The latest personal loan interest rate starts at 9.98% p.a. However, factors such as your loan amount, loan tenure, applicant’s credit score and profile, etc. will determine the final interest rate on the student personal loan.
Personal Loan for Students
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15.6L Reviews

Get up to ₹50 Lakhs starting at 9.98%
15.6L Reviews
Wide Choice
Curated offers from 30+ lenders
Quick Disbursal
Money in your account instantly
SmartMatch
Offers ranked according to eligibility
Digital Process
Hassle-free & paperless
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How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
Personal Loan for Student: Interest Rate
Who can Apply for a Personal Loan for Students?
The following can apply for an instant personal loan online at Paisabazaar:
Eligibility Criteria for Personal Loan for Students
The eligibility of your student loan will be as follows:
Also Read: How Personal Loans Impact Your Credit Score?
Documents Required for Student Personal Loan
The following documents are generally required for a personal loan for students:
Why Choose a Personal Loan Over a Student Loan?
Unlike an education loan, a personal loan for educational purposes offers flexibility of use, along with the following benefits:
Fees and Charges
| Particulars | Charges |
|---|---|
| Processing Fees | Up to 4% of loan amount |
| Foreclosure Charges | 1%-5% of the outstanding loan amount |
| EMI bounce charges | Around Rs 400 |
| Penal Interest Rate | 2% per month |
How Can I Apply for a Personal Loan Online?
Get up to ₹40 Lakh in 5 Simple Steps
Step 1: Enter your mobile number in the application form
Step 2: Provide your personal details
Step 3: Enter OTP to verify your mobile number
Step 4: Select the loan purpose and loan amount
Step 5: Compare offers and apply for the best-suited loan
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FAQs
Can students apply for a personal loan?
Yes, students aged 18+ can apply. If they don’t have a steady income, a parent/guardian can apply or be a co-applicant
Is a personal loan the same as a student loan?
No. A student loan is restricted to education-related expenses, while a personal loan offers more flexibility and can be used for tuition, gadgets, rent, travel, or emergencies.
Can parents take a personal loan for their child’s education?
Yes. Parents often apply for personal loans to fund their child’s education, especially if the student has no income source.
What expenses can a personal loan for students cover?
Tuition fees, coaching fees, hostel or rental costs, laptops, books, travel, visa expenses, skill courses, and emergency needs.
Is collateral required for a personal loan for students?
No. Most personal loans are unsecured, meaning no collateral or security is needed.
What documents are needed for a student personal loan?
Identity proof, address proof, income proof (if any), and sometimes admission/student ID proof.
Can a personal loan help me study abroad?
Yes. Students can use personal loans to cover travel, visa, accommodation, and other overseas education expenses.
Personal Loan Articles
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