Difference between Education Loan and Personal Loan

Education Loan and Personal LoanThere are different types of loans available. Among these the two most important loans are personal loans and education or student loans. The post below jots down the differences between personal & education loans.

First of all, the personal loans are multi purpose loans which imply that you can use it for any of your needs. But in case of education loans, you can use the advance only for education purposes. You have to state the name of the college or university to get approval for the loan.

Then, another important difference is that in case of personal loans, the repayment has to be made from the next month. But in case of student loans, you will start to repay after you get a job. Besides, one of the most significant differences is that the education loans, being underwritten by government always features a lower rate of interest in comparison to personal loans.