Personal Loan for Higher Education

SMFG India Credit offers personal loans for higher education at affordable rates of interest. You are not required to put up collateral since this is a personal loan that you avail to help your child complete his or her higher education. Professionals who wish to take the next step in education to further their career prospects can also avail of this type of loan. This is different from education loans which are generally provided to students wishing to pursue higher studies in India or abroad.

Benefits of Personal Loan for Higher Education

It is relatively simple to apply for a personal loan for higher education in India. You can either do it online or visit the nearest SMFG India Credit branch to complete the process offline.

Let us now see the features and benefits of a personal loan for higher studies.

• At SMFG India Credit, you can apply for a personal loan for higher education to pursue a part time or certification course. Parents can also avail this loan to pay for their child’s education in India or abroad. .    
• At SMFG India Credit, you can avail personal loans up to INR 30 Lakhs*. The loan amount sanctioned will vary depending on various factors, including your location, age and creditworthiness.
• The amount will be disbursed to your account within 30 minutes* of final loan approval
• You can use this type of personal loan towards program fees, hostel expenses, and travel expenses, and purchasing books and computers and more.
• Unlike an  education loan, with a personal loan, you can enjoy a flexible tenure of repayment between 12 - 60 months. However, unlike an education loan, personal loan borrowers must start repaying their EMIs as per the loan schedule within 30 - 45 days of loan disbursement. 
• If you need funds greater than INR 30 Lakhs*, you can go for a secured loan against property. For more details, please check SMFG India Credit’s Loan against Property page.
• Please note that the primary applicant for a personal loan for higher studies should match SMFG India Credit’s personal loan eligibility criteria.

Documents Required for Personal Loan for Higher Education

The next to ensure that you get your personal loan for higher education approved is to get the documentation right. When you apply, have your personal details, contact information and KYC details handy.

In addition to this, you will need to have the following list of documents ready:

The loan application form with all the required details that is duly signed. Passport-size photographs not more than 6 months old. PAN card copy is required.

• Passport-size photographs not more than 6 months old.  
• PAN card copy
• Submit proof of identity in the form of any one of the following documents:
  • Driving license
  • Passport
  • Aadhaar
• Submit proof of residence in the form of any one of the following documents:
  • Driving license
  • Passport        
  • Electricity bill
  • Telephone bill
• Bank statements for the last 6 months

If you are a salaried employee, you may be requested to submit additional documents including:

• Salary slips for the last 3 months and appointment letter which mentions the date of joining the organization.    
• Salary account bank statements for the last 6 months.

For self-employed individuals, you will need to submit the following documents:

• Income tax certificates containing the computation of income for the last 2 financial years
• Audited balance sheet for the last 2 years.    
• Bank statements for the last 6 months.
• Evidence of the latest turnover.

*Loans are disbursed at the sole discretion of SMFG India Credit. Please note that final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application.

Eligibility Criteria for Personal loan for Higher Education

• Age: Typically, applicants are required to be within the age range of 21 to 65 years.
• Income Stability: A stable income source, either from the applicant or a co-borrower, is a key criterion. Minimum salary is Rs. 20,000.
• Credit Score: A good credit score of 750 or higher enhances eligibility, reflecting the borrower's creditworthiness.
• Academic Institution: Some lenders consider the reputation of the educational institution and the recognition of the chosen course.
• Purpose: Clearly stating that the loan is for higher education expenses strengthens the loan application.

Meeting these criteria increases the likelihood of approval for a personal loan tailored for higher education, covering tuition, accommodation, and related costs.

Interest Rates and Other Charges of Personal Loans for Higher Education

Why choose SMFG India Credit for Personal loan for Higher Education?

SMFG India Credit stands out as an excellent choice for a personal loan for higher education due to its customer-centric approach and tailored offerings. With competitive interest rates and flexible repayment options, SMFG India Credit ensures affordability for borrowers. The application process is streamlined, offering quick approvals and disbursements within 30 minutes* of loan approval. The transparency in terms and conditions, coupled with a dedicated customer support system, makes SMFG India Credit a reliable partner in financing higher education. Choosing SMFG India Credit ensures a seamless and supportive financial solution for educational pursuits. Apply now!

How to Apply Personal Loan for Higher Education?

These are the steps you need to follow to apply for a personal loan from SMFG India Credit:

1. Go to our website www.smfgindiacredit.com or use this link to begin the loan application process.
2. Enter necessary details like mobile number, PAN, pincode, and employment type.
3. A 6-digit OTP will be sent to your mobile number for verification. Additionally, email ID verification is also necessary.
4. Provide additional information such as email address, date of birth, gender, and information on income and employment history.
5. Review the tailored loan offer, noting the amount, fees, and repayment details. If it meets your requirements, confirm acceptance. Consider the option of choosing a higher loan amount.
6. Salaried individuals are required to provide their employment information.
7. Complete identity and address verifications digitally. Use recognised processes such as CKYC, OKYC, or DigiLocker.
8. Submit banking information, which has to be verified by us. Once the verification is successful, you will reach the ‘Additional Details’ stage. Add reference information and personal details like the purpose of the loan or marital status here.
9. Decide on the payment mode between debit card or internet banking, and finish setting up eNACH.
10. Digitally sign the loan agreement after a thorough review. Validate this with a 6-digit OTP sent to your mobile number.

Follow these straightforward steps to reach your financial goals with a personal loan from SMFG India Credit.