Can A Student Get A Personal Loan In India
Financial institutions in india offer personal loans for students to help them take care of the expenses their savings cannot meet.
Can a student get a personal loan in india. Banks look for a minimum experience of 3 years of work experience and cibil score of 650 and above before giving a personal loan. But it is important to borrow the amount that you can easily repay. The steps to apply for a personal loan in india are as follows.
A personal loan for education is easy and quick to get and you can fund up to 100 of your expenses. Eligibility criteria for personal loans it is available to salaried as well as non salaried people. Also it is necessary to submit all the authentic documents and.
A student loan can be used only for the purpose for which it is taken. The upper limit of the loan amount is directly proportional to the annual income i e more income more loan amount. The college to which you wish to apply and the course you wish to undertake will determine the size of the loan.
Most banks sanction loan if the annual income is around 2 lakhs. Typically joint application makes sense when someone wants to increase their chances of loan approval by furnishing income of both the applicants. Student loans can be repaid after the borrower has completed his her educational course and finds employment thereafter.
Besides a student loan has specific eligibility criteria and you must fund 15 of the expenses. Students who wish move in to a different city in india or even abroad can avail a personal loan in india to fulfil their educational needs. It can be rightly said that student loan has made it possible for people from different economic backgrounds to study further and get admission in their dream university.
Very few financial institutions in india offer joint personal loan. Students are not eligible to get a personal loan as they typically have no source of regular income and credit history. Hence you will find them recommending personal loan for skill development courses.
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