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Tata Capital > Blog > Loan for Education > Personal Loan for Students in India

Loan for Education

Personal Loan for Students in India

Personal Loan for Students in India

Got accepted to your dream university? Your hard work and nights of studying have finally paid off!

But now with this big news, you are probably left worrying about the expenses. Well, did you know you could opt for personal finance? Yes! A loan for personal use is easy to avail and has no restrictions to its end-use. Moreover, you can also fund up to 100% of the expenses involved.

Let’s explore in detail personal loans for students in India and how can a student get personal loan.

Eligibility criteria for personal loan for students in India

Since you don’t have a stable source of income as a student, you might not qualify for a loan. In such a case, you may ask, “Can student get personal loan?” You may apply with your working parent as a guarantor or co-applicant. Here, the lender will consider the credit score and income level of your parents to determine your personal loan eligibility.

So before you apply for a loan, make sure your co-applicant fulfils the following requirements.

Good credit score

When applying for a personal loan for students, the lender will evaluate the credit total of the co-applicant. Since personal finance is unsecured, a good credit rating goes a long way in securing an affordable loan. So, a credit score of 750 or above can increase your chances of approval considerably.

Income criteria and documentation

Another key factor to consider is the monthly income. Lenders generally have a minimum income and employment criteria based on the residential city. Your co-applicant must fulfil those requirements to qualify for a loan.

You also need to provide all the necessary documents required by the lender before applying. This includes ID proof, address proof, bank account statements, salary slips, etc.

Can a student get a personal loan without a source of income?

A personal loan student applicants often wonder if borrowing is possible without a steady income. So, can a student get personal loan approval in such cases? Generally, lenders prefer proof of income, making it difficult. However, can student get personal loan options still exist if a parent or guardian applies as a co-applicant or guarantor. Some NBFCs may also consider strong credit history, fixed deposits, or other financial backing. In practice, a true personal loan for students in India without any income is rare, but structured alternatives with co-borrowers can make access to funds easier.

Documents required for personal loan for students in India

Getting your documents ready beforehand can make the process easier. The documents required for personal loan for students in India usually include the following:

  • Proof of identity such as Aadhaar card, PAN card, or passport
  • Proof of address like utility bills, rental agreement, or Aadhaar
  • Proof of age and educational status, including college ID or admission letter
  • Bank statements for the last six months
  • Income documents of a co-applicant or guarantor, if applicable

How to calculate student loan amount needed

Higher education can be expensive. And tuition fee isn’t the only expense you will have to consider through the loan. If you’re wondering can student get personal loan support, remember to factor in other costs including, travel expenses, accommodation, cost of study material, etc. This will help you in getting an exact estimate of the loan amount you need.

Choosing the right loan tenure as a student

When you opt for personal credit, students often ask can student get personal loan options with flexible repayment. The answer is, yes – You get the flexibility to choose the repayment tenure. Since the tenure will help decide your EMI payments, you must select a loan duration that suits your parent’s finances. You can use a personal loan EMI calculator to arrive at a suitable monthly payment, and select a tenure accordingly.

Compare student personal loan interest rates

Always compare the interest rate when deciding on a lender and applying for a loan, especially if you’re evaluating can student get personal loan options. This will help you find an affordable loan deal at a competitive interest rate. You must also check the related fees such as processing fee, prepayment penalty, etc., to plan your repayment better.

How to apply for a personal loan as a student

The steps to apply for a personal loan for students vary from lender to lender. However, here are some general steps you need to follow:

Step 1: Visit the lender’s website

Visit the official website of your preferred lender or download the mobile app and navigate to the ‘Personal Loan’ section.

Step 2: Check loan details and eligibility

Verify your eligibility to apply for a personal loan and check other details like the interest rate, loan tenure, repayment terms, etc.

Step 3: Fill out the application form

Once you’ve verified all details, fill out the online application form with your personal and educational details.

Step 4: Submit the form with the required documents

Finally, upload the required documents and submit them along with the application form.

The lender will verify your details to determine if you’re eligible for the loan. Once they’re satisfied, they will approve and sanction the loan and disburse the loan amount directly to your bank account.

Tips to improve loan approval odds as a student

Improving loan approval odds as a student takes preparation and smart financial choices. If you’re a personal loan student applicant wondering can a student get personal loan approval easily, these tips can help strengthen your application:

  • Apply with a co-applicant: A working parent or guardian improves eligibility for a personal loan for students in India.
  • Maintain a clean credit profile: Timely bill payments build trust with lenders.
  • Choose student-friendly lenders: Some NBFCs are more flexible if you ask, can student get personal loan options without income.
  • Keep the loan amount realistic: Smaller amounts are easier to approve and repay.
  • Show financial support: Scholarships, savings, or fixed deposits add credibility.
  • Submit complete documents: Accurate paperwork reduces rejection risk.
  • Avoid multiple applications: Too many enquiries can lower approval chances.

These steps can improve your personal loan student acceptance chances while keeping repayments manageable.

Conclusion

Planning for higher education in India or abroad? Then let go of your financial worries and get in touch with Tata Capital! We offer a range of tailor-made loans at the most reasonable personal loan interest rates. From flexible repayment tenure, easy-to-meet eligibility to quick approval and disbursal, you can enjoy it all!

Contact us and get started with a smooth financial journey today!

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FAQs

Who can be a guarantor for a personal loan for a student in India?

A guarantor for a personal loan for a student in India can be a parent, guardian, or close relative who has a stable income and a good credit history.

Can I get a personal loan as a student?

It can be challenging to obtain a personal loan as a student because lenders require proof of income and credit history. However, some financial institutions may offer personal loans for students if they have a guarantor or co-applicant.

Which lender gives a student loan easily?

Several financial institutions in India offer student loans easily. For a smooth application process, competitive interest rates, and flexible repayment terms, you can consider Tata Capital.

How much loan can I take as a student?

As a student, you can fund up to 100% of your educational expenses with a loan.

What is the benefit of obtaining a personal loan?

There are several benefits of obtaining a personal loan. These include quick access to funds, flexible use, a streamlined application process, etc.

Is a student loan good to take?

Yes, a student loan is a convenient way to cover the cost of education, allowing you to focus on your studies without any financial stress.

Can I get a personal loan as a student in India without a job?

A personal loan student applicant usually needs income proof. So, can a student get personal loan without a job? It’s difficult, but possible with a co-applicant, guarantor, or strong financial backing like fixed deposits.

Is it mandatory to have a co-applicant or guarantor for student personal loans?

In most cases, yes. Lenders prefer a co-applicant with stable income. If you’re asking can student get personal loan independently, approvals without support are rare for personal loan for students in India.

What documents are needed to apply for a personal loan as a student?

Common documents include identity proof, address proof, age proof, college ID or admission letter, bank statements, and income documents of a co-applicant, if applying as a personal loan student

Which banks or NBFCs offer the best personal loan options for students in India?

Most lenders and financial institutions are cautious, especially with co-applicants, good credit profiles, or existing relationships. Tata Capital offers flexible personal loan for students in India with competitive interest rates.

 

What are the typical interest rates and tenure for student personal loans?

For a personal loan student applicant, interest rates vary based on lender policies, credit profile, and application strength. Loan tenures depend on repayment capacity, eligibility criteria, and whether a co-applicant or guarantor is part of the application.

What alternatives exist if I cannot qualify for a student personal loan?

If can a student get personal loan approval seems unlikely, alternatives include education loans, scholarships, fee financing, family loans, or secured borrowing options backed by fixed deposits or insurance.

 

Is it better to choose an education loan over a personal loan as a student?

Yes, often. Education loans usually offer lower interest rates, longer tenures, and repayment moratoriums, making them more suitable than a personal loan for students in India for funding academic expenses.

Who can be a guarantor for a personal loan for a student in India?

A guarantor for a personal loan for a student in India can be a parent, guardian, or close relative who has a stable income and a good credit history.

Can I get a personal loan as a student?

It can be challenging to obtain a personal loan as a student because lenders require proof of income and credit history. However, some financial institutions may offer personal loans for students if they have a guarantor or co-applicant.

 

Which lender gives a student loan easily?

Several financial institutions in India offer student loans easily. For a smooth application process, competitive interest rates, and flexible repayment terms, you can consider Tata Capital.

 

How much loan can I take as a student?

As a student, you can fund up to 100% of your educational expenses with a loan.

What is the benefit of obtaining a personal loan?

There are several benefits of obtaining a personal loan. These include quick access to funds, flexible use, a streamlined application process, etc.

Is a student loan good to take?

Yes, a student loan is a convenient way to cover the cost of education, allowing you to focus on your studies without any financial stress.

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