Personal loan by type
Personal Loan for Students.
Most students don't qualify directly, since lenders require independent income — here's what actually works, and when an education loan is the better fit instead.
Is this really what you need?
If you're funding tuition or study costs, an education loanalmost always beats a personal loan — it doesn't require independent income, offers a moratorium during your course, and often carries a lower rate with Section 80E tax benefits on the interest.
- Principal amount
- ₹2,00,000
- Total interest
- ₹46,096
- Total amount
- ₹2,46,096
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | ₹57,636 | ₹24,396 | ₹1,42,363 |
| 2 | ₹66,245 | ₹15,787 | ₹76,117 |
| 3 | ₹76,116 | ₹5,895 | ₹0 |
Frequently asked questions
Can a student get a personal loan directly?
Rarely, and usually not without independent income — most lenders require a minimum monthly income to qualify for a personal loan, which full-time students typically don't have. If you're funding education specifically, an education loan (which doesn't require independent income and offers a moratorium during your course) is almost always the better-fit product, not a personal loan.
How can a student access a personal loan if they need one?
The common path is applying with a co-applicant or guarantor who has independent income — a parent or guardian — whose income and credit profile the lender actually evaluates. A small number of NBFCs and fintech lenders also offer limited personal loans to students with a part-time income or a strong academic/co-signer profile, usually at higher rates.
What's the difference between a personal loan and an education loan for a student's needs?
An education loan is purpose-built for tuition, living costs, and study-related expenses, offers a moratorium (no EMI during the course), and often has lower rates and tax benefits under Section 80E. A personal loan has no such moratorium and starts EMIs immediately — use our Education Loan EMI Calculator if that's what you actually need.