Top 6 banks offering personal loans for students in 2025 – check interest rates here | Mint
Source: Live Mint
Education is a crucial part in building a foundation to shape your career. However, if you are facing a financial crunch and are looking for ways to fund your education, a student personal loan can be an option that you can consider. These loans provide quick loan disbursement and generally require a guarantor. The requirements for personal loans for students are slightly different from the regular personal loans. Let us discuss in detail
What are personal loans for students?
A student personal loan is an unsecured loan and is far more flexible than education loans which are given based on the tuition fee and course. These personal loans can be used for numerous expenses such as rent or travelling or even buying a computer.
Since student personal loans do not need collateral, these loans can be availed by students who do not own any assets. However, lenders can often require a guarantor, who will be liable to repay the loan on your behalf if you fail to repay on time.
1. Axis Bank
Maximum loan amount:Up to 10 lakh
Maximum loan tenure:6 month to 5 years
2. IndusInd Bank
Maximum loan amount:Up to 50 lakh
Maximum loan tenure:1 to 7 years
3. IDFC Bank
Maximum loan amount:Up to 10 lakh
Maximum loan tenure:Up to 5 years
4. HDFC Bank
Maximum loan amount:Up to 40 lakh
Maximum loan tenure:Up to 6 years
Processing fee:Up to Rs. 6,500
5. ICICI Bank
Maximum loan amount:Up to 50 lakh
Maximum loan tenure:1 to 6 years
6. Kotak Mahindra Bank
Maximum loan amount:Up to 35 lakh
Maximum loan tenure:Up to 6 lakh
In conclusion, personal loans for students can help you achieve your career goals while providing temporary financial assistance. However, you must evaluate your financial situation as well as of your guarantor. This way you will be able to repay the loan on time without any financial burden.
Personal loans have higher interest rates as compared to other loans in the market. Hence, before applying for a personal loan, you can also check out grants and scholarships which are provided by universities and the government which can help you in meeting your financial requirements.
(Note: Raising a loan comes with its own risks. So, due caution is advised)
