Can A Student Apply For A Personal Loan

Yes, a student can apply for a personal loan, but approval matters the most. In that case, approval on a personal loan requires certain eligibility criteria. Repaying ability is the top most criterion that look in a borrower. Hence, mostly, the salaried and self-employed individuals have higher chances of getting a personal loan from banks and NBFCs.

If the student is having the capacity of repayment or can get a co-borrower who has a good credit score and better repaying ability, a personal loan can be obtained. However, it is not complete possible as the approval is done at the sole discretion of the lender.

An education loan is better than a personal loan for students. Moreover, the repayment starts only after completion of the course.

If your financial need is small, you can also try student credit cards available in the market You will be allotted a certain credit limit on the card as per your eligibility.