Can I Get Personal Loan If I Have Education Loan
These are sometimes referred to as private student loans or alternative education loans.
Can i get personal loan if i have education loan. The reason behind it is that education loans are considered very risky by lenders. Firstly i congratulate you for having this innate financial discipline. When you take out a personal loan for any.
However you ll likely pay a higher interest rate on these loans. Simply put this is the percentage of your monthly income that is spent on debt repayment each month. Whether it is for your higher studies or your loved ones you can use the personal loan to finance your goals and ambitions.
When considering a personal loan for a student loan borrower a lender s first concern is how much student debt you have and how it compares to your income. No you do not have to choose between the two loans. It will serve you better than any educational qualification in the long run.
However the personal loan interest rate will be higher than normal. It might be possible with a lender like sofi which just requires you to have a start date in the next 90 days as long as you have another source of income. Many banks are also offering coronavirus hardship loans with fee waivers smaller amounts and more favorable terms than a traditional personal loan.
You should never have to compromise when it comes to your education. Yes you can still get a personal loan when you have student loans. You can definitely apply for a personal loan even if you have an education loan that has been repaid completely.
Most education loans have a tenure ranging between 5 and 7 years as students cannot start paying the high emis just out of college. Punjab national bank offers education loans that can be repaid within 10 years. You can get a list of lenders from the.
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