Education Loans for Professional Courses: Everything you need to know

Education loan for professional courses serves as an empowering facilitator for individuals aspiring to advance their careers through specialised programs. While these courses can provide a significant boost to your career prospects and earning potential, they usually come with a hefty price tag. 

Personal loan for educational purposes allow you to bridge the financial gap, making these programs more accessible. To know every aspect related to loans for online courses, read on.

What are Education Loans for Professional Courses?

It extends funds to students to help them meet the financial requirements to complete their degrees. The following are some of the features of education loans for courses in professional education.

• Along with tuition fees, you can use the available funds for other expenses, such as student exchange travel expenses and to buy a laptop
• Certain lenders also provide 100% financing for your education-related expenses
• Some loan offers may also offer a moratorium period of up to 6 months or a year from completing the course
• Parents must be joint borrowers in an education loan application
• You can also get these loans to fund your education in foreign institutions or through a distance learning program

Also Read: How to Claim Tax Benefits on Education Loan

Benefits of Loans for Professional Courses

Upskilling and acquiring specialised knowledge allow you to stay competitive in today’s job market. Check out the advantages of taking out a loan for professional courses-

• Quick Access: Most financial institutions provide easy online applications and speedy disbursal of loans 
• Allows Upskilling: It will allow you to learn important skills that will assist you in achieving your professional goals
• Tailored Options: Depending on your demands, certain lenders will also extend you a customisable loan offer 
• Flexible Repayments: You can choose to repay the loan spreading across a tenure that best aligns with your financial capabilities

Courses Eligible for Education Loans for Professional Courses

Investing in your professional development through specialised programs can be a smart move in this highly competitive job market. Check out the list of programs that you can finance through education loans for professional courses- 

• Undergraduate degrees and diplomas, such as BE, B Ed, BBA, MBBS, B Tech, LLB and others
• Post-graduate Degrees and diplomas, including M Res, LLM, MFA, M Ed, M Phil, MBA, MD and more
• Specialised training courses
• Certificate courses in computers, teaching, nursing, job-oriented courses, etc.
• Diploma in engineering, veterinary courses, etc.
• Degree or diploma in army, Navy or Air Force training courses
• Degree or diploma in aeronautics or any other relevant pilot training courses
• Drone training from recognised institutions
• Vocational courses offered by government institutions
• Other courses run by the State Skill Mission or National Skill Development Corporation (NSDC)

Eligibility Criteria and Documentation for Loans for Professional Courses

Streamline your application process by evaluating the requirements for this financing product. These parameters can vary from lender to lender. For instance, the following are some of the requirements to qualify for an EdTech loan on Fibe.

• You must be an Indian resident aged between 18 and 60 years
• You/your ward must have secured admission to an eligible course 

Here are a few basic documents you may be required to furnish online.

• PAN Card
• KYC documents like passport, Aadhaar card, voter ID card or driving licence
• Bank statements for the last 3 months

Remember that a well-chosen loan, paired with your hard work and discipline, will lead to improved job security and greater professional fulfilment. By providing finance tailored to your specific needs, these loans make those opportunities accessible that may otherwise be out of reach.

If you need funds to enrol in a professional course, Fibe has got you covered with the EdTech Finance facility. Get a loan for online course and pay a fee of up to ₹5 lakhs and enjoy flexible repayment with a tenure ranging between 3 months and 2 years in no-cost or low-cost EMIs. Download our Personal Loan App or log in to our website to get funds at competitive rates to propel your career forward. 

FAQs on Personal Loans for Professional Courses

Can I get a loan for professional courses?

These loans provide funds for the following types of courses in professional education from accredited institutions in India and abroad.

• Graduate course
• Post-graduate courses
• Diploma courses 

Can I get a loan for an online course?

You can access funds of up to ₹5 lakhs from Fibe to enrol in an online professional course.

Is a loan available for distance education?

Many lenders provide education loans for professional courses with distant learning from recognised Indian and foreign universities.