30 JUNE, 2022

It is commonly said that the best way to broaden your horizon, enhance your chances of success and live a dignified life is through education. Education helps you understand the world better and earn a respected life for yourself and your family. Probably this is why getting a higher education is so important yet significantly expensive. Unless you are extremely brilliant and can fund your higher education through scholarships, you need to pay lakhs of rupees to get a master's degree. More so if you plan to pursue your post-graduation from abroad. Maybe because getting a master's degree from abroad can help you get a high paying job in reputed organisations.

However, financing an international master’s degree can be challenging and could drain your entire savings. The best alternative is availing a loan. A personal loan can help you arrange adequate funds for a master's degree from top international colleges.


Why get a personal loan for a master's degree?

While you can take an education loan for your master's, it may or may not be helpful for you. Often lenders have a pre-set list of institutions that you need to consider for your admission to get loan approval. If your college is not included in the list, you might not get the loan. Moreover, an education loan may not cover all your expenses. Instead, with a personal loan, you can pay for all your education expenses, be it accommodation, tuition fee, hostel and mess fee, commuting etc.


  • Easy to avail

Getting an instant personal loan is not a big task. You can apply for a loan without visiting the lender’s office. All you have to do is fill out the application form with your personal and income details and furnish minimum documents. Personal loans do not require many formalities and paperwork, which makes getting approval and disbursal quicker. 


  • Flexible repayment schedule

While you are busy with your studies, you should not spend time worrying about repaying the loan. When you avail a personal loan from Kotak Mahindra bank, you can comfortably repay the loan through flexible tenures and easy EMIs. You can choose a tenure between one to five years.


  • No collateral

A personal loan is an unsecured loan, which means that you do not need to search for a security, guarantee or collateral while availing it. You just need a high credit score and stable income to get the approval for a personal loan.


How to get a personal loan from Kotak Mahindra Bank

To arrange funds for your master's degree, you must meet the personal loan eligibility criteria. Once you check all the boxes, go to Kotak's website and fill the application form. Follow up with furnishing your documents and wait for the loan amount to be credited to your account.

Lack of funds should never come in your way of getting a higher education and fulfilling your dreams. Think no more and apply for a personal loan to fund your master's degree. However, ensure to check your EMI through the personal loan EMI calculator.

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.