In today’s professional landscape, continued learning and skill enhancement are essential for career progression. Many working professionals are now considering higher education to stay relevant, meet industry demands, and expand their growth opportunities. To support these goals, lending institutions offer Personal Loans that help cover education-related expenses in a convenient and structured manner.
Why upskilling matters
Investing in upskilling enables professionals to adapt to changing industry requirements. Upskilling supports personal development, improves career prospects, and can help individuals secure more profitable opportunities in their chosen fields. Many working professionals consider higher education a crucial step toward long-term success.
Financing higher education
A Personal Loan for higher education is an unsecured borrowing solution that helps individuals finance higher education expenses, such as tuition fees, course materials, hostel accommodation, travel, and other related costs. These Loans are collateral-free and come with flexible repayment options, letting borrowers manage their expenses without compromising on their current financial commitments.
Features of the Personal Loan for higher education
Applying for a Personal Loan for higher education has become relatively easy. You can apply for it online or do it the old-fashioned way by visiting the nearest branch of your lending firm. Here are the features of the Loan:
- It can be used for funding professional certification programs, part-time academic courses, or upskilling initiatives.
- It covers diverse education-related expenses, including tuition, travel, gadgets, and other academic essentials.
- Eligible applicants can access Loan amounts of up to Rs. 30 lakh*, subject to factors such as creditworthiness, residence in the city, age, and income.
- Interest rates start around 13%* and are determined based on your profile and the lender’s policies.
- Loan tenures are usually flexible, ranging from 12 to 60 months*.
- Repayment typically begins within a standard period after disbursement of the amount, according to the lender’s Loan agreement.
- Eligibility for the Loan for higher education depends on meeting the criteria laid down by the lender.
Eligibility and application process
To apply for such Loans, applicants generally should meet the following criteria:
- Age: It should typically be between 22 and 65 years.
- Income stability: A steady income is crucial. The minimum net monthly income for lenders like SMFG India Credit is typically Rs. 20,000 (approximately Rs. 25,000 for residents of metro cities like Mumbai and Delhi).
- Credit scores: A score of 750 and above is considered favourable and may enhance your Loan eligibility.
- Academic background: Some lending firms may consider the reputation of the educational institution and the recognition of the course.
- Purpose: Clearly stating that the Loan is intended for higher education may strengthen the application.
The application process is straightforward. Applicants can apply through a nearby branch of the lender. The final approval and Loan terms depend on the holistic evaluation of your financial and personal profile.
Conclusion
Upskilling through higher education can be a crucial step toward achieving long-term career objectives in 2025. With assistance from financial institutions, working individuals can find funding options tailored to help cover the costs associated with obtaining higher qualifications. Exploring these options can help professionals pursue academic advancement with greater confidence and clarity.
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