Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

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 25 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 25 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

Interest Rates

Starts from 11.99%* p.a. onwards

Loan Amount

INR 50,000* to INR 25 Lakhs*

Loan Tenure

12 - 60 months

Processing Fees

Up to 6% of the loan amount

Lowest EMI per month

Starting from INR 1,112* for 60 months

Prepayment/Foreclosure Charges

Up to 7% of the loan amount

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.

Page also available inहिन्दी - Hindi

* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

`
50,00025,00,000
%
11.99%36%
Months
12 Months60 Months

Your Calculated EMI*

 8,302

Reasons to buy

You can take our personal loan for a variety of reasons.

Wedding Expenses

Wedding Expenses

Higher Studies

Higher Studies

Exotic Vacations

Exotic Vacations

Hobbies

Hobbies

 

FAQs

How much time does it take to get a Personal Loan for higher education approved?

Personal loans typically boast efficient approval processes, especially with online applications. Upon submission of the required documents, approval can be achieved in just 30 minutes*. This swift processing is designed to provide borrowers with timely access to funds, ensuring they can promptly address their higher educational requirements. Quick approval times are advantageous for students who need financial assistance without unnecessary delays.

What is the maximum amount of Loan I can get when applying for a Personal Loan for Higher Education?

The maximum loan amount for personal loans for higher education is contingent on factors like the borrower's creditworthiness, chosen course of study, and the lending institution's policies. Generally encompassing tuition fees, living expenses, and other educational costs, lenders conduct a thorough assessment to determine an appropriate loan amount that accommodates the diverse financial needs of students. Depending on your eligibility, SMFG India Credit provides loan amounts up to INR 25 lakhs* for you to take care of all your higher education expenses.

What are the tenure options available for Personal Loan for Higher Education?

Personal loans for Higher Education offer flexible tenure options, allowing borrowers to select a repayment period aligned with their financial capacity. With tenures spanning from a few months to several years, borrowers have the flexibility to choose a repayment plan that suits their circumstances. This adaptability ensures that the loan repayment process is manageable and does not impose undue financial strain during the pursuit of higher education.

What are the uses of Higher Education Personal Loan?

Personal loans for Higher Education serve a myriad of educational expenses, making them a versatile financial tool. From covering tuition fees and accommodation costs to purchasing study materials and addressing day-to-day living expenses, these loans provide comprehensive financial support. The flexibility in usage caters to the diverse financial needs of borrowers, allowing them to focus on their studies without being hindered by financial constraints.

Does CIBIL Score affect my higher education personal loan?

The CIBIL score plays a pivotal role in determining the approval and terms of a higher education personal loan. A higher credit score of 750 or higher significantly enhances the likelihood of loan approval and may result in more favourable interest rates and terms. Conversely, a lower credit score might impact approval and lead to less advantageous loan conditions.

What are the steps to apply for an Instant Personal Loan for Higher Education?

Initiating the application for an instant personal loan for higher education involves straightforward steps for maximum convenience. Begin by filling out an online application on the lender's website, providing essential details. Following this, submit the required documents to support your application. The lender then undertakes a verification process. Upon approval, the loan is sanctioned, initiating the disbursal process. This seamless process ensures that borrowers can swiftly access the required funds for their educational needs, facilitating a hassle-free financial solution during their academic journey.

Can I get a higher education loan without security?

Yes. Please note that while personal loans for higher education are generally unsecured, meaning no collateral is required, the lender may assess the borrower's creditworthiness and financial stability to determine loan approval and terms.

What expenses can I cover with my personal loan for higher education?

A personal loan for higher education can cover various expenses, including tuition fees, accommodation costs, textbooks, travel, and other related educational expenses. The flexibility of personal loans allows borrowers to use the funds as needed for their higher education. However, please note that personal loans are only provided to salaried or self employed applicants. Students who do not have a source of income will not be eligible. Thus, if you need funds for a full-time course, you can ask your parents who have a good credit score and stable income to take the loan instead.

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