Learning pays — but fees, coaching, devices and living costs come upfront. A personal loan is one way to pay for them, especially for shorter courses and costs an education loan may not cover.
What it can cover
- Fees for short courses, certifications and professional exams
- Coaching and test preparation
- A laptop, books and study material
- Hostel or relocation costs
- Fees for a child's school or college
Personal loan or education loan?
| Personal loan | Education loan | |
|---|---|---|
| Who borrows | The earning person (often a parent) | Usually the student, with a co-borrower |
| Courses covered | Any need | Approved courses and institutions |
| Repayment start | Immediately | Often after a moratorium (course period plus a short time) |
| Collateral | Usually none | May be needed for larger amounts |
| Speed and paperwork | Usually faster and simpler | More paperwork, institution documents |
For long, expensive degrees, an education loan is usually designed for the purpose. For short courses, coaching or costs outside an education loan, a personal loan is often simpler.
Plan the repayment
The EMI starts right away, so make sure the household budget can carry it — use the EMI calculator and the loan eligibility calculator. Read how much EMI you can afford.