Students can easily get a loan for Laptop, college fees, extra courses, mobile phone, and monthly pocket expense. If the loan amount is more than Rs.20000 a co–signer may require. Even no credit score/new to credit score is fine.
- Student ID proof is required
- KYC Proof
- Address Proof
- Passport Photo
How you can get a Personal Loan for students in India
Estimate your Expenses
Education is expensive. And study abroad particularly so. When you are calculating expenses consider travel expenses, tuition fees, cost of study material, any special coaching you may need, and cost of lodging and boarding, that is not covered through an education loan. Speak to friends and family who live in the country to understand the cost of living. Once you have an accurate estimate of your costs, you will be able to get an idea of how much Personal Loan you need.
Check your Eligibility
Check if you are eligible for the amount you need with the Personal Loan Eligibility Calculator. Bank/NBFCs gives Personal Loans up to Rs 40 lakhs.
Decide Tenure and Repayment
Take a Personal Loan for students from a bank that offers flexible tenures, because your monthly
repayment amount will depend on the tenure. Remember as a student you may not have the same
earnings as you did as a professional. Your biggest requirement is pocket-friendly EMIs. Balance
the amount and tenure to arrive at an optimal monthly outgo.
Make your Application
A Personal Loan requires minimal documentation ID proof, address proof or income proof. Check with your bank and get all the documents ready. If you are an existing customer, the documentation may not even be required. Find out how you can apply for the loan.
Once you have the funds from your Personal Loan for education, go ahead and book your tickets, pay your tuition fees and get started on your exciting journey as a student.
- You should be a residing citizen in India to apply for personal loans for studies
- Your age cannot exceed 65 years at the time of loan maturity