Student Personal Loan: Education plays the biggest role in advancing one’s career. Many times people have to face shortage of money during higher studies. During this time, student personal loan can be a better option. Usually a guarantor is required and the loan is processed quickly.
Student personal loan is different from education loan
While the education loan amount is based on tuition fees and course, you can also use the amount from student personal loan to pay rent, buy a computer or travel. Since in student personal loan, you do not have to show your assets as per the loan amount, so that recovery can be done in case of non-repayment of the loan. In this, only one guarantor is required, who will be responsible for giving the money in case of non-payment of the loan. Today we are going to give you information about some such banks which provide personal loans to students.
Axis Bank
Maximum loan amount – up to Rs 10 lakh
Loan repayment period – 6 months to 5 years
Processing fee – up to 2%
Interest rate- from 11.25 percent
ICICI Bank
Maximum loan amount – up to Rs 50 lakh
Loan repayment period – 1 to 6 years
Processing fee – up to 2%
Interest rate – starting from 10.85 percent
IDFC Bank
Maximum loan amount – up to Rs 10 lakh
Loan repayment period – up to 5 years
Processing fee – up to 2%
Interest rate – starting from 10.99 percent
Kotak Mahindra Bank
Maximum loan amount – up to Rs 35 lakh
Loan repayment period – up to 6 years
Processing fee- 5 percent
Interest rate – starting from 10.99 percent
HDFC Bank
Maximum loan amount – up to Rs 40 lakh
Loan repayment period – up to 6 years
Processing fee – up to Rs 6,500
Interest rate – starting from 10.85 percent
IndusInd Bank
Maximum loan amount – up to Rs 50 lakh
Loan repayment period – 1 to 7 years
Processing fee – up to 2 percent
Interest rate – starting from 10.49 percent
Overall, student personal loan helps you achieve your career goals by providing financial assistance. However, the interest rate is high, hence before applying for student personal loan, it is important to check about the scholarship provided by the government or university so that your studies do not get hampered and you do not have to bear the burden of paying interest.
Disclaimer: (The information provided here is being provided for information only. It is important to note here that investment in the market is subject to market risks. Always seek expert advice before investing money as an investor. ABPLive.com does not advise anyone It is never advisable to invest money here.)
Also read:
Groww IPO: Investors have been trading in shares through discount brokerage platform, now the company is bringing its IPO.
