Education Loan for Students Online

Q: What is a student loan?

A student personal loan is a type of personal loan specifically designed for students to help pay for education-related expenses such as tuition, books, or living costs.

Q: How to get a personal loan for a student in India?

To be eligible for an education loan in India, you must meet certain criteria, such as having a good academic record and a secure source of income. Additionally, you will need to provide the required documents when applying for a personal loan for students.

Q: Who is eligible for a personal loan for further studies?

Students who have secured at least 50% marks in their board examinations and graduation courses are eligible for a personal loan for higher education. Additionally, they must be Indian residents, and the course they have picked for further studies should be approved by UGC, Government, or AICTE. Most importantly, students should not have any outstanding education loans to clear.

Q: Do personal loans for students require any co-applicant?

No, a personal loan for a student does not require a co-applicant. However, if you are an unemployed student, then Piramal Finance will insist on having a guarantor or co-applicant in the personal loan agreement. This co-applicant or guarantor can be your parents, guardians, or other relatives who will be liable for the loan repayment in case you are unable to do so.

Q: What is the maximum student loan amount I can avail of from Piramal Finance?

Piramal Finance provides personal loans up to Rs. 10 lakhs to students. The actual personal loan amount is subject to our internal policy and credit assessment of the applicant, which includes income proof, repayment capacity analysis, CIBIL score, and other personal details.

Q: Who can be a guarantor for a personal loan for education in India?

A personal loan guarantor can be any of your family members or close friends who are willing to take on the responsibility of repaying the personal loan in case you default on it. The person should have a good credit score and income proof to be accepted as a personal loan guarantor by Piramal Finance.

Q: Can I get an education loan without security?

Yes, personal loans for students do not require any security. Most personal education loans are unsecured, which means that you don't need to provide collateral or security to get approved for the loan. However, Piramal Finance may ask for a guarantor in certain cases.

Q: Should I take an education loan for abroad studies?

Before taking a student loan for abroad studies, you should carefully evaluate your personal financial situation and choose a course and college that suits your budget. You should also consider the estimated cost of living in the country where you plan to study before applying for a study loan. It is important to remember that personal loans are not designed for long-term financing, so it’s better to financially prepare yourself as much as possible before taking on any personal debt.

Are you a student looking to finance your education? A personal loan for students can help them manage the cost of tuition and other educational expenses. With personal loans, there are no restrictions on how the funds can be used, so they’re ideal for all types of education costs, such as tuition, textbooks, supplies, and more. A personal loan for students is an unsecured loan that offers fixed repayment terms, meaning you know exactly when your payments will be due and how much they will be each month.

Features of a Personal Loan for Students

Collateral Free Loans

With Piramal Finance personal loan for students, there's no need to provide collateral, so you do not need to worry about putting your assets at risk. This also helps streamline the loan process as it eliminates the need for lengthy paperwork and credit checks.

Quick Eligibility Check

Piramal Finance personal loan for students allows you to quickly check your eligibility in just a few minutes. With no credit score requirement and an easy application process, personal loans for students make it easier than ever to get financial help when you need it.

Flexible Loan Amount

Piramal Finance personal loan for students offers a range of loan amounts to meet your individual needs. Whether you need a little extra help with tuition or require more substantial assistance with course materials and living expenses, we offer flexible loan amounts so that you are able to get the most out of your education.

Affordable Interest Rates

Student loan interest rates at Piramal Finance begin at 12.99*%pa and increase depending on loan amount and loan tenure. The student personal loan has competitive interest rates, making it easier to repay your student personal loan over time. With low interest rates, you can be confident that you will not be burdened by debt when your education is completed.

Eligibility Criteria for Student Loan

To apply for a student loan from Piramal Finance, you must meet the following eligibility criteria:

1.
You should be a citizen of India.
2.
To be eligible for a student loan, securing at least 50% marks in your board examinations and graduation course is essential.
3.
The course should be approved by UGC, Government, or AICTE.
4.
You should not have any outstanding education loans to clear.

Documents are Required to Avail of a Personal Loan for Students.

1.
Loan agreement signed by the applicant and the co-applicant.
2.
The demand letter from the University.
3.
Bank statement for the last 6 months.
4.
Standard 10th, Standard 12th, College mark sheets.
5.
Copy of admission letter.
6.
Proof of income.
7.
Proof of address.
8.
Proof of identity.
9.
Passport size photographs.
10.
Disbursement request form signed by applicant and co-applicant.

Interest Rates and Charges for Student Loans in India

Personal loans for students in India offer competitive interest rates that make it easier to pay off your student personal loan over time. Piramal Finance offers interest rate on a personal loan for students lower than that of other student education loans and start from 12.99*%pa onward. Additionally, it provides loan for students with no processing or prepayment charges, making it easier to manage the cost of tuition and other educational expenses.

The calculation of student personal loan EMI is done using the following formula:

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

Here,
P = Principal amount
R = Rate of Interest
N = Number of years for repayment (this is calculated in months)

Tips to Use a Personal Education Loan Responsibly

Budget carefully and create a repayment plan before applying for a personal loan for students.
Make monthly payments on time and in full to avoid late fees or additional penalties.
Speak with Piramal Finance’s concerned officials about options if you’re having difficulty making payments.
Consider paying more than the minimum payment each month to reduce the overall amount of interest paid on your personal student loan over time.
Monitor credit reports regularly to ensure accuracy and check for any potential fraud.