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How to Get a Personal Loan for a Student in India?

How to Get a Personal Loan for a Student in India?

Pursuing a good education ensures a bright career for students. Today, most of the students focus on higher studies after completing graduation. The current cost of education had escalated thereby making it extremely complicated for the students to go for higher education in the absence of financial aids. For this kind of situation, several financial institutions including banks and private lenders start providing student loans at the minimum interest rates.

Students’ loans could be availed subject to certain terms and conditions including monthly income of the family, credit history, etc. In the majority of the circumstances, people fall short of money owing to several factors such as varying exchange rates, revision in fees, or struggling to meet daily expenses. There might be cases wherein you do not meet the entire requirement mentioned in the student loan application.

Here at Money View, students’ loans are offered at a competitive rate with flexible repayment tenure. However, there are some eligibility requirements to be met by either students or guardians before applying for a personal loan for students through Money View.

  • Individuals must be salaried or self-employed
  • Must earn a monthly income of Rs. 13,500 for salaried employees & 15,000 for self-employed individuals
  • Income should be directly credited to your bank account
  • Maintain a CIBIL score of 600 or Experian score of 650
  • Age between 21 years and 57 years

Is it possible for students with no income to apply for a Money View personal loan?

Sadly, Money View does not grant personal loans to students with no income. Nevertheless, parents, guardians, and siblings who have a steady flow of income will be able to apply for a Money View personal loan as against their name. A major benefit is that it could be utilized for several purposes to that of a student loan since it can be used only for educational purposes.

What are the reasons behind applying for a student loan through Money View?

Instant student loan of Money View holds multiple features and benefits. Some of them are as follows:

  • The eligibility check for a student loan is carried out quickly i.e. about two minutes.
  • We are aware of the fact that loan requirements might fluctuate based on the customer’s needs. As a result, we grant loans between Rs.5,000 to Rs.5 lakhs.
  • At Money view, the internal team realizes that EMI’s with minimum tenure might end up in a financial burden; therefore we have extended the repayment tenure to five years.
  • The disbursement of the loan is about two hours from approval. This would make sure that there are no waiting periods involved.
  • Money View is providing an attractive rate of interest i.e. 1.33% per month
  • The entire process starting from documentation to repayment is executed in digital format.
  • Money View had introduced an alternate credit model that is best suited for individuals with minimum credit scores to obtain personal loans.

Which are the supporting documents required to avail Money View student personal loan?

  • ID proof: — Only PAN Card Only. In scenarios where the pan card is rejected due to image quality issues. Please upload any of the other valid documents like Aadhaar Card, DL, Passport, and Voter ID
  • Address proof: — Please upload any one of the following documents like Aadhaar Card, Valid Indian Passport, Valid Voter ID, Valid Driver’s License, Utility Bills (Electricity, Water, Gas) dated within the last 60 days
  • Monthly income proof: — Salaried professionals are required to submit bank statements of the last three months generated in PDF format. Salary slips of the last three months containing relevant details are also accepted. The employer’s name should be mentioned clearly.

Self-employed individuals are required to furnish bank statements of the previous three months in PDF format.

Which are the additional charges and interest levied on a student loan?

Here at Money view, loans are granted to the customers at a competitive rate of interest along with processing fees thereby ensuring that it does not burn a hole in your pocket.

Fees and charges Amount to be paid
Rate of interest Starts from 1.33% per month
Loan processing fee 2% to 8% of the approved loan amount
Part/Full payment of the loan Part payments are not accepted

Must have paid a minimum of three EMI’s for full payment of loan amount

Interest on overdue EMI’s 2% per month on the overdue amount/Principal loan amount
Cheque bounce Rs. 500 per bounce
Cancellation of loan Extra charges are not levied in addition to the interest amount for the duration between disbursement of loan and cancellation of the loan. Even processing fees could be retained.

Which are the best ways to cover student loans quickly?

Covering student loans is a daunting task. Our initial salary will not be sufficient to pay off the loans. Some of the effective ways to meet this financial obligation are as follows:-

  • Develop a plan: — Get familiar with the exact amount of loan payment– principal, rate of interest, and tax benefits. All you need to do is set up a timeline before planning for repayment. It is better to schedule a reasonable period of around two to three years. Never forget to activate the auto-debit option from your salary account.
  • Consider refinancing loans using lower interest loans: — Credit card is the best option to refinance the loans. It is helpful in saving interest for the next two years. However, you should perform a detailed calculation regarding actual expenses, prepayment fees, processing fees, and tax benefits on the loan amount availed.
  • Engage in a part-time job to cover the outstanding debts:–Part-time job is yet another ideal choice to pay off the student loan instantly.

Conclusion:

Money View personal loan is indisputably one of the reliable and trustworthy online lenders who grant student loans at an attractive rate of interest(ROI) and flexible repayment tenure. Interested students or guardians may consider visiting the official website of Money View and apply for a student loan.

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