About Personal Loans for Students
A personal loan for students is different from an Education loan. You can use a personal loan for various purposes, including your own education and the education of your family members. But, an Education loan can only be taken for the reason it’s availed.
Besides that, the Education loan has specific eligibility criteria, and you must fund 15%of the expenses. On the other hand, a personal loan for education is easy and quick to avail, and you can avail 100% of your expenses.
How can you avail of a Personal Loan for Students?
- Estimate Your Expenses: Education is expensive. As we all know, when you calculate expenses, you need to consider your travel expense, tuition fees, study material cost, etc… When you have estimated all the expenses, you will have an idea of how much loan you require.
- Check your Eligibility: You need to check if you are eligible for the amount you need with the help of the Personal Loan EMI Calculator.
- Tenure: Decide Tenure and Repayment: Take a personal loan from a bank that gives you flexible tenures. Your monthly repayment amount depends on the tenure because, as a student, you will not have the same earning as you can have a working professional. Your biggest requirement is pocket-friendly EMI.
- Make your Application: As we know personal loan requires minimum documentation like ID proof, address proof, or income prooSo checkeck with your bank and have all the documents ready.
- Personal Loan for Students Interest Rates: Interest rates are dependent on the lenders and are generally in the range of 11.75 per cent per annum and 14.75 per cent per annum. The rates are relaxed if the student is from an institute like IIM or IIT.
Benefits of a Personal Loan for a Student:
- Education loan enables you to chase your dreams, and the education expenses are taken care of by personal loans for students.
- Students loan is great alternatives to another type of credit. The interest rates are good and come at easier terms as compared to other types of loans.
- Already one education loan may affect the procurement of other education loans in the family.
- For a student’s loan, the loan amount can be higher than a specific loan amount.
Student Loan for Studying Aboard: Banks offer education loans not just for students in India but also to students who study abroad. Generally, studying abroad is very expensive than studying in India, and the students need to have a lot of money to study abroad. But some banks provide loans for the students who need to study abroad, but they have different processes depends on the lender.
FAQs on Personal Loan:
✅ Who are all eligible for a personal loan for students?
A. Any student who wishes to study further provided they are from Shimla.
✅ Is there any age limit or any age criteria for availing of the loan?
A. Yes, there is a criterion for availing the loan that is between 16 to 35 years.
✅ Is there any tax benefit?
A. Yes, there are tax benefits to the student, which comes under the Income Tax Act section 80E.
Table of Contents
- 1 About Personal Loans for Students
- 2 How can you avail of a Personal Loan for Students?
- 3 Benefits of a Personal Loan for a Student:
- 4 FAQs on Personal Loan: