Personal student loans are becoming increasingly popular among students, know all the information related to its benefits, eligibility, and interest rates

Student personal loan helps students to meet many types of education-related expenses, along with this students can complete further studies without any financial hassle.

In today's time, education is becoming very expensive. Amid this competitive environment, personal student loans is becoming increasingly popular among those Indian students who want to complete further studies and who are short of funds.

Student personal loan helps students to meet many types of education-related expenses, along with this students can complete further studies without any financial hassle.

If you are also thinking of taking a personal student loan, then get all kinds of information related to it. Like what is the eligibility for a personal student loan, what is its interest rate, and how is it beneficial.

What is a student personal loan?

· Before knowing the benefits, interest rates and eligibility of personal student loan, let us know about it. This loan falls under the category of unsecured loans which are given to meet education related costs.

· This loan is given unlike general education loans which are usually reserved for fee payment.

· This loan is used to pay for the cost of living, food, cost of textbooks and other fees. There is no need to pledge anything for a personal student loan.

Eligibility for personal student loan

· The age of the student should be 18 years or above.

· The parent, guardian or co-signer should have a constant source of income.

· This loan can be obtained from your lending bank or individual institution.

· Many institutions may also consider the reputation of the school or college as a basis for giving a personal student loan.

How to apply for a personal student loan

· To get this loan, first of all you have to apply to the bank's ablution institution.

· All the necessary documents related to the loan application have to be submitted.

· The details of the college or university or school are checked by the bank's financial institution.

· After this, the loan amount and its repayment period are decided by the bank or financial institution.

· After all the processes are completed, the loan amount is transferred directly to the bank account.

Interest rates of personal student loan

The interest rates of personal student loan may vary in different banks or financial institutions.

· The interest rate of student loan in State Bank of India is between 8.05% to 11.75% per annum.

· Axis Bank has interest rates of 13.70 percent to 15.20 percent per annum.

· Similarly, ICICI Bank has interest rates of 10.25 percent per annum.

Benefits of Personal Student Loan

This loan provides instant loan to the students, which makes it easier for them to meet their immediate expenses. Students can get this loan after completing the general formalities.

Disadvantages of Personal Student Loan

Students may have to pay higher interest rates for this loan. Also, this loan comes with a short run period.

If the student wants to take this loan, then first of all we should evaluate whether he is able to pay the interest or not on the basis of the loan repayment capacity. Also, advice can be taken from financial advisors before taking the loan.