Can Students Get Personal Loan in India

Can a Student Get a Personal Loan in India?

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22 Jan 2021

The growth in the expenses of education has been unstoppable and continuous in today's time. In India, it can be discerned that the rise in the educational charge is more than that of the per capita income. If seen rationally the rise in the price is visible for the coming years as well. A common example is the fee of any reputed school/ colleges, which can raise to Rs. 1 Lakh as well.

Although it's obvious that the budgets are planned earlier, yet the chances of a shortage in accounts can prevail. Hence, there is a structure for a Personal Loan meant specifically for the students. Since students do not tend to have any job or income to show to borrow a loan, their parents can get a Personal Loan that will be issued in their name for the sake of the student's educational cost.

On the other hand, the educational loan can be received only after the culmination of higher academic studies and has a lot of terms and conditions to be followed. With a Student Personal Loan life can be easier and better.

Features of Student Loans

The subsequent points are details of a Student Personal Loan:

  • A person can get only a maximum amount of Rs. 25 Lakhs as a Personal Loan.
  • The flexible loan cycle varies from 12-60 months.
  • The interest for the loan borrowed ranges from 11.9%,
  • Instant quantity of same-day loan is transferred to the given bank account.

Eligibility criteria for Personal Loan

The following points tell about the eligibility criteria for the one to get a Personal Loan.

  • The age of the candidate must be within twenty-one to sixty years.
  • The candidate must show their salary slip from wherever he works, private/ public sector.
  • A self-employed person must have had a minimum turnover following the lender's agreement.
  • The minimum valid salary to get a loan is Rs 25,000 each month in the state of Mumbai and Delhi and Rs 20,000 each month in Return On Investment that is ROI.
  • The candidate must have a 1-year working experience to avail a loan.
  • The Credit Information Bureau(India) Limited or CIBIL score must be above 750.

Documents necessary for Student Loans

The following are the required documents for getting Student Loans:

  • A passport size coloured photograph of the present day.
  • KYC records including the Aadhar card, PAN card and Voter’s ID card.
  • A self-employed person has to show the salary slips of the last three months and his earnings evidence.
  • The salary TDS certificate or form 16 and earnings tariff returns.
  • The self-employed also have to show the last six months bank statements of the present account and the salary account
  • The self-employed need to show his business registration certificate.
  • The self-employed have to reveal the audited financial.

Instant application process for Student Loans

A person can get a Personal Loan by applying for it via the internet or visiting the nearby bank.

The following are the steps to follow for application for a Student Personal Loan via internet:

  • Go to the website and choose "Apply now".
  • Visit the Personal Loan column from the webpage.
  • Choose your designation according to your preferences and enter your mobile number.
  • Put the one time password and verify the mobile number you've entered.
  • You can now provide the required loan amount and the tenure you choose for repayment.
  • Also, enter the data such as your age, banking details, working status etc.
  • Upload the needed documents.
  • Your reference number is created for your application which you can further use to trace your request status.

EMI calculator for Student Loans

Before you apply for a Personal Loan, you may use a Personal Loan EMI calculator to know about the rough calculation of his monthly budget to plan the tenure for repayment accordingly.

Things to note during the application for Student Loans

The following are the things one must keep in mind while applying for a Personal Loan:

  • The right estimation of requirements must be made
  • One must accordingly and wisely select the tenure for repayment
  • One must make sure of all the payment-related information such as interest rates or processing fee, the penalty for payment etc

If you’re looking for an apt Personal Loan right away, you must check out the loans available on Finserv MARKETS, such as Bajaj Finance Personal Loan. It comes with benefits like attractive interest rates, no collateral requirements, flexible repayment tenure and much more.

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