Personal Loan for Students : Eligibility, Documents & Apply Online

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What is a Personal Loan for Students?

A personal loan for students is an unsecured loan designed to cover personal expenses during college or university. Since it does not require collateral, the approval process is often simpler and quicker than traditional study loans.

This type of loan is well-suited for students who need flexible funding without strict end-use requirements. Some lenders offer personal loans to students without a job, typically secured by a co-applicant with stable income, such as a parent or guardian.

What are the features and benefits of a student loan?

A personal loan for students is designed to be flexible to accommodate the unpredictable nature of student expenses. It allows borrowers to manage costs without being limited to a single purpose. Key features and benefits include:

• No collateral or asset security required
• Freedom to use funds for education or personal needs
• Faster approval compared to traditional education loans
• Fixed EMIs that make monthly budgeting easier
• Helpful during emergencies or short-term cash gaps
• Can be used as a personal loan to pay off student loan dues in certain cases

What is the Interest Rate on a Student Loan from Various Banks?

Interest rates on personal loans for students can vary widely depending on the lender, loan amount, and repayment period. Unlike traditional education loans, student-focused personal loans from NBFCs and finance companies often offer faster access to funds but may carry a wider range of interest rates. Based on the latest available offers on Urban Money, here is a snapshot of interest rates and key loan details from popular lenders:

Disclaimer: Rates may change based on bank policy, course details, and borrower profile.

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What Types of Personal Loans are available for Students?

A personal loan for students is available in various formats, depending on academic level and financial need. Selecting the right type helps avoid repayment pressure later. Common options include:

• Undergraduate student loans for bachelor’s degree costs
• Graduate student loans for master’s or doctoral studies
• Professional course loans for skill-based or certification programmes
• App-based short-term loans to cover immediate expenses during student life.
• Bridge loans are used as personal loans to pay off student loan gaps

What are the Eligibility Criteria for a Student Loan?

Eligibility for a personal loan for students focuses more on repayment support than student income. Many lenders rely on a co-applicant rather than the student’s earnings. In some cases, approval is possible even for a personal loan for students without a job, provided repayment assurance is strong. Typical eligibility conditions include:

• Indian citizenship
• Admission to a recognised institution or course
• Acceptable academic background
• Parent or guardian as co-applicant
• Valid study-abroad documents, where applicable

What Documents are required for a Student Loan?

Document requirements for a personal loan for students are kept simple to avoid unnecessary delays. Most lenders complete verification digitally once consent is given. Commonly required documents include:

• Identity proof, such as Aadhaar or PAN
• Address proof like a passport or utility bill
• Admission letter and fee structure
• Academic mark sheets or records
• Income proof of the co-applicant
• Recent passport-size photographs

How can you apply for a Personal Loan for Students through Urban Money?

Applying for a personal loan for students through Urban Money keeps things structured and less stressful, especially for first-time borrowers. The platform helps students or families compare multiple lenders in one place, saving time by avoiding multiple website visits. Here’s how the process usually works:

• Visit the Urban Money platform and go to the “products & offers”
• Select personal loan category
• Enter basic details such as name, mobile number, email id, Pin code and PAN details
• Click on “submit and view offer”
• Share academic and co-applicant details, if required
• Review available offers from banks and NBFCs
• Proceed with the lender that fits your needs and complete the application

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