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Traditionally education loan is offered at a much lower rate than a personal loan.

Difference between education loan and personal loan. Additionally the processing fees applicable to an education loan are lower than that applicable to a personal loan. When getting the former the funds are sent to the students financial aid office first. And the loan agreement finalized.

The borrower is then free to use that money for anything they want. With a personal loan the funds are deposited into the borrower s account after the loan has been approved. One difference is that many private student loan lenders offer repayment features that are more beneficial for students than personal loans.

For example if you qualify some student loan lenders allow you to choose between paying while you re in school or deferring payments until you re done with school. On the other hand student loans have just one purpose. Personal loan vs education loan.

Whereas education loan is given for specific purpose of education personal loan is given for any general purpose. The end use of education loan should be for education purpose only no other purpose. Usually a long term loan the distinctive aspect of this loan is that the loan repayment begins only after 6 12 months of the completion of the education.

The personal loan interest rate may range between 10 99 to 24 and an education loan interest rate may vary from 8 30 to 24 along with a concession of 0 5 that is available for girls. Also if a student starts repaying loan during the moratorium period he gets a concession of 1 in interest rate. There is a vast difference between education loan personal loan.

Now that we understand the fundamentals of personal loan and educational loan let us understand the difference between them based on some relevant aspects. When it comes to what sets the educational loan apart from the personal type of loan the first thing that comes to mind is the method of disbursing the funds. These differences mean you need to break down a few points to see how they compare.

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