How to Get a Personal Loan for Students in India?
Over the years, the cost of higher education has increased dramatically. Most students have to take out personal loans to fund their studies. For example, you can use a loan to pay for books, supplies, and tuition for your studies. If you’re wondering how you can get personal loans for students for yourself, then you should read this article.
However, education loans are available to students in India and abroad to finance their studies. You can get these personal loans for students from all banks in India, though if you require a large amount of money, you will need a guarantor and some form of security.
Students can also arrange a gold loan if they own gold jewelry that is 18–22 carats, which can serve as collateral. Anyone can apply for a gold loan provided with the necessary KYC documents.
Can a student get a personal loan?
Student loans are available, with flexible loan amounts and repayment terms. The answer to ‘can students get student loans’ is yes. Finance your education by applying for a personal loan. A short term loan like this is usually the best option for those studying diplomas, certificates, or vocational courses, where the price of fees is relatively low. If you want to study abroad or in India, you can take out a personal loan from Bajaj Finserv. We’ll examine some of the benefits and features of such loans. Let’s learn more.
- Loans up to Rs. 25 lakh are allowed.
- A loan repayment term of one year to five years is available
- You can achieve your dream of higher education with a personal loan for students
- Alternatives to other types of credit are available
- The interest paid on a loan can be deducted under Section 80E of the Income Tax Act.
- Short-term and vocational courses are ideal for such a loan
Are you eligible?
Now that we have addressed the question ‘can a student get a personal loan?’, let’s consider the eligibility criteria considered when applying for a personal loan.
- There must be a minimum age of 21 and a maximum age of 67
- A minimum of one year’s work experience is required
- It should be at least 750 on your credit score report
- Your tax returns need to be filed if you are self-employed
- Payslips and bank statements are required if you are employed
- You must meet a minimum salary
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