While pursuing your college education, especially during graduation or at a higher level, many situations occur when you need urgent cash. It might be because of many reasons like the sudden announcement of an examination, events, projects, or some academic trips like workshops or seminars in another city. At that time, a personal loan for students was the best way to fulfill their cash needs. It has multiple features, like easy application, fast disbursal, easy repayment, etc. It is available shortly, and you can get the disbursal immediately. However, there are eligibility criteria that can help you get all the features of personal loan for students.
What are the reasons for getting a Personal Loan For Students?
There are multiple reasons to apply for a personal loan for students, and these are as follows:
For examination fees:
Sometimes, while applying for an examination, you might have to pay all the pending fees like laboratory charges, development fees and many more. It requires instant approval and disbursal.
To purchase types of equipment:
While pursuing some technical course, you might have to purchase some tools or equipment for the projects, and for that, you might have requirements of instant cash.
For the accommodation:
It’s the essential factor that you need cash and sometimes, you need to get instant cash.
For extra classes/ tuition/ extracurricular activities:
To enhance your technical skills or for additional classes, tuition fees, or extracurricular activities, you need cash. So, it might be essential for you to have instant cash.
Factors to consider before applying for Personal Loan for Students?
If you have decided to apply for a personal loan for students, you must check the eligibility criteria and some essential factors like loan amount, interest, processing fees, tenure, or closure charges. Therefore, to apply for a personal loan you must check all these before applying.
- Loan amount: the loan amount must not be higher then your needs, because it can lead to over expenses.
- Interest Rate: The interest rate must be lower or competitive where you can get the loan to minimize the repayment amount.
- Tenure: You must choose the tenure as per your conditions, like for how long you are willing to apply.
- Processing fees: Before applying for the loan, always check the processing fees and other hidden charges. So that you can get a loan with a fair amount.
Eligibility Criteria for the Personal Loan For Students
Your eligibility criteria of personal loan for students depend on multiple factors, such as age, income, identity proof, nationality, and many more so that the lender can approve your loan amount easily. So the eligibility criteria depends on all these factors:
- Age: The age of the borrower must be at least 18 years old
- Identity Proof: You must have identity proof like an ID card issued by the college.
- Income: Your income proof always matters, especially when you are getting any scholarship or stipend
- Nationality: You must be an Indian
- Residential status: The address proof, i.e., hostel ID, rent agreement, etc, is required.
- Credit Score: The credit score must be good. However, you might not have any transactional history, nevertheless, you must not have any records like defaults.
Documents Required for Personal loan for students
The documents required for a personal loan for students are as follows, and you must have all these documents for approval.
- PAN: It is used to verify your transactional history.
- Aadhar: for the verification of your identity
- College ID: to ensure the residential status
- Bank Details/ Account: To check your transactional details.
- Address Proof: for the address verification.
Features and benefits of getting a Personal Loan for students
A personal loan for students is beneficial due to various reasons, such as instant approval, fast disbursal, easy repayment and many more where you will be able to get the loan easily. So, the beneficial features are as follows.
Instant Approval
The approval for the personal loan for students is fast because we have a fair and fast lending mechanism. It can help you have fast cash in your account.
Fast Disbursal
The disbursal process is done as soon as possible after the approval because you can get the disbursal without any difficulties.
Easy Repayment
The repayment for the personal loan becomes easier because of flexible repayment options where you can repay the personal loan easily as per your convenience.
Minimal Documentation
The minimal documentation means there is no need for the hard copy of documents that can help you shorten the time for a personal loan.
Flexible Tenure
The flexible tenure for a personal loan for students helps you repay it as per your convenience so that you can get additional benefits.
No-Collateral
You don’t have to submit any collateral to get the approval because the personal loan is approved based on your creditworthiness.
Steps to apply for a Personal Loan for Students
To apply for a personal loan for students, go through the following steps so that you can get approval shortly. The steps are as follows.
- Go to the application page available on the website
- Fill out the forms and enter all details, including your Name, address, loan amount, etc.
- Upload your documents, whatever are required
- Get instant approval for a personal loan
- Get the disbursal shortly and receive the payment
- Use the amount for the aforesaid purpose
- Repay as per your selected tenure.
Conclusion
The personal loan for students becomes easier when you have all the documents and you are eligible for the loan. However, the loan amount might be lower as it is approved based on your income, and if you have no income source or have lower income, then the loan amount will be lower so that you can easily repay the personal loan as per your tenure. You must follow the steps as per the loan, and then, submit your short term personal loan application easily.
FAQs About Personal Loan for Students
A personal loan for students is an unsecured loan which is approved based on the document and eligibility criteria of the customers i.e., the students pursuing college or other courses.
Yes, you can apply for the loan without a salary slip. However, you must have a PAN and bank account. So that the loan amount can be approved.
It can depend on your choice and the amount as well because, when you are borrowing a lower amount, you can repay them as per the tenure. So, the loan amount and repayment capacity will decide the loan amount.
No, there are no hidden fees or additional charges that can affect the personal loan. The interest and processing fees are applied on the personal loan only.
It can be decided after checking your details, especially the credit score, income, bank statement and others.
Disclaimer
This blog is for informational purposes only and does not constitute financial advice or a loan offer. Loan approval is subject to eligibility criteria and terms and conditions set. Please review official guidelines and policies before applying for a loan.
