Personal Loans for Students in India

You have finally got admission to your dream college. Your tuition fees are covered by your student loan, and you are living a good college life. However, there’s a small trouble. You are unable to manage your expenses. You are not alone!

Most college students often find themselves broke at the end of every month. It doesn’t matter what your allowance is and how much you eat, the money just seems to get over easily. While this can be a common situation, being broke at the time of a medical or personal emergency can impact you in the longer run. Or what if you wish to buy a new phone or subscribe to the nearby library?

A personal loan from Airtel Flexi Credit can help you to cover your expenses, build your credit score, and teach you money management. People often think getting a personal loan for students in India is not possible. This is not true anymore. Thanks to various fintech companies in the market today, students can easily get a loan with minimum documentation.

Let’s understand in detail how instant personal loan for students is facilitated by financial institutions and what is the eligibility criteria.

How to get instant personal loans for students in India?

Not all fintech or banks provide a personal loan for students in India. Moreover, most of the institutions don’t provide personal loans for students with no income. You need a guarantor, parents, or siblings with a regular income to apply for a personal loan under your name.

However, you will be eligible for a personal loan if you have an alternate source of income. Many students work freelance or part-time for companies to meet their expenses. These students can easily apply for a personal loan.  Let’s take a closer look.

Eligibility criteria for a personal loan for students in India

If you are applying for a student personal loan from Airtel Flexi Credit using Airtel Thanks app, you need to meet the following criteria:

• Minimum cash-in-hand income of Rs. 13,500 and above per month to qualify for the loan.
• A minimum CIBIL score equals 600 or an Experian score of 650 or more. (Check your credit score on the Airtel Thanks app)
• The income should be transferred directly to the student’s account regularly.
• Age limit for applicants – 21 to 57 years old.

Related read: Ways to check your credit score online – Detailed guide

Now let’s move on to documentation.

Which documents are required for a student personal loan application?

If you meet the above-mentioned criteria, start putting together the following documents:

• ID Proof (PAN card/Aadhaar/Indian Passport/Driver’s License/Voter ID card)
• Address Proof (Aadhaar/ Passport/ Voter ID card/Driver’s License/Utility bills receipt)
• Last 3 months’ bank statements in salary and personal bank account for salaried and self-employed individuals respectively (PDF format)

Once you are ready with the documents, you can initiate the process from the Airtel Thanks app.

How to start a student personal loan application on the Airtel Thanks app?

• Download the Airtel Thanks app on your phone. It is available on both Google Play Store and App Store.
• Register in the app using your mobile number. Enter the OTP to log in.
• Now head to the ‘Shop’ section of the app.
• Tap on ‘Financial Services > Get personal loan up to Rs. 5 Lakhs to apply for a personal loan for students.
• You will now have to enter your personal details like name, email, residential address, PAN number, etc. Enter it and proceed.
• Soon, you will be able to see loan offers suitable for you based on your profile and credit history. Generally, MoneyView offers loans to students in India. If you see their loan offer, tap on it.
• You will be asked to provide more details and upload the relevant documents.
• If your application is foolproof, the bank will disburse your amount within 24 hours of document verification and signing of the loan agreement.

During the process, you will be asked to choose the loan tenure and repayment term. Keep your monthly expenses in mind and choose a personal loan EMI that you can manage.

Now, if your Airtel Flexi Credit loan is processed by MoneyView, your loan’s interest rates might look like the following:

So, what are you waiting for? Head to the Thanks app to check your personal loan offers from Airtel Flexi Credit right now!

Also read: What is credit score and its importance?