Compare Education Personal Loan

Unlike restricted government loans, personal loans for education give you more flexibility. From tuition and textbooks to study trips and living expenses, use the funds where you need them most.

Unlike secured student loans, most education personal loans are unsecured, meaning you don’t need to provide property or assets.

Many lenders offer fixed rates, ensuring predictable monthly repayments, helping you budget effectively throughout your studies.

Personal loans often have quicker approval times than government student loans, meaning you can access funds when you need them most.

From part-time courses to technical certifications, Education Personal Loans cover a wider range of academic pursuits than traditional government loans.

The rate charged on the outstanding balance of your personal loan is termed as interest rate. It is calculated based on a variety of factors such as the loan amount, loan type (secured/unsecured), loan term, your credit score, and overall risk profile. A high interest rate could significantly increase your minimum repayments and vice versa. Hence, the obvious trick while comparing is to try and find the lowest interest rates available.

The cost of the loan is more than what you pay in interest. When you compare personal loan options, it is equally important to factor in any fees and charges that you might pay for sign-up, early payout, late payment, extra repayment, loan redraw, etc.

A comparison rate, in true terms, reflects the total cost of the loan per year. That’s because apart from the interest rate, it also takes any additional fees and charges that may apply into account. A careful comparison of these rates can keep you from going for a loan that advertises a lower interest rate than others but turns out to be more expensive once selected.

You can either apply for a secured or unsecured loan type. Opting for a secured loan may work for you if your goal is to secure a lower interest rate by offering one of your assets as collateral. Unsecured loans, on the other hand, might charge a higher interest rate but don’t pose any risk to your assets even if you default on repayments.

The interest rate that you pay on the loan can either be fixed or variable, and the choice can greatly influence your total repayments over the loan’s term. A fixed interest rate gives you a clear picture of what your repayments would look like over time. That is not the case with a variable interest loan wherein the interest rate varies as per market conditions.

A loan term refers to the set period within which you’re supposed to repay the loan. Short-term loans may charge you a relatively higher rate, but you’ll also be paying them off sooner, costing you less interest in total over the life of the loan. In contrast, long-term loans tend to have lower monthly repayments but accumulate more interest over time.

Some loans simply offer better flexibility than the rest. Consider additional features such as the freedom of making extra/early repayments without incurring any penalty fee, withdrawing any extra repayments made above the minimum amount due, or even having flexible repayment options available (weekly, fortnightly, or monthly).