Want to Study Abroad? Here's How Personal Loan Can Help You

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  | Published: 04 July 2020 | Last Updated On: 29 December 2020

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You have done a corporate job for a few years in your field and gained some work experience. Now you want to take high academic knowledge in that particular field. You apply for that course at a foreign university of your choice and get eligible to take admission to that college or you may just want to send your children aboard for pursuing higher education.

But, going aboard for higher studies can be very expensive. Apart from the tuition fee, there are some other important factors such as utilities; food, accommodation, etc that also need to be considered. Only a few people can afford to bear all the expenses from their own pockets. The increasing cost of education has led to a big dependence on loans in order to finance higher studies abroad. In order to assist students & their parents, banks offer education loans so that insufficient funds don’t become the hurdle but unfortunately it usually covers the tuition fees only.

In order to pay tuition fees and cover all other expenses of living aboard such as food, accommodation, utilities, and more, you can opt for a personal loan in UAE for pursuing your higher studies.

Now read further to know the benefits of taking a personal loan for higher studies aboard.

What is Personal Loan?

Banks and financial institutions offer a personal loan in UAE to help you meet your various financial requirements. Personal loan is an unsecured loan that can be used for any purpose right from higher education to international travel. It is flexible and an easily available option. You are not required to provide any collateral or guarantor to procure it and can repay the loan amount with equated monthly installments over a flexible tenure period.

So, if you want to go aboard for higher studies, then you can choose a personal loan over education loan since it covers more than tuition fees. This way, you can utilize the loan amount to book flight tickets, accommodation, living expenses, and some other necessary expenses. The best thing is that there are various banks and lenders who offer a personal loan in UAE at an attractive rate of interest and low processing fees. Also, you are not required to take up any lengthy documentation process. You can easily apply for it online and get the loan amount disbursed into your bank account within only 24 hours of approval.

Why Choose Personal loan in UAE for Higher Studies?

While banks and financial institutions offer education loans, here are some of the compelling reasons that why opting for a consumer loan to go aboard for higher education is a good idea:

1. Cover all expenses with Only One Loan

An education loan is specifically used to pay for all expenses incurred during the duration of the course, predominantly the course fee and some other education-related expenditures.

However, if you procure a personal loan in UAE, it has no limitations because the loan amount can be used for any purpose, be it your higher education, lodging, or travel. As a consumer loan borrower, you have the flexibility and power to decide where and how you want to use the funds.

2. Competitive Interest Rates

Education loan interest rates differ with respect to tier grading of any institutions and the country you are planning to go for higher education. But, a consumer loan does not have all such limitations. If you meet the eligibility criteria required by the respective lender and you have maintained a good credit score, then you can avail a personal loan in UAE at an attractive rate of interest.

3. High Loan Amount with Flexible Tenure

Some of the leading banks and financial institutions in the UAE offer a high personal loan amount for higher studies. This way, it can cover the entire study course as well as helps you to cover some other unavoidable expenses also. However, you can apply for a loan amount as per your requirement and choose loan tenure based on your repayment abilities.

4. Quick Disbursal of Loan Amount

The documentation process in a study/education loan takes long processing time for the disbursal of the loan amount. But you can avail fast disbursal of the loan amount with a personal loan. The bank approved your loan application instantly if you meet the eligibility criteria and disburse the loan amount in your bank account within a time frame of 24 hours only.

5. Minimal Documentation

When you opt for an education loan, you are required to fill plenty of forms and submit lots of documents. But when it comes to a personal loan in UAE, the documentation is minimal & hassle-free. All you are required to provide address proof, identity proof, salary slips, employment proof, and bank statements to avail it. In fact, few lenders provide pre-approved loan offers that help in saving a lot of your time. You just need to fill in your basic details to get access to funds in no time.

The Bottom Line

So, don’t let the insufficient funds become a barrier between you and your education. Just opt for a personal loan in UAE to go abroad for higher studies.