How to get a personal loan for students in India?
A personal loan for students is a flexible financing option that helps cover education-related expenses without collateral. It provides quick access to funds for tuition, travel, or other academic needs.
Lastly, you may be restricted to using the funds only for tuition and may get the loan for certain educational institutes, courses, and locations.
A personal loan may be a better alternative as it doesn’t require a margin or collateral and offers freedom of end-use so that you can use the money towards tuition, travel, accommodation, course materials, and more. Bajaj Finserv offers personal loans for higher education of up to Rs. 55 lakh within 24 hours* of approval, with tenors up to 96 months
Eligibility criteria for a personal loan for students
To qualify for a personal loan in, you must meet specific eligibility criteria.
- Nationality: Indian
- Age: 21 years to 80 years.
- Employed with: Public, private, or MNC.
- CIBIL Score: 685 or higher.
- Customer profile: Self-employed or Salaried
*You should be 80 years or younger, at the end of the loan tenure.
Documents for Student Personal Loan
To make the loan application process smooth and hassle-free, applicants need to provide essential documents for verification. Here is the complete list of documents required for a personal loan:
- KYC documents: Aadhaar/ passport/ voter’s ID/ driving license/ Letter of National Population Register/ NREGA job card
- PAN card
- Employee ID card
- Salary slips of the last 3 months
- Bank account statements of the previous 3 months
- Piped gas bill
- Pension order
- Letter of Allotment of Accommodation Issued by Employer
- Property / Municipal tax receipt
- Utility bill
- Real-time image / photograph
- Ration card
Personal loan Interest rates and charges for student
Avail of an online personal loan at attractive interest rates and flexible repayment periods. Know more about the personal loan interest rate.
Features and benefits of personal loan for students
Personal loans for students are designed to support education-related expenses with flexible terms and easy eligibility. These loans help students manage tuition fees, accommodation, and other academic costs without financial stress. Affordable interest rates and quick disbursal make student loans a practical choice for many.
Pointers:
- A student personal loan offers flexible repayment options tailored to suit a student’s financial situation.
- With a personal loan for students in India, you can cover tuition fees, books, and living expenses conveniently.
- Student loans often come with minimal documentation and faster approval, making the process hassle-free.
How to apply for an instant personal loan for higher education?
Here is a detailed guide on applying for our personal loan for higher education.
- Click on ‘Apply’ to open our simple online form
- Share your basic information
- Enter your 10-digit mobile number and OTP
- Select the amount that you wish to borrow
- Share a few more details about your income and employment
- Upload the required documents and submit your application
Our representative will call and guide you on the following steps to get the loan amount in your bank.
Points to remember before applying for a personal loan
1. Estimate the cost of education:
This helps you apply for a sufficient loan amount.
2. Select the right tenure:
Use a Personal Loan EMI Calculator to pick the suitable repayment duration to ensure your EMIs are affordable.
3. Check the cost of borrowing:
Look at the rate of interest on personal loans for students and check all the related fees and charges before you apply, to plan repayment better.
*conditions apply.
Asked Frequently Questions
The amount of personal loan you can get depends on various factors such as your income, credit history, and lender policies. Bajaj Finance Limited offers personal loans of up to Rs. 55 lakh, with minimal document requirements and simple eligibility criteria.
Typically, education loans have lower interest rates compared to personal loans for students in India. However, education loans are tailored for funding educational expenses, while personal loans provide financial assistance for various education-related expenses beyond tuition and can support books, accommodation, transportation, and other educational necessities.
Students can qualify for personal loans, but approval may depend on factors like credit history, income (if any), and whether they have a co-signer with good credit.
Some lenders offer small loans like Rs. 10,000 to students, typically with relaxed eligibility criteria such as minimal documentation or lower credit requirements.
Students seeking an instant Rs. 20,000 loan can explore options like online lenders or fintech platforms that specialise in quick disbursals, often with streamlined application processes and flexible repayment terms.
You can apply for a personal loan for students online by filling out the application form, submitting the required documents, and meeting the eligibility criteria. Instant approvals are possible for eligible applicants.
The tenure for a personal loan for students in India typically ranges from 12 months to 96 months. It varies based on the policies and the repayment capacity.
Approval for a personal loan for students can take up to 24 hours.
A guarantor is usually a financially stable family member or close relative who agrees to repay the loan if the borrower defaults.
Yes, many lenders offer a moratorium period during the course of study, allowing students to start repayments after completing their education.
No, education loans are specifically for academic expenses with lower interest, while personal loans for students offer flexible use but may have higher interest rates.
Yes, students without income can avail student loans, often requiring a guarantor or collateral as per lender policies.
Students can apply for unsecured personal loans or education loans without collateral by meeting eligibility criteria and providing a guarantor.
