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Student Loan

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What are Student Loans?

Student loans or personal loans for students are unsecured loans that enable students to take care of their immediate education-related expenses in case their education loan hasn’t been approved yet, or if they are ineligible for one. As it’s a type of personal loan, it can be used for all kinds of purposes, unlike an education loan, including buying a laptop, flight expenses, buying books etc. for oneself or for a family member.

To avail a personal loan for students, the applicant must prove s/he has a regular source of income. In the event that a student is applying for the loan himself/herself, but doesn’t have a job yet, s/he can add his/her spouse or parents as a co-applicant in the student loan.

Since it’s a type of unsecured loan, there’s no need of pledging any collateral with the lender. In most cases, the lender would require the applicant to be between 16 to 35 years in age. The quantum of loan depends upon the repayment capacity of the applicant; however, banks and NBFCs are known to offer loan amounts of up to ₹ 40 lakh, and sometimes even more. The repayment tenure is normally up to 60 months.

How Personal Loans for Students are fulfilling education needs

There is no way that someone can weigh and sum up the importance of education in a person’s life. Not only does education play a critical role in helping one develop the necessary skills to succeed in his/her professional life, it also makes him/her a responsible citizen.

Although banks, NBFCs and other lending establishments are very forthcoming in offering education loans, these are only good enough to pay for the tuition fee. But in reality, tuition fee isn’t the only expense involved in higher education.

Regardless of whether one takes admission in an international or an Indian university/college, they need to take care of many more expenses; purchase of new books, buying a laptop, air tickets, security deposit and moving expenses, to name a few. Often, personal savings aren’t enough to meet all these. It is at such times that a personal loan for students can prove to be a godsend. Many Indian financial institutions offer such unsecured student loans to both postgraduate as well as graduate level students, to help them handle these additional expenses. However, it is imperative that the loan applicant must prove source of regular income to avail this facility.

Where to avail student loans

GoSahi has emerged as the go-to platform to compare as well as avail such student loans. It offers both online and off-line assistance to applicants, and often hand-holds and helps them at every step, till the loan amount is finally credited into their account. The applicant needs to provide only basic details like his/her income, loan amount etc. and the platform’s AI picks out the best loan offers, suiting their needs.