Personal Loan for Studies

Student Loans In India

As a parent, you will always have the best interest in your mind for your children. You will want them to study in a reputed school and provide them within excellent opportunity for their higher education. However, school and college costs are mounting every year. A pre-school admission for a year itself comes up to Rs. 1 lakh. As your child steps into primary and secondary education, these expenses keep climbing thereafter. But in case of a deficit in funds, you can opt for personal loans and use that to fulfill any expense related to academics.

What is a Personal Loan for Studies?

We, at SMFG India Credit, provide a loan amount for studies in a short time. This is why; the product also carries the name – instant personal loan for education. Such type of loan is different than a traditional education loan in the following ways:

• In personal loans for studies, it is the working parent who takes the loan, and not the child.
• A traditional loan for education is primarily for higher studies, but instant loans for students complement your child’s academic journey at any point in time.
• We transfer the loan amount in lump-sum to your bank account.Thus, you can decide when and where you want to use the funds.
• As personal loans for studies involve minimal documentation, the processing and disbursal happen within a few days.

Features and Benefits of a Personal Loan for Studies

The key features and benefits of SMFG India Credit personal loan for studies include:

• Salaried people can take personal loans for studies up to Rs. 25 lakhs
• Self-employed individuals can borrow up to Rs. 30 lakhs
• Tenure for the education loan is between 12 months and 60 months
• Immediate fund transfer on the same day after loan approval

Personal Loan for Studies Eligibility Criteria

Listed below are the eligibility criteria for an instant loan for education:

• You should be a residing citizen in India to apply for personal loans for studies
• Your age cannot exceed 65 years at the time of loan maturity

For Salaried Professionals:

• The minimum monthly income must be Rs. 25,000 if residing in Mumbai or Delhi, and Rs. 20,000 if residing in any other city/state in India
• As an applicant, you should be working either with a private limited company or public sector undertaking (local, state, or central)

For Self Employed:

• You should have a minimum income per year – this amount varies for each case depending on factors such as location, loan amount required and the organisation’s policy at the time of loan application
• Financial documents showing proof of stable income

Documents Required For Personal Loan for Studies

The list of documents required for an instant loan for education are:

• A recent passport-sized photograph
• A government recognised identity proof and address proof
• PAN Card is mandatory to avail education loan
• Bank statements of the last six months
• Proof of income (pay slips/salary certificate), Form 16, Income tax returns for salaried individuals
• Business registration proof, company’s financials, income tax returns, etc. for self-employed applicants