You have given your child the necessary head start in life by choosing the best schools and colleges for them. Your child, too, has gone on to ace every opportunity with flying colours. Now, they have secured admission for further studies at one of the world’s most prestigious universities. This is a moment of great celebration, of pride and joy. Yet, a nagging worry is floating in your mind: how will you secure the needed funds at such short notice?

A Rs. 2 lakh Personal Loan is the ideal solution when you face unexpected expenses and need a quick financial boost. This Loan offers the financial flexibility you need. With minimal documentation requirements and a 100% paperless application process, you can apply for it from your home.

Features and benefits

• Simple and hassle-free documentation

Some of the documentation requirements for Personal Loan include a recent photograph, PAN Card, address proof, bank statements, evidence of business existence, the company’s financials, duly certified income tax returns (for both business and individual applicants), Form 16, Income Tax returns, and pay slips, in the case of salaried applicants.

Based on your requirements and the lender’s policies, additional documents may be requested. Your income and other relevant parameters decide your Loan eligibility.

• Easy eligibility criteria

The Rs. 2 lakh Loan can be availed of by any individual aged between 22 and 65 (or 25 for self-employed individuals) at the time of Loan maturity, who must be gainfully employed, either in a salaried or self-employed capacity. You can use a Personal Loan eligibility calculator to check your eligibility. You should be a resident of India with a credit score of 750 or above.

You should have at least one year of work experience, with six months under the current employer and earn a salary of Rs. 25,000 (for Delhi and Mumbai) or Rs. 20,000 (for other cities) If you are self-employed, your business should be at least three years old, and your annual turnover must exceed the minimum threshold, which varies by profession.

The EMI, as a percentage of income, is 60% to 70% for salaried employees and 65% for self-employed professionals.

• Quick disbursement

If you fulfil all eligibility criteria after conducting due diligence on a Rs. 2 lakh Personal Loan application, the Loan amount is credited to your account within a short time. You may also use the Personal Loan EMI and eligibility calculators to estimate the maximum amount you can get, along with the expected monthly outflow.

Conclusion

A Personal Loan for higher studies is your best option to fulfil the dream of sending your child for higher education abroad. With the ability to divide and repay the Loan over five years, you can choose a Rs. 2 lakh Personal Loan EMI plan that suits your budget. The interest rates for SMFG India Credit’s Personal Loan start at only 13% per annum, ensuring manageable monthly payments and a low overall cost of the Loan.