Traditional education loans are often not enough to fulfil students’ financial needs. With these loans, students can only pay off their tuition fees. Students have to bear several expenses such as food and travelling expenses, particularly if they are staying away from home for studies. Traditional loans can cover all these. Personal loan for students is a wonderful support to cement the void. If you are looking for quick loans to finance your non-educational expenditures, think about getting a personal loan.
Eligibility criteria for a student loan alter with your choice of a lender. However, some criteria are common at all the lending organizations across India. Still, you should check if a particular lender has some additional criteria for prospective borrowers. You should also ask the lender about the documents you have to submit.
A personal loan comes with multiple benefits summed up as follows:
You don’t need to submit any collateral to obtain this financial product. Hence, personal loans are quick and convenient to avail.
Flexibility of usage is one of the major benefits of personal loan for students. With a personal loan, you can cover an array of expenditures. Traditional loans don’t come with this benefit.
Since it is an unsecured loan, it requires no lengthy process of verification. Quick disbursement is a salient feature of personal loan and makes it more attractive to those who need funds within 24 hours.
It is another remarkable advantage of this financial package. You are free to choose a tenor according to your repayment ability. Choose an EMI, which you think is convenient and comfortable to pay.
Income Tax Benefits
A personal loan for students grants you some attractive income tax exemption. The Income Tax Act, 1961, states anyone taking loans for educational expenses can file income tax benefit on repayment.
Bajaj Finserv makes different pre-approved personal products available at a low interest rate. These include credit cards, home improvement loans and personal loans. Submit your name, contact number and other details to check the offers. You can expect to get a personal loan for students within 24 hours of submitting the application.
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.