Personal Loan for Higher Education

Get a Personal Loan for Higher Education

Personal loans for higher education can be availed of at affordable rates of interest at SMFG India Credit. 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 form of higher education financing. This is different from education loans, which are generally provided to students wishing to pursue higher studies in India or abroad.

Whether you're supporting your child's academic ambitions or planning to upskill yourself, our online personal loan for higher education offers a convenient and flexible solution for those seeking to invest in higher education without pledging any assets.

Features & Benefits of Personal Loans 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 an online personal loan for higher education.

• 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 of this loan to pay for their child’s education in India or abroad.
• You can avail yourself of personal loans up to INR 30 lakhs*. The loan amount sanctioned will vary depending on various factors, including your location, age and creditworthiness.
• Disbursement of funds is promptly initiated once final loan approval is granted.
• You can use this type of personal loan towards program fees, hostel expenses, travel expenses, 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 education loans, 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.

Interest Rates and Other Charges for Personal Loans for Higher Education

Eligibility Criteria for Personal Loans 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. The minimum salary is Rs. 16,000* (Rs. 25,000 for Delhi/Mumbai residents).

• Credit Score: A good credit score of 705 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.

Documents Required for Personal Loans for Higher Education

The next step 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 licence
  • Passport
  • Aadhaar
• Submit proof of residence in the form of any one of the following documents:
  • Driving licence
  • 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.

Why Choose SMFG India Credit for a 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.

Disbursement of funds is promptly initiated once final loan approval is granted. 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.

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. Fill in Basic Details

Enter necessary details like mobile number, PAN, pincode, and employment type (salaried or self-employed).

2. Mobile Number Verification

A 6-digit OTP will be sent to your mobile number for verification.

3. Enter Additional Personal Information

Provide additional information such as email address, date of birth, gender, and information on annual household income. Additionally, email ID verification is also necessary.

4. Complete Employment Information Submission

Salaried individuals are required to provide their employment information.

5. Submit Bank Statement (Salaried Applicants Only)

Please share your bank statement via Net Banking, an Account Aggregator, or by uploading it. Based on the submitted information, we'll generate a loan offer.

6. Identity Verification

Complete identity verification and share address information digitally. Use recognised processes such as CKYC, Offline Aadhaar XML-based KYC, or DigiLocker. To complete the identity verification process, you must also take a selfie.

7. Provide Bank Account Information

Submit banking information, which has to be verified by us.

8. Share Additional Information

Once the bank account verification is successful, you will reach the ‘Additional Details’ stage. Add personal details like the purpose of the loan or marital status here.

9. Set Up E-NACH for Re-payment

Decide on the re-payment mode between debit card or internet banking, and finish setting up E-NACH.

10. Review and Digitally Sign the Loan Agreement

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.