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  #1  
28th June 2016, 05:30 PM
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Is it possible to convert a Personal Loan to an Education Loan?


Hi,
My daughter want to take an Education Loan for her MBBS Degree. I am getting personal loan but not eligible for Education Loan as said by Bank. I just want to confirm that I can take Personal Loan and convert this Loan to Education Loan? Is it possible?




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  #2  
30th June 2016, 12:09 AM
aashisranjan784
Senior Member+++++
  
Join Date: Sep 2012
Posts: 8,627
Default Re: Is it possible to convert a Personal Loan to an Education Loan?

No, not at all, the scheme of a personal loan and education loan is totally different. You can not convert a personal loan into an Education loan. If you are getting personal loan then it is good, take the loan and fund education of your daughter with help of that money.

It is more beneficial as interest rate charged on personal loan is sometimes slightly lower than that of Education loan.
Do you have any question? or have anything to say?



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