Can a student apply for a personal loan?

A student cannot apply for a personal loan since they would not meet the eligibility criteria required to avail a personal loan. In India, the basic eligibility criteria that one has to meet is that the person must have a credit score of 650 and above and should have a regular source of income so as to show the bank that the applicant can repay the loan in time.

Since as a student, you do not have a regular source of income, it will be difficult for you to avail a personal loan.

However, there are certain options which you can look at, assuming that you would like to avail a loan on property to meet your education needs.

If you are looking to avail a personal loan, then it is highly recommended that you have a co-applicant preferably somebody from your family who can act as a guarantor and help you avail the personal loan.

The other option that you can look at is availing an education loan. The eligibility criteria are much easier to fulfil and has been designed keeping in mind the needs of a student.

You can also avail gold loan provided you have a certain amount of gold which you will give to the bank as collateral. The eligibility criteria are very much simple, and you can easily avail a gold loan. You must go for gold loan if you have non-educational needs to fulfil.

Hence, these are some of the loans you can avail if you are a student. If you wish to avail a personal loan, then it is recommended that you have a family member who can be your guarantor.