Instant Personal Loans for Students: 5 Best Loans in India

How Can Students Get a Personal Loan?

In India, pursuing higher education often comes with a hefty price tag, leaving many students in need of financial assistance. However, in a few cases, accessing traditional educational loans can be challenging. In this article, we delve into the options available for students in India who are seeking personal loans especially when they have no stable income, exploring avenues, considerations, and potential solutions to bridge the financial gap and fulfill educational aspirations.

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What Are Personal Loans for Students?

A personal loan is a type of unsecured loan that individuals can borrow from banks or financial institutions to meet their personal expenses. Unlike student loans that are specific to educational purposes, personal loans give students the flexibility to utilize the funds as per their needs.

Personal loans have fixed interest rates, fixed repayment terms, and are typically repaid in equated monthly installments (EMIs). This allows students to plan their finances and manage their monthly budget effectively.

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Factors to Consider When Choosing a Personal Loan for Students

Before diving into the top 5 personal loans for students, it's important to consider certain factors. Here are three key factors to keep in mind:

Interest Rates and Fees

The interest rates and fees associated with personal loans vary among lenders. It's crucial to compare different loan options to find the best interest rates and minimal fees. Lower interest rates can save students a significant amount of money in the long run.

Loan Repayment Terms

The repayment terms also play a vital role in choosing the right personal loan. Look for flexible repayment options that align with your financial goals. Some lenders offer a grace period after graduation before starting the loan repayment.

Eligibility Criteria

Each lender has specific eligibility criteria for personal loans. Factors such as age, credit history, and income play a role in determining whether a student is eligible for a personal loan. Understanding the eligibility criteria beforehand can save time and effort.

Customer Service and Support

While interest rates and repayment terms are crucial, don't overlook the importance of excellent customer service and support. Dealing with a lender that offers responsive customer service can make the borrowing process smoother. Whether you have questions about your loan terms or need assistance with payments, having a supportive customer service team can provide peace of mind.

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Best 5 Personal Loans for Students

Now that we have a good understanding of personal loans and the factors to consider, let's take a closer look at the best 5 personal loans for students in India:

1. HDFC Bank: HDFC Bank's personal loans for students offer flexible tenures, pocket-friendly EMIs, and a hassle-free application process with minimal documentation. Enjoy the freedom to use funds for various educational needs, and quick loan approval within seconds to a few hours.
2. Bajaj Finserv: Bajaj Finserv provides instant personal loans for students up to Rs. 40 lakh with a straightforward application process. With minimal eligibility criteria and competitive interest rates, Bajaj Finserv ensures quick access to funds within 24 hours of approval.
3. Kotak Mahindra Bank: Kotak Mahindra Bank's personal loan for students stands out with easy application, quick approvals, and high loan amounts up to Rs. 20 lakhs. Enjoy the benefits of competitive interest rates, minimal documentation, and a hassle-free financing solution for your education.
4. ICICI Bank: ICICI Bank's personal loans for students feature competitive interest rates, simple eligibility criteria, and minimal documentation. The bank's transparent fee structure and flexible repayment options make it an attractive choice for students seeking financial assistance for their education.
5. AXIS Bank: AXIS Bank's personal loans for students offer low interest rates, quick approvals, and flexible repayment options. With a straightforward application process, AXIS Bank ensures accessibility with flexible eligibility criteria, making education financing convenient for all.

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How to Apply for a Student Personal Loan in India?

To apply for an instant personal student loan in India, follow these steps:

1. Research and compare loan options from various banks and financial institutions.
2. Check the eligibility criteria and required documents.
3. Fill out the application form with accurate details.
4. Submit the necessary documents, such as identity proof, address proof, academic documents, and income proof.
5. Wait for approval, which usually takes a few days.
6. Once approved, sign the loan agreement and receive the funds in your bank account.

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What Documents are Required for a Student Personal Loan?

The documents required for a student personal loan in India typically include:

1. Identity proof (such as Aadhaar card, PAN card, passport, or driver's license)
2. Address proof (such as Aadhaar card, utility bills, or rental agreement)
3. Academic documents (such as school or college ID, admission letter, mark sheets)
4. Income proof of co-applicant (if applicable)
5. Bank statements
6. Passport-size photographs

Get a complete list of essential documents you need to apply for an education loan in India.

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What is the Eligibility Criteria for Student Personal Loans in India?

The eligibility criteria for student personal loans in India usually include:

1. The student should be an Indian citizen.
2. The student should be pursuing a recognized course in India or abroad.
3. Minimum age requirement (often 18 years or above)
4. Good academic record
5. Co-applicant or guarantor may be required (often a parent or guardian)
6. Some banks may have specific requirements based on the loan amount and institution.

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‍Personal Loans for Students Interest Rates

Now that  we know about personal loans for students, let's have a look at some of the lenders providing personal loans to students, the interest rates and other details: 

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Abbreviations Used

PF- Processing Fees

PP- Part Payment Charges

FC- Foreclosure Charges

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Propelld: Your Fast, Easy Way to Finance Education

Propelld offers easy, hassle free and flexible education loans as a bridge to your aspirations.

It isn't just another NBFC, it's a game-changer in the world of education financing. With a customer base exceeding 2 lakh, including a mix of parents and students, and partnerships with over 2500 institutes, including prestigious names like Upgrad and BITS Pilani, Propelld has disbursed over 2000 Crores of education loan, making quality education accessible to all.

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Benefits of Propelld Education Loan

FAQs About Personal Loan for Students

What are Personal Loans for Students in India?

Personal loans for students in India are specially designed financial products that cater to the financial needs of students pursuing higher education. These loans are meant to cover expenses such as tuition fees, living expenses, books, equipment, and other educational-related costs.

What is the Interest Rate for Student Personal Loans in India?

The interest rates for student personal loans in India can vary depending on the bank, loan amount, tenure, and the applicant's credit profile. Generally, interest rates range from around 10% to 16% per annum.

Are Collaterals Required for Student Personal Loans?

In most cases, student personal loans in India are unsecured, meaning they do not require any collateral or security. However, some banks may ask for collateral or a co-applicant/guarantor for larger loan amounts.

What are the Repayment Options for Student Personal Loans?

Repayment options for student personal loans typically include:

1. EMI (Equated Monthly Installments) payments
2. Flexible repayment schedules
3. Moratorium period during the course and a grace period after completion before EMIs begin
4. Prepayment options without penalties in some cases

Can International Students Apply for Personal Loans in India?

Yes, international students studying in India can apply for personal loans. However, they may need to meet specific eligibility criteria, such as providing a valid visa, passport, admission letter, and other relevant documents.

Which Banks or Financial Institutions Offer Student Personal Loans in India?

Several banks and financial institutions in India offer student personal loans, including State Bank of India (SBI), HDFC Bank, ICICI Bank, Axis Bank, Punjab National Bank (PNB), and more.

What are the Advantages of Student Personal Loans in India?

The advantages of student personal loans in India include:

1. Financial support for tuition fees, books, accommodation, and other educational expenses.
2. Easy application and quick approval process.
3. Flexible repayment options tailored to students' needs.
4. No need for collateral in most cases.
5. Builds a credit history for future financial endeavors.
6. Helps manage financial emergencies during the course of study.

Is it possible to get a personal loan for students with no job?

As a student, you can get a personal loan if you have a good credit history or against any asset. 

However, you can also get an education loan as a student with no job without any co applicant or collateral, or even against an insufficient credit score. 

Is it possible to get a personal loan for students with no income?

Getting a personal loan without income as a student in India is challenging. Some lenders may consider loans with a co-signer or guarantor with stable income and good credit history. Alternatively, education loans tailored for students may offer better terms, covering tuition fees and living expenses. 

Which is the best personal loan for students available in India?

The choice for best personal loan depends on several factors like interest rates, repayment terms, eligibility criteria etc. But one of the most important factor is the ease of taking and managing loan. 

For example, NBFCs like Propelld provide hassle free education loans that require no collateral or co applicant and the approval is based on 12th standard marks. 

How to get Rs. 15000 loan for students in India?

These days a lot of loan apps provide instant personal loans for small amounts like 15k. All you have to do is to download the app and apply the loan. The complete process is digital and superfast.