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Raghuvamshi Kanukruthi
Jan 10, 2024

Looking for the best personal loans for students in India? Discover the top 5 options that offer competitive interest rates, flexible repayment terms, and exclusive benefits.

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.

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.

Explore the top 5 student loan apps for 2024, designed to simplify your financing and streamline your education funding. Ease your financial burden today!

Hassle Free Loans. Lesser Documentation. Faster Processing. Check Your Eligibility Now!

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.

Get Easy Loans upto 50 Lacs for 10 Years. No Collateral. Higher Chances of Approval. Check Your Eligibility.

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.

Didn't get your personal loan approved by banks? Don't worry, Propelld can be your answer. We provide hassle free flexible education loans upto 50 lacs, with a repayment term of upto 10 years, with no requirement of a  co applicant or collateral. 

Banks Eligibility Criteria Documents Required Interest Rates & Charges
HDFC Bank
  • Salaried employees at select private limited companies and public sector undertakings (including central, state, and local bodies)
  • Age between 21 years and 60 years
  • Minimum 2 years of job experience, with at least 1 year with the current employer
  • Minimum net monthly income of Rs 25,000 for HDFC Bank Salary Account holders, Rs 50,000 for non-HDFC Bank Salary Account holders
  • Identity proof (passport/voter ID card/driving license/Aadhaar)
  • Address proof (passport/voter ID card/driving license/Aadhaar)
  • Bank statement for the previous 3 months
  • Two latest salary slips/current dated salary certificate with the latest Form 16
  • Proof of end-use
  • Interest rates range from 10.50% to 25.00%
  • Processing fees up to Rs 4,999 + GST
  • Tenure varies from 3 months to 72 months
Bajaj Finserv
  • Indian nationality
  • Age between 21 years to 80 years
  • Employed with public, private, or MNC
  • Minimum net monthly salary starting from Rs 25,000 (based on the city of residence)
  • Minimum CIBIL score of 685 or higher
  • KYC documents (Aadhaar/passport/voter's ID/driving license)
  • PAN card
  • Employee ID card
  • Salary slips of the last 3 months
  • Bank account statements of the previous 3 months
  • Utility bill of electricity and piped gas
  • Interest rates range from 11% to 38% p.a.
Kotak Mahindra Bank
  • Indian national
  • Age between 21 years to 70 years
  • Admission secured via entrance test or merit-based selection
  • Good credit record and repayment history
  • Application form
  • 2 photographs
  • Proof of identity (passport/PAN/Aadhaar/driver’s license/voter ID)
  • Proof of residence (utility bills/leave and license agreement)
  • Signature verification conducted by the bank
  • Maximum interest rate up to 16%
ICICI Bank
  • Resident of India, aged over 20 years
  • Salaried individual with regular monthly income
  • Good bureau score
  • Savings account with any bank in India
  • Salary slips for the last 3 months
  • Latest 3-month bank statements
  • Passport/driving license/voter's ID/PAN card (any one)
  • Interest rates range from 10.65% to 16.00% per annum
  • Processing fees up to 2.50% of the loan amount plus applicable taxes
Axis Bank
  • Age between 20 years and 58 years
  • Minimum monthly income of Rs 30,000
  • Total work experience of 2 years
  • Residing at the current address for at least 1 year
  • Last 3 months bank statements
  • 3 latest salary slips with the latest Form 16
  • KYC documents (passport/driving license/PAN card/voter's ID/Aadhaar card)
  • Interest rates range from 10.65% to 22% per annum, depending on the applicant's profile

Click here for Higher Chances of Approval than Banks - 10 Times Faster Processing. Disbursal in Just 7 Days.

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.

Find the best Student Loan on your Aadhaar : low interest rates, documents required and easy process explained. Secure your future today!

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.

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.

Looking to know the eligibility for education and student loans? Read to know all about education  loan interest rates, eligibility, process, documents required.

‍Lesser Documents. Higher Approval Rate. Check Your Eligibility Now!

‍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: 

Lender Amount/Tenure Interest Rate Other Charges
L&T Finance ₹50,000-₹15,00,000
12-48 months
13%-20% PF-up to 3%, PP Charge-Up to 5% of part payment amount, FC- up to 5% of the amount due
Upwards ₹10,000-₹5,00,000
12-60 months
18%-32% PF- Up to 6%, FC- Up to 4% of the outstanding loan amt.
IDBI Bank ₹25,000-₹5,00,000
12-60 months
9.5%-14% PF- 1% + tax or min ₹2500, PP- 2% of outstanding amt, FC- 2% + tax
SBI Bank ₹1,00,000-₹30,00,000 11.15%-15.3% PF-1.5%+tax, PP- Nil, FC- 3% +tax

Abbreviations Used

PF- Processing Fees

PP- Part Payment Charges

FC- Foreclosure Charges

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.

Benefits of Propelld Education Loan

Feature Details
Max Loan Amount50 Lacs
CollateralNot Required
MoratoriumAvailable
TAT (Turn Around Time)10 Times More than Banks
Disbursal Time7 Days
Approval RateHigher than Banks
Special USPMarks Based Approval
% Financed100% of Fees

Instant Personal Loans for Students: 5 Best Loans in India

Raghuvamshi Kanukruthi
January 10, 2024
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Shivam Bhardwaj
March 15th 2022

Apply Education Loan

Get Loan up to Rs. 50 Lakhs.
10X Faster than Banks

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Apply Now

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.

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.

Explore the top 5 student loan apps for 2024, designed to simplify your financing and streamline your education funding. Ease your financial burden today!

Hassle Free Loans. Lesser Documentation. Faster Processing. Check Your Eligibility Now!

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.

Get Easy Loans upto 50 Lacs for 10 Years. No Collateral. Higher Chances of Approval. Check Your Eligibility.

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.

Didn't get your personal loan approved by banks? Don't worry, Propelld can be your answer. We provide hassle free flexible education loans upto 50 lacs, with a repayment term of upto 10 years, with no requirement of a  co applicant or collateral. 

Banks Eligibility Criteria Documents Required Interest Rates & Charges
HDFC Bank
  • Salaried employees at select private limited companies and public sector undertakings (including central, state, and local bodies)
  • Age between 21 years and 60 years
  • Minimum 2 years of job experience, with at least 1 year with the current employer
  • Minimum net monthly income of Rs 25,000 for HDFC Bank Salary Account holders, Rs 50,000 for non-HDFC Bank Salary Account holders
  • Identity proof (passport/voter ID card/driving license/Aadhaar)
  • Address proof (passport/voter ID card/driving license/Aadhaar)
  • Bank statement for the previous 3 months
  • Two latest salary slips/current dated salary certificate with the latest Form 16
  • Proof of end-use
  • Interest rates range from 10.50% to 25.00%
  • Processing fees up to Rs 4,999 + GST
  • Tenure varies from 3 months to 72 months
Bajaj Finserv
  • Indian nationality
  • Age between 21 years to 80 years
  • Employed with public, private, or MNC
  • Minimum net monthly salary starting from Rs 25,000 (based on the city of residence)
  • Minimum CIBIL score of 685 or higher
  • KYC documents (Aadhaar/passport/voter's ID/driving license)
  • PAN card
  • Employee ID card
  • Salary slips of the last 3 months
  • Bank account statements of the previous 3 months
  • Utility bill of electricity and piped gas
  • Interest rates range from 11% to 38% p.a.
Kotak Mahindra Bank
  • Indian national
  • Age between 21 years to 70 years
  • Admission secured via entrance test or merit-based selection
  • Good credit record and repayment history
  • Application form
  • 2 photographs
  • Proof of identity (passport/PAN/Aadhaar/driver’s license/voter ID)
  • Proof of residence (utility bills/leave and license agreement)
  • Signature verification conducted by the bank
  • Maximum interest rate up to 16%
ICICI Bank
  • Resident of India, aged over 20 years
  • Salaried individual with regular monthly income
  • Good bureau score
  • Savings account with any bank in India
  • Salary slips for the last 3 months
  • Latest 3-month bank statements
  • Passport/driving license/voter's ID/PAN card (any one)
  • Interest rates range from 10.65% to 16.00% per annum
  • Processing fees up to 2.50% of the loan amount plus applicable taxes
Axis Bank
  • Age between 20 years and 58 years
  • Minimum monthly income of Rs 30,000
  • Total work experience of 2 years
  • Residing at the current address for at least 1 year
  • Last 3 months bank statements
  • 3 latest salary slips with the latest Form 16
  • KYC documents (passport/driving license/PAN card/voter's ID/Aadhaar card)
  • Interest rates range from 10.65% to 22% per annum, depending on the applicant's profile

Click here for Higher Chances of Approval than Banks - 10 Times Faster Processing. Disbursal in Just 7 Days.

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.

Find the best Student Loan on your Aadhaar : low interest rates, documents required and easy process explained. Secure your future today!

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.

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.

Looking to know the eligibility for education and student loans? Read to know all about education  loan interest rates, eligibility, process, documents required.

‍Lesser Documents. Higher Approval Rate. Check Your Eligibility Now!

‍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: 

Lender Amount/Tenure Interest Rate Other Charges
L&T Finance ₹50,000-₹15,00,000
12-48 months
13%-20% PF-up to 3%, PP Charge-Up to 5% of part payment amount, FC- up to 5% of the amount due
Upwards ₹10,000-₹5,00,000
12-60 months
18%-32% PF- Up to 6%, FC- Up to 4% of the outstanding loan amt.
IDBI Bank ₹25,000-₹5,00,000
12-60 months
9.5%-14% PF- 1% + tax or min ₹2500, PP- 2% of outstanding amt, FC- 2% + tax
SBI Bank ₹1,00,000-₹30,00,000 11.15%-15.3% PF-1.5%+tax, PP- Nil, FC- 3% +tax

Abbreviations Used

PF- Processing Fees

PP- Part Payment Charges

FC- Foreclosure Charges

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.

Benefits of Propelld Education Loan

Feature Details
Max Loan Amount50 Lacs
CollateralNot Required
MoratoriumAvailable
TAT (Turn Around Time)10 Times More than Banks
Disbursal Time7 Days
Approval RateHigher than Banks
Special USPMarks Based Approval
% Financed100% of Fees

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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.

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