Education loan has become a necessity if you go for education loan. It means that you will be stuck repaying you’re the EMIs based on your education loan interest rate for at least 10 to 15 years. However, during those years of repayment, you may find yourself in a cash crunch. In such a situation, the best thing for you would be to apply for personal loan, but can you avail a personal loan, if you already have an education loan. Here is what you need to know:
Personal Loan or Education Loan? Do you have to Choose?
No, you do not have to choose between the two loans. You can definitely apply for a personal loan even if you have an education loan that has been repaid completely. However, the personal loan interest rate will be higher than normal. The reason behind it is that education loans are considered very risky by lenders. While they may have a large tenure and a decent interest rate, they are still a loan. Thus, the education loan interest that you have to incur and paid in the past will affect your credit score. Since, the personal loan interest rate that you may get depends a lot on your credit score, you may avail the loan at a higher rate. However, you can manage your credit score with timely payments of education loan, and a low amount of personal loan.
Instant Personal Loans at PaySense
If you are ever in a cash crunch, then you do not want a lender that takes a lot of time in availing the loan. Instead you want a lender that can help in solving the cash crunch in time by providing funds in a timely manner. Well, your wait is over! PaySense provides instant personal loans to aid you in your time of need. Moreover, you do not need to face the hassle of incessant documentation and appointments. You can simply download the PaySense app and apply for a loan up to INR 2 Lakhs. However, you need to check your eligibility and use the EMI Calculator to check the amount of EMI that you will owe each month. Sounds simple, right? So, download PaySense and rid yourself from money problems.
Apply for Loans of upto ₹5 Lakhs easily using your phone or laptop, and pay back on low EMIs