Is it possible to take a loan now for admission deposits and have my dad pay back the loan later?

Yes, you can take a personal loan now to cover your admission deposit, and your father can repay it later.

Personal loans are unsecured and can be used for education expenses, but they usually have higher interest rates and shorter repayment periods than education loans. They also do not offer tax benefits, while education loans may provide deductions under Section 80E of the Income Tax Act (subject to change).

If your father has a stable income and good credit, he can apply as the primary borrower, which may help secure better terms.

For personalized guidance on loan options, connect with your LeapScholar counsellor.