Personal Loan for Students

Instant student loans offer crucial financial support, covering all education and living expensesa and helping them manage their costs effectively. These loans provide quick funds without having to provide any collateral, making it a flexible loan solution.

The application process is easy, ensuring fast approvals and disbursement. Personal loans for students stand as a reliable choice for building a good credit history and facilitating better future loan accessibility while studying.

For reliable financial support, consider Buddy Loan to enhance your stability. Now with Buddy loan, students can avail of instant loans starting at 10000 to ₹15 Lakhs at an interest of 11.99% p.a.onwards, with flexible tenures of up to 5 years. However, the interest rate can vary depending on your CIBIL Score and history.

Now with Buddy Loan turn your academic aspirations into reality!

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Instant Personal Loan Online for Students

If you require rapid financial assistance for your education, opt for a personal loan for students through online lending services. With a simple application, quick approval, and flexible repayment options, it streamlines your loan process efficiently.

Our straightforward personal loan application has made student loans highly accessible. For more details on instant personal loans for students, refer to the table below for more information.

Interest Rates 11.99% p.a. onwards
Loan Amount ₹10,000 - ₹15 Lakhs
Loan Tenure 6 months - 5 years
Income ₹15,000/-

Student Loan Interest Rates

Understanding student loan interest rates is crucial while considering financing options for your education. These rates include additional costs like processing fees and pre-closure charges which can significantly impact your repayment obligations.

The table below shows key aspects of student loan interest rates to help you make informed decisions about funding your student loan.

Interest Rate Starting at 11.99% p.a
Processing Fee Up to 4% of the loan amount
Pre-closure Charges 2% to 5%
Penalty Charges 2% of the due loan amount

Eligibility Criteria for Student Personal Loans

Student personal loans are designed to address the financial requirements of those pursuing higher education. To avail an instant personal loan, meeting specific eligibility criteria is essential. Here's the list providing a breakdown of the eligibility criteria one has to fulfill for a smooth loan process.

Age Range: Eligible applicants should be aged between 21 and 60.

Creditworthiness: A minimum credit score of 750 is required.

Citizenship: Indian citizenship is a prerequisite.

Credit score: A credit score of 650 or higher is preferred. Alternatively, a co-signer can assist if you have a low CIBIL score.

Qualification: Pursuing graduate/postgraduate degree or a PG diploma.

Documents Required for Student Personal Loans

When applying for a student loan, gathering the necessary documentation is critical to proceed with a smooth application process. Each document serves a specific purpose, helping the lender assess your eligibility and evaluate your ability to repay the loan.

Below is a list of essential documents and the type needed to support your loan application.

Identity Proof: Establishes your identity as a person applying for the loan. PAN, Aadhaar card, or passport.

- PAN, Aadhaar card, or passport.

Address Proof: Provides confirmation of your current residence, and contact verification.

- Documents like electricity bills, bank statements, or rental agreements.

Income Proof - Shows the financial stability of the if only applying with a co-signer.

- Monthly income should be more than ₹15000.

Bank statement - Provides details on the co-signer’s financial transactions.

- Recent bank statement showing your account balance and transaction history.

Photograph: Ensures all documents are correctly associated with your application.

- Recent passport-sized photograph of the applicant.

EMI Calculation for Student Personal Loans

EMI calculation for student loans needs careful budgeting and loan assessment. It aids in informed decisions and helps you negotiate a manageable repayment plan with the lender. It's a key tool for estimating financial commitments while opting for an education loan.

To determine your accurate EMI, you can utilize Buddy Loan's EMI calculator, just enter your loan amount, interest rate and tenure to check your EMI.

₹
%
Monthly EMI ₹86
Principal Amount ₹1,000
Total Interest ₹32
Total Amount ₹1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

You can also manually compute the EMI using the formula below:

The formula for calculating EMI is:

EMI = [P x R x (1+R)^N] / [(1+R)^N-1]

Here:

EMI = Equated Monthly Installment

P = Principal Loan Amount

R = Monthly Interest Rate

N = Loan Tenure in Months

For Example: Let's consider a loan of ₹10,000 at an annual interest rate of 11.99% for a 5-year tenure (60 months):

Now, plug these values into the EMI formula:

EMI = [10000 x 0.999% x (1 + 0.999%)^60] / [(1 + 0.999%)^60 - 1]

EMI = ₹222.39

For a ₹10,000 loan at an annual interest rate of 11.99% for a 5-year tenure (60 months), the Equated Monthly Installment (EMI) is approximately ₹224.52 per month.

An even simpler way to calculate your EMI is to use our EMI calculator provided below, you just have to simply input your loan amount, interest rate, and tenure to receive the precise EMI information.

Comparison of Loan Lenders for a Student Loan

With many Banks and NBFCs offering personal loans, it's easy to feel overwhelmed and confused. Hence, this table provides a comparative analysis of lenders with the favorable interest rates and charges to help students get the right personal loans.

Loan Lenders Interest Rate (p.a.) Processing Fee
State Bank of India 11% onwards Up to 1.5% + GST
IDBI Bank 11% onwards 1% -2% of the loan amount
Bajaj Finserv 11.00% onwards Up to 3.93% of the loan amount
Central Bank of India 10.95% onwards Rs.500 + GST

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Note- The interest rates mentioned are subject to change. Do visit the website for more information.

Types of Loans Offered to Students

There are several types of student loans offered to students to support their educational pursuits,

Instant Personal Loans: Students seeking financial assistance, can take instant loans for their daily needs. They can use the loan to manage their educational expenses and their personal needs. However, the challenge with students personal is that they usually do not have a credit history or a stable income source. In such cases, lenders provide small loans for shorter duration and taking a joint loan with a earning member also facilitates teh process.

When it comes to loans for educational purposes or in other trem education loan, the following loan types are available:

Based on Location:

Domestic Education Loan: This loan is for students planning to study in India. It's approved if you're admitted to an Indian educational institution and meet the lender's criteria.

Overseas Education Loan: Designed for students pursuing courses in foreign institutions. It covers expenses like airfare, accommodation, and tuition fees for those who meet the eligibility criteria.

Based on Course:

Undergraduate Loans: These loans support undergraduates pursuing 3 to 4-year courses in various specializations. An undergraduate degree can improve job prospects.

Postgraduate Loans: For students continuing their education with 2-year postgraduate courses in India to gain deeper knowledge in their area of interest.

Career Development Loans: Professionals taking a break from their corporate careers to pursue professional courses and training to enhance employment opportunities. They aim to join reputable business and technical schools to refine their skills and advance their careers.

Features & Benefits of Instant Student Loans

Instant student loans offer rapid financial support to students, featuring a quick application process and swift approval. These loans are a convenient solution for students who need money for education right away.

However, here are the other features and benefits of availing a student loan,

Fastest Approval

Get loan approval in
minutes.

Loan upto 15L

You can avail instant
personal loan upto ₹15 Lakhs.

Interest Rates

Interest rates starting
at just 10.49% p.a.

No Collateral needed

Get loan from ₹10,000-₹15
Lakhs without providing
any asset.

Convenient Tenure

Choose your repayment
tenure up to 5 years.

No Hidden Charges

Zero hidden charges and
penalties.

Steps to Apply Only for a Student Personal Loan With Buddy Loan

Follow these steps to apply for a personal loan as a student with BuddyLoan:

Step 1 - Visit buddyloan.com or Download and install the Buddy Loan app.

Step 2 - Fill out the application form including the loan amount, the tenure in months, and contact details.

Step 3 - Fill out the eligibility form and provide:

  • Email Address
  • Employment Type : Salaried/ Self-Employed
  • Company Type
  • Industry Type
  • Current Company Name
  • Company Address
  • Year of Employment
  • Net Income
  • Mode of Salary
  • PAN Card Details
  • Full Name (As Per Pan Card)
  • Current Address with PIN Code
  • Mobile Number

Step 4 - Submit the details & wait for the loan confirmation.

Student personal loans provide quick financial assistance for education expenses without requiring collateral. Applying is easy and quick, ensuring that you receive funds promptly and build a positive credit history for future opportunities. With competitive interest rates starting at 11.99% p.a% p.a., Buddy Loan provides flexible loan amounts from ₹10,000 to ₹15 lakhs, and repayment terms up to 5 years.

Now, secure a brighter future with tailored solutions for student loans!

Are you looking for a personal loan?

Frequently Asked Questions

A personal loan for students is a financial product designed to provide funds for various expenses related to education, such as tuition fees, books, living expenses, or any other educational needs.

Students can typically apply for a personal loan online with Buddy Loan by following the steps mentioned above on the webpage.

Eligibility criteria for students often include age , nationality, qualification, institution, and creditworthiness.

Commonly required documents include proof of identity, proof of address, proof of enrollment in an educational institution, bank statements, and income proof (if applicable).

The maximum loan amount varies by lender and are influenced by factors such as the student's credit history, co-signer (if any), and the institution.

The loan tenure typically ranges from 1 to 5 years, depending on the lender and the student's preferences.

Interest rates vary with each lender and are influenced by factors like creditworthiness, loan amount, tenure, and prevailing market rates. However, you can avail of a student loan starting at 11.99% p.a%

Yes, personal loans for students can generally be used for any legitimate purpose, not limited to education-related expenses. The usage is at the borrower's discretion.

Student loans are typically unsecured, meaning they do not require collateral. However, interest rates may be higher compared to secured loans.

The time taken for approval and disbursement varies by lender. Some lenders offer quick approval and disbursals. Often, within a few days of completing the application and document verification process.

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