Nowadays, in India, the number of students aspiring to go for higher studies abroad is increasing steadily. However, it is a well-known fact that studying abroad is undoubtedly expensive. But that should not stop a student from studying abroad and fulfilling their dreams.

Now, to solve this, there are various financing options available, but not all of them can help you manage all the expenses, so you need a loan option that offers the necessary flexibility in usage along with a quick approval and disbursal process. In this regard, instant Personal Loans are your ideal option.

Why should you take a Personal Loan?

A Personal Loan helps in paying more than just the tuition fees abroad. You can use it to manage flight tickets, accommodation, contingencies, living and eating expenses, and more.

So, here are the top reasons for taking a Personal Loan to study abroad –

●       Pay for everything with just one loan

An education loan generally covers only the tuition fees. Whereas a Personal Loan has no restrictions, and the loan can be used for any expenses that are necessary to live abroad, such as travel, food, accommodation expenses, etc. As a borrower, you have the power to decide how and where to use your fund. So, Personal Loansare the best way to pay for your needs abroad.

●       Hassle-free documentation process

A hassle-free documentation process is one of the biggest advantages of a Personal Loan. To opt for this credit facility, all you need is a valid ID, address proof, income proof, and bank statement, and there is no lengthy documentation process for you to navigate through.

●       Quick approval

An online application process is also available for this loan. You can get approval minutes after applying for the loan. Since there is a lack of paperwork and no need for collateral, the process of approval is even faster. 

●       Quick disbursal of the amount

The loan amount gets credited to your account within 24 hours of approval. This way, you can get Personal Loans quickly and meet any emergencies if needed.

Things to keep in mind before taking a Personal Loan

A few things should be thoroughly checked before taking a Personal Loan. These are: 

●       Check all costs

There are various costs associated with a Personal Loan, such as prepayment fees, late payment, and processing charges. Before taking a Personal Loan, consider all the fees the lender imposes for a clear estimation. This will help you to manage your finances in a better way.

●       Consider your expenses before deciding on the loan amount

Before applying for your Personal Loan, consider all your needs for staying in a foreign country. Consider tuition fees, food and accommodation costs, travel costs, and other necessary expenses, and apply for the right loan amount that can help cover all expenses.

●       Check your repayment capabilities

As a borrower, you should always be prepared for repayment before borrowing. Make sure that your income is more than enough to repay the loan. In this regard, you can take the help of an interest rate calculator to find out your monthly EMI and plan the repayment accordingly.

Eligibility criteria for a Personal Loan

There are a few eligibility criteria for a Personal Loan –

Employment nature: The borrower should be employed in a public or private limited company, with an MNC, or own a business.

Age: The person opting for the loan should be in the age range of 21 to 58 years.

Minimum income (monthly):  At least Rs 15,000

Minimum work experience: The borrower should at least have one year of work experience.

Application process for Personal Loans

The application process for these loans is hassle-free and quick. You can get Personal Loansby applying both online and offline. For the online application process, you need to follow a few steps, here are the –

Step 1: Visit the official website or mobile app of the lender and head over to the Personal Loan section

Step 2: Select the loan amount and other variables

Step 3: Provide the basic details, personal and professional

Step 4: Complete the KYC process

Step 5: Enter the bank account information

Step 6: Click on submit

Once completed, you will receive notifications on your registered contact numbers. Once approval is received, you can simply sign the emandate and loan agreement digitally, and the money will be credited.

Now, if you want to apply offline, head over to the branch office of the lender and complete all the formalities. After that,  once you get the approval, you will need to sign the loan agreement and other paperwork physically to complete this process.

Final thoughts

Insufficient funds should not come between you and your dreams of having an excellent professional life ahead. Studying abroad opens a gateway to numerous career opportunities. Irrespective of the study program you choose to pursue overseas, it will be beneficial in various ways that are beyond your imagination. Therefore, if you do not have enough resources to go abroad for higher studies, getting an Instant Personal Loan can help you in every way possible.

In this regard, Hero FinCorp can be your ideal partner. You can now easily apply online and get the funds you need quickly. Also, the attractive interest rates and flexible repayment structure make it easy to clear your dues.

FAQs

1.What is the proof of income for salaried individuals to get a Personal Loan from Hero FinCorp?

Salaried individuals need to submit a bank statement or salary slips for the last 6 months to get a Personal Loan from Hero FinCorp.

2.What is the maximum Personal Loan amount I can borrow from Hero FinCorp?

You can borrow up to Rs 5 lakh as a Personal Loan from Hero FinCorp.

3.I have a credit score of 650. Will I be eligible for a Personal Loan from Hero FinCorp?

Yes, you will be eligible for a Personal Loan from Hero FinCorp with a credit score of 600.

4.What are the KYC documents needed for a Personal Loan from Hero FinCorp?

An Id and address proof are the only documents needed to complete the KYC process for a Personal Loan.