Personal Loan for Students Without a Job – Easy Apply

A personal loan is a very useful loan; it can be used for any personal purpose of the borrower with minimum documentation, and funds are provided in less time. Due to these factors, many people prefer to take personal loans. Personal loans can be taken by any person, like a person with a low income or a low CIBIL credit score, and even students are able to take loans for purposes like tuition fees, exam fees, books, and other expenses.

Can a student with no job get a personal loan?

Generally, a personal loan is an unsecured type of loan whose approval depends on the applicant’s credit score, income, and repayment capability. So for a student without a job, getting a personal loan is very tough on the student on their own, but not impossible if the student provides any guarantor in place of the student, which acts as a co-applicant of the personal loan; then the lender will provide the personal loan to the student.

Reasons for Personal Loan for Students Without a Job

• Living Expenses: There are many students present who need to get away from home for higher education, for living somewhere else brings various living expenses like food supply, hostel fees, room rent, etc.

• Medical Needs: Medical emergencies can arise without warning, so in this situation a personal loan is the best option because it can be obtained in less time in comparison to other loans.

• Study Materials: Books and other sources of study need money to get by students in this situation. A personal loan will help in getting those materials.

• Valuable Courses: Many students invest in valuable skill development courses, which help in adding a positive impact on employability.

Features of Personal Loan for Students Without a Job

Features	Details
Loan Amount	₹10,000 – ₹2,00,000
Repayment Duration	6 months to 5 years
Rate of Interest	10% – 24% (Depend on lender & credit profile)
Collateral	Usually not required
Processing Time	24 to 72 hours

Personal Loan : ₹50000 Loan Without Salary Slip – Quick Approval Online

Benefits of Personal Loans for Students With No Job

✅ Instant Fund Raising: Personal loans are known for quick availability of funds in urgent situations like exam fees, etc.

✅ Flexible Usage: There is no restriction on usage of loan amount; the student can use it hostel fees, books, living expenses, etc.

✅ Build Credit History: Through repaying personal loans and interest amounts on time, it makes a credit history of repaying loans, which will eventually help students to take out personal loans when needed in the future.

Challenges or Risks For Students Taking Personal Loans Without No Job

❌ High Interest Rate: Students should be aware of the high interest rate that lenders apply to personal loans due to high risk.

❌ Debt Trap Risk: Without any stable sources of income, regular repayment of personal loans becomes hard for students to repay and causes them to pay heavy penalty amounts.

❌ Impact on Credit Score: Not repaying a personal loan on time will affect the credit score of the student for the future.

❌ Co-Applicant Liability: If the student is not able to repay the personal loan amount, then the co-applicant or guarantor of the borrower will be responsible for repaying the personal loan.

Documentation Required for Personal Loan for Students Without a Job

Documents Students Need to Bring:

• Identity Proof: Aadhaar Card, PAN Card, Voter ID, Passport

• Address Proof : Utility Bill, Aadhaar, Rent Agreement, Passport

• Bank Account Details : Bank passbook

• College ID Card : Proof of being an enrolled student

• Academic Records : Mark sheets

• Photograph : 2 Passport-sized photo

Documents from Co-Applicant Need to Bring:

• Income Proof : Salary slips, ITR, bank statement (last 6 months)

• Employment Proof : Offer letter or employment certificate

• KYC Documents : Aadhaar, PAN, Address Proof

• Relationship Proof : If the co-applicant is a parent or relative

Eligibility Criteria for Personal Loan for Students Without a Job

Age : 18 – 25 years

Educational Status : Enrolled in a recognized college/university

Employment : Not mandatory

Credit Score : Not mandatory

Co-applicant : Required (if you have no income)

Nationality : Indian citizen

Best Personal Loan Platforms for Students Without No Job

Platform	Interest Rate	Loan Amount
KreditBee	Starting at 12%	₹1,000 – ₹2 Lakh
mPokket	18% to 36%	₹500 – ₹30,000
Slice	Depend on lender	₹2,000 – ₹10 Lakh
CASHe	Based on profile	₹7,000 – ₹3 Lakh
PaySense	13% to 28%	₹5,000 – ₹5 Lakh

Apply Personal Loan Online – Instant Approval & Low Interest Rates

Frequently Asked Questions