Personal Loan For Further Education (Upskilling For Professionals)

After working in the corporate world for a few years, a lot of individuals wish to add on higher academic experience to their resume. Many professionals opt for further education for several reasons. Some might look for a career transition into a field of work that interests them more. Some might wish to learn the latest technology concepts through a systematic course. Some might have finally found the time in their life to achieve their dreams of obtaining the next degree.

The best way to go about further education is to take up a personal loan, so that you won’t have to exhaust your savings. Moreover, with a personal loan for further education, you need not restrict yourself to following a certain course or enrolling in a particular university because of budget constraints.

Why Should You Take a Personal Loan For Higher Education?

As a working professional, you have various domains of life to manage at once. From your personal expenses like managing your rent, paying electricity bills, and buying groceries, to financing your family through medical bills, you already have multiple financial responsibilities.

That’s why, here are 4 advantages of taking a personal loan for higher education:

1. Financial Security

When you take up a personal loan, you externally support your finances. This way, you don’t have to disturb your emergency funds, medical budget, savings, or current investments if you want to dream big and make it through. You can have a financial backbone and still achieve your academic goals.

Must Read: Boost Your Career with a SMFG India Credit Personal Loan

2. High Loan Amount

With a lending institution like SMFG India Credit, you can get an online personal loan for up to INR 30 Lakhs*. These funds can be sufficient to cover your transportation costs, residential expenses, course fees, study material costs, project registration fees, computer costs, and other additional charges that you might face during your higher education degree. Moreover, such a loan amount also empowers you with the dream of studying abroad.

3. No Restrictions on Usage

The biggest benefit of a personal loan is that you can use the funds for any cause you like. You need not restrict any fraction of your loan amount to any particular expenditure. For instance, a gold loan must be dedicated to purchasing gold, a business loan must be allocated to business development, and a home loan must be used for property-related expenses. However, a personal loan can be put to use as you like for your educational applications.

4. Comfortable Repayment

NBFCs like SMFG India Credit ensure that you can take advantage of long repayment tenures and reasonable EMI schemes since you are balancing academics with your usual responsibilities. To know more about your monthly instalments, check out our online personal loan EMI calculator.

What Should You Look for in a Personal Loan for Further Education?

If you are looking for a personal loan for further education as a professional, you must look for the following benefits:

• The best loan is that which you can avail of online through a 100% paperless application, which means you can submit your documents online 
• Loan amount should be disbursed to your bank account within a short time span, i.e. shortly after loan approval
• Principal amounts up to INR 25 Lakhs* can aid you to finance all possible further educational requirements that you may have
• It is best to choose a financial institution that ensures 0 hidden charges and fees throughout the process.
• The best personal loans come with flexible tenures from 12 months to 60 months for repayment.
• The eligibility criteria must be reasonable so that all professionals can have access to funds for further education.

Conclusion

Choosing further education as a medium to upskill is a bold decision. Once made, it involves planning for the course, learning about the future scope, analysing various colleges, and evaluating their placement records. In all this, it is best to take some load off your back with a personal loan.

If you’re looking for a personal loan that can fund your further education, it is best that you turn to SMFG India Credit. With our personal loan eligibility calculator, you can understand what criteria must be fulfilled to avail of our loan. Moreover, the documentation required can be scanned and uploaded online so that you can get the funds into your account from the convenience of your home, shortly after loan approval. It is time to take this big leap with a personal loan, today!