Is it compulsory to have an education loan, or can a personal loan be used for funding studies abroad?
No, an education loan is not compulsory - you can use a personal loan to fund your studies abroad.
Personal loans are unsecured and can cover tuition, accommodation, and living expenses. However, there are important differences:
- Interest rates: Education loans usually have lower rates than personal loans.
- Repayment terms: Education loans may offer a moratorium (repayment starts after your course), while personal loans require immediate repayment.
- Loan amount: Education loans often cover full study costs; personal loans may have lower maximum limits.
Consider your financial needs and repayment ability before choosing the loan type. If you need help comparing options, connect with your LeapScholar counsellor.
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