Amid the increasing education costs, loans are the only way to ensure access to quality education without compromising one’s academic ambitions. Education loans, however, still face several issues like strict eligibility criteria and a complex application process. This is why students are turning to a personal loan in India to pay for everything from exam fees to short-course fees.
A personal loan offers the flexibility to use the funds for everything from short-term skills courses to examination fees. It is also easier to qualify for the loan. In this blog, we will understand why you must opt for a personal loan and how to qualify.
Although education loans are necessary to finance higher studies, they still have a number of challenges. Strict eligibility criteria make education loans difficult to get as the lenders demand evidence of academic performance, and in some cases, collateral.
Also, the complicated application process requires several documents, which can demoralise students and their families. Besides all these, students face a variety of financial demands, from competitive exams and online courses to professional certifications.
If you fulfil the eligibility criteria of the DMI Finance personal loan, you can apply for a DMI Finance personal loan to pursue your academic goals. Here are the key features:
Here is the eligibility criteria for a DMI Finance personal loan. Anyone who needs a personal loan for their own educational goals or for their children’s education should qualify according to the criteria below.
| Eligibility Criteria | Details |
| Age | 23 – 52 years |
| Monthly Income | ₹25,000 and above |
| Employment | Salaried or self-employed |
| Credit Score | 700+ |
| Minimum Work Experience | Not applicable |
| Documents | Aadhaar & PAN Card Address proof(Utility bills or rent agreement) Income Proof (Salary slips, bank statement) |
Here are all the ways students can use personal loans for their career and academic goals:
Personal loans are very convenient in the sense that they are easy to obtain, require no paperwork, and can be used flexibly. Their convenience and shorter term make them a viable option for many students and their families. Ensure that you compare offers before choosing the most favourable one.
Take the next step towards your career and academic dreams with DMI Finance. Apply for a personal loan and get up to ₹5 lakh for all your educational expenses. Whether it’s for covering your tuition fees or travelling, DMI Finance’s personal loan covers it all.
1. Can a student take a personal loan without parents?
Yes, students can apply for a personal loan if they are above 23 years of age and meet the eligibility criteria.
2. What’s the difference between an education loan and a personal loan for education?
Education loans are specially offered to meet education-related costs at lower interest rates and longer repayment terms. Personal loans are quicker to get and flexible to use, but have shorter payback periods.
3. What is the maximum amount I can borrow using a short-course loan?
You can borrow up to ₹5 lakh with a DMI Finance personal loan.
4. Are student personal loans secured or unsecured?
Student personal loans are unsecured in nature, which implies that you don’t have to provide any assets or property as collateral.
5. Can parents borrow a loan for exam fees on behalf of the students?
Yes, parents can apply for a personal loan and use the funds for their children’s education.
6. What is the tenure of a student’s personal loan in India?
DMI Finance offers a personal loan of ₹5 lakh for a maximum of 48 months. You can choose a tenure that fits your budget and financial comfort.
7. Can I use the personal loan for students for coaching classes?
Yes, you can use the loan for exam fees or short-term coaching.
| Personal Loan of Different Amounts | ||
| ₹50,000 Personal Loan | ₹1 lakh Personal Loan | ₹2 lakh Personal Loan |
| ₹3 lakh Personal Loan | ₹4 lakh Personal Loan | ₹5 lakh Personal Loan |
