With the rising cost of education, getting a loan to cover education expenses has gained immense popularity. Today pursuing masters in any field from any city in India requires you to have strong financial backing to be able to pay the tuition fees on time. With Hyderabad housing top universities of India, students in the city opt for a personal loan to fund their educational expenses. Pursuing a master’s degree helps you increase knowledge by giving the right exposure and good practical experience in the field. If you reside in Hyderabad and are looking to get financial help for funding your higher education, then opting for a personal loan would be the right choice. Read on to know how a personal loan for tuition fee can help pursue your masters.
What is a personal loan?
A personal loan is an unsecured loan that you can avail to fund your education expenses such as payment of tuition fee, purchase of books, accommodation costs and others. You can get this loan to fund your education expenses or your family member including your children. Unlike an education loan, this type of loan can be used for any purpose and does not require you to specify the lender any reason for availing the loan. Besides, an education loan requires you to fund a certain percentage of your expenses, however, a personal loan does not need you to do so and you can get 100% funding to cater to your expenses. With education expenses rising in Hyderabad, getting a personal loan for higher studies is the right choice you can make as you don’t even have to submit any security to the lender.
Benefits of availing a personal loan for masters in Hyderabad
Ease of application: With the digital revolution, getting a personal loan for education in Hyderabad has become simple and hassle-free. You can now apply for a loan online through the lender’s app or website without having to step out of your door. The loan application is easy and submitting your personal and professional details helps you get a loan quickly.
No security required: This type of loan is unsecured and does not need you to submit any collateral. This ensures that you don’t have to risk your assets to get access to funds at low-interest rates. This benefit of unsecured loan gives you peace of mind as you don’t have to worry about losing any of your assets in case default on the loan.
Affordable interest rates: Personal loan for education in Hyderabad is offered at an affordable rate that ensures you don’t have to repay a high amount and can get the money at low EMI. The EMI rates for the personal loan vary from lender to lender and is usually decided based on your credit score, loan tenure, loan amount and other factors. It is important to know that longer the tenure, lesser the EMI you would be paying.
Get instant disbursal: Unlike traditional lenders, online lenders like Upwards offer you quick disbursals that ensure you can easily cater to your educational expenses in Hyderabad in an easy way. Online lenders use data-driven algorithms that make it easy for them to assess your credit eligibility and offer you instant disbursal.
Build credit score: Banks usually require you to have a good credit score to be eligible to get a personal loan in Hyderabad. However, with online lenders, you can quickly avail an instant loan in the city without having to worry about your credit score. When applying for an instant loan, it is significant that you know that your credit score is a reflection of your creditworthiness helping the lenders determine your eligibility. Having a low credit score decreases your chances of getting the loan, whereas a high score makes you eligible to get a high loan amount.
Getting an instant loan in Hyderabad for educational expenses is the right thing to do considering the plethora of benefits it provides. However, when availing the loan, you must check your eligibility online using a personal loan eligibility calculator. You should also estimate your education expenses and then opt for a loan amount you can repay easily in EMIs. Getting a loan does give you a sense of freedom as you don’t have to rely on your friends or family to help you fund your education. Simply having a good credit score, a minimum monthly income of Rs. 15,000 and a stable job can help you or your loved one pursue masters in a hassle-free way. Thus, a personal loan is the right choice that can help you or your loved one get started on an exciting journey as a student.