Personal Loan for Students
Due to the skyrocketing prices of higher education, it may take time for students to achieve the financial requirements. However, the question arises: can students get a personal loan?
Unlike other loans, a personal loan can be used for any valid financial requirement. You can utilize the loan to pay your tuition fee, to get married, to finance a trip, or for any other purpose. A personal loan can be repaid with interest over time, just like any other loan.
Can students obtain personal loans?
Some institutions grant personal loans to students, while others don’t. The reason behind their rejection is that most students don’t have a secure source of income, and banks don’t have faith in their repaying capacity.
Institutions that offer personal loans to students
- HDFC Bank
One of the prominent financial institutions across the country is HDFC Bank. An individual can easily apply for a personal loan at a reasonable rate. While applying, you need minimal documents, and if you are an existing customer, you may not need to provide any documents at all. The maximum personal loan they offer is Rs. 40 lakh, which varies from 12 to 60 months.
- Bajaj Finserv
For your higher education, you can get a personal loan of up to Rs. 35 lakh. You must have a credit score of at least 750, and your age must be between 21 and 67 years old.
- DBS Bank
Students aged between 21 and 63 can apply for personal loans at DBS Bank. The bank provides loans up to Rs. 15 lakh. You don’t need any collateral if the amount of the loan is less than Rs. 5 lakh. A loan can be repaid in one to five years. The credit score of an applicant must be above 750 and they must have work experience of at least 1 year.
Documents required while applying for a personal loan
- PAN number
- For KYC verification, your mobile number must be linked to your Aadhaar card.
How can you apply for a personal loan?
- To access our simple form, click the ‘Apply’ button.
- Share your personal information.
- Enter your mobile number and OTP.
- Enter the amount that you want to borrow.
- Share basic information regarding employment and education.
- Upload the required documents and apply.