Introduction
Loans are powerful financial tools — but only when used at the right time and for the right purpose.
If you’re wondering:
👉 Should I take an education loan first?
👉 Is a personal loan better early in life?
👉 When is the best time to take a home loan?
Let’s break it down with Vizzve Finance’s expert guidance, so you can make the right first move for your future.
Quick Comparison: Education vs. Personal vs. Home Loan
| Criteria | Education Loan | Personal Loan | Home Loan |
|---|---|---|---|
| Purpose | Higher studies (India/abroad) | Any personal expense | Buying/constructing a home |
| Collateral Needed | Often No (up to ₹7.5L) | No | Yes (the property itself) |
| Interest Rate | 8–11% | 10–18% | 8–10% |
| Tenure | Up to 15 years | 1–5 years | Up to 30 years |
| Tax Benefits | Section 80E | Limited (if any) | Section 80C, 24(b) |
| Best Time to Take | Right after 12th or UG | Anytime (need-based) | When financially stable |
Which Loan Should You Take First?
1. Education Loan – Build Your Earning Potential First
If you're young and planning higher studies, this should be your first loan.
It’s an investment in your income — unlocking better job opportunities.
Moratorium period (no repayment during studies) makes it beginner-friendly.
Vizzve supports students with low-interest, co-borrower-friendly options.
💡 Take education loan first if you're still in your early 20s and studying.
2. Personal Loan – For Short-Term Needs & Emergencies
Ideal after you start earning, but before long-term commitments like a home loan.
Use it for:
🏥 Medical emergencies
💍 Wedding expenses
✈️ Travel, gadgets, relocation
Vizzve offers personal loans with or without salary slips, tailored for gig workers too.
💡 Take personal loan second, when you’re working and need financial flexibility.
3. Home Loan – Big Dream, Long Commitment
Home loans are great when you’ve got income stability and savings for EMI + down payment.
You’ll benefit from tax savings and long-term asset building.
Ensure you’ve cleared education/personal loan EMIs before taking on this large EMI burden.
💡 Take home loan last, when you’re financially settled and ready for long-term responsibility.
Vizzve’s Recommendation Based on Life Stage
| Life Stage | Recommended Loan Order |
|---|---|
| Student | 🎓 Education → ❌ Personal → ❌ Home |
| Early Career | ✅ Education → ✅ Personal → ❌ Home |
| Mid Career (28–35) | ✅ Personal → ✅ Home → ❌ Education |
| Family Planning Phase | ❌ Education → ✅ Home → ✅ Personal (if needed) |
Vizzve Finance Tip:
“Don’t take all loans at once. Prioritize loans that increase your earning first, then cover emergencies, and finally focus on long-term assets.”
FAQs – Choosing the Right First Loan
Q1. Can I take a personal loan during my education?
Possible, but not advisable. Education loans have lower interest rates and better repayment terms for students.
Q2. Is it risky to take a home loan first?
Yes, if you’re early in your career. Home loans require long-term EMI stability.
Q3. Which loan gives me the best tax benefit?
Home loan (Section 24(b) & 80C) and education loan (Section 80E) offer tax benefits.
Q4. Can I apply for two loans at once?
Yes, but your CIBIL score, income, and EMI-to-income ratio should support it.
Q5. Does Vizzve help compare all three loan types?
Absolutely. Use our smart loan selector to compare and apply online in minutes.
Published on : 22nd July
Published by : SMITA
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