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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.
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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:
- 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.
- 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.
- 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.
- 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.
- 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:
- Research and compare loan options from various banks and financial institutions.
- Check the eligibility criteria and required documents.
- Fill out the application form with accurate details.
- Submit the necessary documents, such as identity proof, address proof, academic documents, and income proof.
- Wait for approval, which usually takes a few days.
- 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:
- Identity proof (such as Aadhaar card, PAN card, passport, or driver's license)
- Address proof (such as Aadhaar card, utility bills, or rental agreement)
- Academic documents (such as school or college ID, admission letter, mark sheets)
- Income proof of co-applicant (if applicable)
- Bank statements
- 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:
- The student should be an Indian citizen.
- The student should be pursuing a recognized course in India or abroad.
- Minimum age requirement (often 18 years or above)
- Good academic record
- Co-applicant or guarantor may be required (often a parent or guardian)
- 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:
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.
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