Disadvantages of personal loans for educational purposespersonal loans are at 11% to 16% and education loan interest rates are at 10.25% to 13%
Apnaloan.com Research Bureau
10 Aug 2007
Repayment of both principal and interest on personal loans begins immediately.
They also have higher interest rates and charges.
The loan tenure for personal loans is lower than education loans and varies from one to five years.
Personal loan schemes can be used for educational purposes, but the cost and repayment requirements are not as good as an education loan.