Personal Loan for Education

Personal Loan for Higher Education

Fullerton India offers personal loan 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 Fullerton India branch to complete the process offline.

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

1. At Fullerton India, you can apply for a personal loan in lieu of education loans to pursue a recognized program in India or overseas.
2. At Fullerton India, you can avail loans up to INR 25 lakhs*. The loan amount sanctioned will vary depending on various factors, including your location, age and creditworthiness.
3. No margin is applicable up to a particular amount.
4. The amount will be disbursed to your account within 30 minutes* of loan approval.
5. Like an education loan, you can use this type of personal loan towards program fees, hostel expenses, and travel expenses, and purchasing books and computers and more.
6. Unlike a higher education loan, with a personal loan, you can enjoy a flexible tenure of repayment between 12 - 60 months.
7. If you need funds greater than INR 25 lakhs, you can go for a secured loan against property. For more details, please check Fullerton India’s Loan against Property page.
8. Please note that the primary applicant for a personal loan for higher studies should match Fullerton India’s personal loan eligibility criteria

Documents Required for Personal Loan for Higher Education

The next to ensuring 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:

1. The loan application form with all the required details that is duly signed.
2. Passport-sized photographs not more than 6 months old. 4. Form 16 and IT returns students
3. PAN card copy
4. Submit proof of identity in the form of any one of the following documents:
   • Driving license
   • Passport
   • Aadhar
5. Submit proof of residence in the form of any one of the following documents:
   • Driving license
   • Passport
   • Electricity bill
   • Telephone bill
6. Bank statements for the last 6 months

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

1. Salary slips for the last 2 months which should mention your date of joining the organization.
2. Salary account bank statements for the last 6 months.

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

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

If you are a self-employed professional, the following documents may be required:

1. Income tax certificates containing the computation of income for the last 2 financial years.
2. Audited balance sheet or profit and loss sheet of the preceding two years.
3. Last 6 months’ bank statements.
4. Proof of qualification.