All You Need To Know Before Availing Instant Personal Loan For Students

Instant personal loan for students is a great facility for those who want to study but are struggling financially. The concept is that financial institutions will pay for your education while you study. You have to repay the amount with interest when you start earning. This opportunity could be a great boost for your career.

Almost all major banks and financial institutions offer instant personal loans for students. The loan amount depends on the college and the course. These types of loans have a very significant advantage. The borrower can repay the loan amount one year after completing the course or after confirmation of employment, whichever is earlier.

Eligibility criteria for student loans:

Nowadays, it is effortless for students to get a loan with the help of an online application facility. The potential borrowers must meet the basic eligibility criteria to get a student loan from banks or financial institutions. Check out the personal loan eligibility criteria online for students.

The very first one is the applicant must have Indian Citizenship.
The required applicant’s age is 16-35 years.
A student loan requires a co-applicant along with an applicant.
If the loan amount surpass the specified limit, collateral is needed for security.
The co-applicant must earn a salary that meets the minimum salary criteria set by the lender.
Confirmation of admission to a college or course is needed before applying for the loan.

Documents required to avail of a student loan:

To get a student loan, the applicant must provide a certain set of documentation. The list of required documents is almost the same for all lenders.

School certificate or birth certificate for proof of age.
Aadhaar card or voter ID for proof of address
Driving license or PAN card or passport for proof of identity.
Co-applicant’s income proof.
Copy of the admission letter.

Interest rates of student loans:

Student loan interest rates are slightly higher than other types of loans. It varies across financial institutions. They typically start from 13% per annum. A student loan with a relaxed interest rate is available for students who have secured admission to a prestigious institution.