Education is one of the most important part of an individual’s life and that can’t be summed up in words. And for that now a days, banks and other financial institutions are offering personal loan to students, so that they face no drawback in education due to financial trouble. An instant personal loan to a student can help the student pay for the tuition fees, but also the staying and boarding fees, this mostly happens when a student is pursuing education away from home.
Though individuals mostly opt for education loan when it comes to higher education, but there may be chances that your education loan application doesn’t get approved and you are in urgent need of money. An instant personal loan comes to your rescue then. Many financial institutions have started offering Graduate and Post Graduate students personal loans to help them cope up with the additional expenses and also pay for their higher education.
Personal loan to students
Many banks and financial institutions have started offering personal loans to students, so that they can take care of their expenses, which are not met by their savings. A student can use the personal loan taken for various purposes, it can be used for travel, accommodation, buying books and other products, paying for moving, etc. Though it is mandatory to have a regular income when it comes to opting for a personal loan, but being a student you can always have your parents or your guardian as your co-applicant. That in turn will make you look like a more eligible candidate, and your loan shall be sanctioned easily. Since, it is a personal loan you don’t need to keep any collateral as a security.
To begin with, when you are trying to avail a personal loan for investing in higher education, as a student you need to keep your parents or guardian as a co-applicant. You can find and apply for a personal loan online with Sugmya Finance through Sufinn.com. Anyway, the following is the general eligibility criteria based on which you can apply.
• You must be between 16-35 years of age
• If your loan amount crosses a specified limit, you might need to provide some collateral
• The income of the co-applicant needs to meet the specified amount
• You must have already taken admission before you apply for the loan
Documents you need to submit:-
o Identity proof, address proof, age proof (applicant and co-applicant)
o Income proof of the co-applicant
o Bank statements of the applicant and co-applicant
o Admission form of the university or college
o Copy of Passport and Visa (if the place is abroad)
And to apply for a short term personal loan you can follow the following steps:-
1. You need to estimate your expenses first
2. Then check for your eligibility
3. Now you need to choose the repayment tenure (short-term/long-term)
4. Fill the application and submit it
5. You will receive the money once your application is verified