to ₹40,00,000 with less paperwork and speedy processing.
Also Read: [ 4 must-follow rules for Personal Loans]
Summing up
Studying abroad can be a transformative experience that can open up new opportunities for personal and professional growth. However, it can also be expensive, and many students struggle to finance their education abroad.
In such cases, a personal loan for students can be a viable option for covering the cost of tuition, accommodation, and other expenses. Head over to Axis Bank and check your personal loan eligibility today!
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision
