How To Get A Personal Loan For Student In Canada

How To Get A Personal Loan For Student In Canada

You have worked in your profession for a few years and gained some experience. You decide that you want specialized training and higher academic knowledge in your chosen field. You apply for a course at a foreign university and are accepted into college, only to realize that your expenses will exceed your current savings.

Or you may want to send your children or spouse for an education program abroad. For some reason, you are not eligible for an education loan. Personal Loan for Education is the solution to your financial worries.

A personal loan is different from an education loan. You can use a personal loan for a variety of purposes including education for yourself or a family member. A personal loan without security is also a best option as it is less stressful to repay especially during your studies. A student loan can only be used for the purpose for which it is taken. In addition, a student loan has specific eligibility criteria, and you must fund 15% of the expenses. Getting a personal loan for education is easy and quick, and you can fund up to 100% of your expenses.

Here's how you can get a personal loan for students in India

Estimate your expenses
Education is expensive. And study abroad exclusively. When you are calculating expenses consider travel expenses, tuition fees, cost of study materials, any special coaching may be required, and cost of living and accommodation, which are not covered through education loan. Is. Talk to friends and family living in the country to understand the cost of living. Once you have an accurate estimate of your costs, you will be able to get an idea of ​​how much personal loan you need.

check your eligibility
Check with the Personal Loan Eligibility Calculator whether you are eligible for the amount that you require. HDFC Bank offers personal loans up to Rs 40 lakh.

Decide tenure and repayment
Take a personal loan for students from a bank that offers flexible tenor, as your monthly repayment amount will depend on the tenure. Remember that you may not earn as much as a student as you did as a professional. Your biggest need is pocket friendly EMI. Balance the amount and tenure to arrive at an optimal monthly outgo. HDFC Bank offers tenors ranging from 12 to 60 months, with EMIs starting from Rs. 2,149 per lakh.

make your application
Minimum documentation is required for personal loan – ID proof, address proof or income proof. Contact your bank and prepare all the documents. If you are an existing customer, the documentation may not even be required. Find out how you can apply for a loan. With HDFC Bank, you can apply online through the website, through netbanking, at an ATM or by visiting a branch.
Talk to your bank about the processing time - Personal loans are disbursed quickly. If you are a pre-approved customer of HDFC Bank, you can get a personal loan in less than 10 seconds and others in less than 4 hours.

Hurry up!

Once you have funds from your personal loan for education, go ahead and book your tickets, pay your tuition fees and start your exciting journey as a student. 

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