Personal Loans for students are unsecured loans. Since students might not be working, they cannot produce income proof for a Personal Loan. However, they might still get funds for higher education if their parents apply for the loan.
With Clix Capital, Personal Loans for education can be availed with minimal documentation. Funds from such loans can be used to pay fees, buy study materials, dine, and other costs. Like any other loan, parents will pay off the loan within a given tenure. Interest charges will also be applied to Personal Loans for students. With a digital lending platform like Clix, Personal Loan quick approval is possible. Students will not have to compromise on their education due to a lack of funds. Let us now understand the pros of online Personal Loans for students.
Pros Of Online Personal Loans For Students
1. Quick Approval
Traditional lending institutions take too much time to process personal loan applications for students. In the meantime, the student might have to meet urgent financial obligations. But with Clix Personal Loans, students (via their parent’s eligibility and consent) get approvals in quick succession. After a quick verification, the Personal Loan amount will be deposited in the parent’s saving account.
2. Gives A Chance To Maintain Their Credit Score
Students are usually not involved in loans and credit cards. For the same reason, they never get a chance to keep a good credit score. Someone who has never opted for a loan or credit line will have a lower CIBIL score. By taking small Personal Loans and paying them off on time, individuals have a chance to boost their CIBIL scores.
3. Minimal Documentation
Instant Personal Loans for students can be easily obtained through a digital lending platform. Students and their parents don’t have to visit an NBFC to submit the required documents. All documents can be uploaded in digital format on the online portal of Clix.
4. Easy Eligibility Criteria
Individuals between 21 and 58 years of age with a credit score of 630 and a minimum salary of Rs. 20,000 per month can apply for an instant Personal Loan.
Availing of personal loans for students & their higher education can be a good idea as their daily expenses can be met. The parents can get a personal loan for education with Clix by submitting the easy loan application online. You can apply for such a Personal Loan online without any hassle of visiting branch offices.