How to Get Personal Loan for Students in India

Personal Loan for Students

Don’t let finances limit your academic or career ambitions! While an education loan offers lower rates and specific benefits, a personal loan provides quick, flexible funding for education with potentially less stress to repay while studying. Whether pursuing higher education or professional certifications, carefully planned loans can be steppingstones to success. Just remember, to get a personal loan as a student can be tricky, so explore all options and borrow responsibly. Go get those academic dreams and career goals!

Look up for the expenses

When assessing your expenses, consider various factors, including travel expenses, tuition fees, the cost of study materials, any additional coaching requirements, and the expenses related to lodging and boarding that aren’t covered by your education loan. By obtaining a precise estimate of total costs, students can better determine the amount of a personal loan required to meet your financial needs.

Loan Eligibility for Students

  • Age Requirement: Users must be over 18 years of age. This is a common age restriction to ensure that individuals using financial services are legally considered adults.
  • Residency Requirement: Users must be Indian residents. This means that the financial services provided by “Zap Money” are available to individuals who are living in India.
  • Bank Account: A valid and active bank account is required. This is likely for the purpose of transactions and fund transfers.
  • PAN Card: A Permanent Account Number (PAN) card is required.
  • Aadhaar Card: An Aadhaar card is required.
  • No Mandatory Credit Card: Unlike some financial services that may require users to have a credit card, “Zap Money” does not have this requirement. This could be advantageous for individuals who may not have a credit card but still want to access the services offered by “Zap Money”.

Steps to Get Personal Loan for Students on ZapMoney

  • Download the Zap Money App. Download to the official Zap Money app on Google Play Store.
  • Create an Account. Create a user account on the “Zap Money” platform. This may involve providing personal information and creating login credentials.
  • Verify Eligibility. Check the eligibility criteria for loans. Ensure that you meet the required conditions, which may include factors such as age, income, or credit history.
  • Choose Loan for Students. Select the type of loan you need and determine the loan amount based on your financial requirements.
  • Complete the Application. Fill out the online loan application form provided by Zap Money. Be prepared to provide details about your personal information and any other required documentation.
  • Upload Documents. Submit any necessary supporting documents, such as proof of identity, residence verification etc. Ensure all documents are accurate and up-to-date.
  • Review Terms and Conditions. Carefully read and understand the terms and conditions of the loan agreement, including interest rates and repayment terms.
  • Submit Application. Once you have completed the application and provided all necessary documents, submit your loan application through the app.
  • Wait for Approval. Allow “Zap Money” some time to review your application. They may conduct a check of the details you have provided.
  • Receive Funds: If your loan application is approved, ZapMoney will provide instructions on how to receive the funds. This may involve linking a bank account for direct deposit.

Benefits of ZapMoney Loans for Students

  • Quick Approval. With Zap Money’s student loans, experience the benefit of swift approval processes, ensuring that you can access the financial support you need for your education without unnecessary delays.
  • Minimum Documentation. Enjoy the convenience of minimal documentation when applying for a student loan with ZapMoney. Streamlined documentation requirements make the application process efficient and hassle-free.
  • Completely Online. Embrace the digital age with ZapMoney’s student loans, offering a seamless online application process. Enjoy the convenience of applying, submitting documents, and managing your loan entirely through a user-friendly app.
  • Financial Support for Education. Student loans from ZapMoney can provide crucial financial assistance to cover tuition fees, textbooks, and other educational expenses, ensuring that students can focus on their studies without financial strain.
  • Flexible Repayment Options. Flexible repayment plans allows students to choose options that align with their financial situation.
  • Building Credit History. Responsible repayment of student loans can contribute to the establishment and improvement of a student’s credit history. This can be valuable for future financial endeavors, such as applying for credit cards or other loans.

Final Thoughts

Decide your repayment plan in advance. This choice is crucial, as the monthly repayment amount is determined by the tenure you select. Keep in mind that as a student, your income might not match what you earned in a professional capacity. Therefore, it’s essential to prioritize affordable Equated Monthly Installments (EMIs). Strive to find the right balance between the loan amount and tenure to achieve an optimal monthly expenditure.

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FAQ’s

The ZapMoney app makes personal finance easy, accessible, and affordable. The App is available on Google Play Store and App Store for download, allowing you to sign up and access easy personal loans. ZapMoney is powered by Monexo Fintech Private Limited which is a registered NBFC-P2P.
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