Considering an advanced course? Here's why a personal loan makes sense

Dreaming of earning that globally recognised certification or studying in a buzzing international city? You're not alone. But let’s be honest: advanced education doesn’t come cheap. Between tuition fees, flights, accommodation, and coffee shop study sessions, the costs can pile up quicker than lecture notes. And figuring out how to finance it all can feel like a full-time job in itself.

The good news? There is a solution, and you don’t have to put your dreams on hold. A personal loan for students could be the easiest way to fund your goals. Even better? An instant personal loan for students can help bridge the gap without spending days waiting. Read ahead to know more. 

Why personal loans for students are perfect for advanced courses

Financial flexibility is key when planning take up a new course or get certified. Here's why a personal loan for students can be the smartest and most practical option for funding your goals:

1. Covers more than just tuition

A personal loan isn’t limited to course fees; it also helps cover travel, accommodation, and living costs. That means fewer financial gaps and more financial flexibility when you take up higher studies.

2. No restrictions on the course or the institute

Unlike education loans, personal loans for students let you choose the certification, institution, and country without rigid approval criteria. You get full control over your learning path.

3. Faster approval and disbursal

With an instant personal loan, funds can be approved and disbursed quickly. This is ideal for tight deadlines or last-minute admissions.

4. Fewer conditions, more convenience

Many personal loans for students require minimal paperwork and often don’t need collateral. This makes them more accessible.

5. Freedom to use funds your way

Whether it’s booking a flight, paying your rent, or buying study materials, a personal loan gives you the freedom to manage expenses as you see fit, with no restrictions.

Are personal loans for students really favourable?

The above-listed features seem favourable, right? But do they fare well when compared to other financing options? Let’s see. 
 

A quick guide to qualifying for and repaying a personal loan for students

Now that we have covered financing options, let’s talk about the application process. If you are wondering how to get a personal loan for students, here's what you need to qualify, how much you can typically borrow, and what to expect during repayment, so you can take an informed step forward.

1. What do you need to qualify?

Most lenders have a few key requirements that students should be prepared for:

• Age: You should be at least 18 years old.
  
  
• Income: Either your own or that of a co-applicant (such as a parent or guardian) may be needed to meet income requirements.
  
  
• Credit score: If you have a limited credit history, your co-applicant’s score may be evaluated.
  
  
• Documents: Typically, identity proof, address proof, admission letters, and proof of income (for you or your co-applicant) will be required.

Tip: Always check if the bank allows for student-specific criteria or offers relaxed rules on co-signers or collateral. For instance, you don’t need co-signers when applying with IDFC FIRST Bank. Students can entirely apply online for a FIRSTmoney personal loan with just their PAN and Aadhar details. It's designed for speed and simplicity and is ideal for working professionals or freelancers planning to advance in their profession.

2. How much can you borrow?

The amount you're eligible for depends on a few factors, including your (or your co-applicant’s) income, creditworthiness, and the cost of the programme. It’s important to borrow based on your actual need and repayment capacity, not the maximum amount offered.

Most personal loans for students start from ₹50,000, which can be used for a wide variety of expenses, including visa fees, flights, laptops, or housing deposits.

FIRSTmoney smart personal loans go up to ₹10 lakh with fast approvals and a fully digital process, helping you manage large education expenses without delays.

3. What about interest rates?

Personal loan interest rates for students typically range from 10% to 18% per annum, depending on:

1. Credit profile (yours or your co-applicant’s)
2. Loan amount and tenure
3. Lending institution's policy

Always compare rates, look for seasonal offers, and ask whether the rate is fixed or variable. The better offer you get on interest rates, the easier it is for you to repay. FIRSTmoney from IDFC FIRST Bank starts at only 9.99% p.a., making it one of the more affordable options on the market, particularly for early-career professionals.

4. What do repayments look like?
 

Repayment is a critical aspect to consider before taking out any loan for students. Here's what to understand:

1. Equated Monthly Instalments (EMIs): EMIs are the standard method of repayment. Your monthly outgo will depend on your loan amount, interest rate, and chosen tenure.
2. Tenure flexibility: Many banks offer options from 12 months to 5 years or more. Shorter tenures mean higher EMIs but lower overall interest.
3. Prepayment: Some lenders allow early repayment but check for any foreclosure charges or penalties.

With IDFC FIRST Bank, repayment terms range from 9 to 60 months, giving you the flexibility to choose a tenure that suits your post-study career plans. Best of all? There are zero foreclosure charges, so if you land a job early and want to pay off the loan sooner, you can do so without any penalty.

Take a step towards a better you

Taking a personal loan for students might seem daunting, but it’s a practical and empowering way to fund your advanced career goals. With manageable EMIs and flexible repayment options, personal loans help you stay financially secure while focusing on your studies. Timely repayment not only keeps your finances on track but also builds a strong credit history, opening doors to better financial opportunities in the future.

Embrace the opportunity a personal loan offers with the right bank. With competitive interest rates, easy documentation, and flexible repayment options, FIRSTmoney is designed to make your dreams of advancing your career a reality. Apply today to choose yourself and your dreams.

personal loans
 

1. Quick and digital application process

FIRSTmoney provides a fully digital, paperless application process, allowing students to apply for loans instantly via a smartphone by scanning a QR code or using the FIRSTmoney portal. The process involves minimal documentation (primarily a physical PAN card for video KYC verification), and approvals are swift, often within minutes. This is ideal for students needing quick funds for urgent expenses like tuition, books, or emergencies.

2. Flexible loan amounts and usage

Loan amounts range from ₹50,000 to ₹10 lakh, depending on eligibility, making it suitable for various student needs, from small expenses to significant education-related costs. Unlike education loans, which are restricted to academic purposes, FIRSTmoney personal loans can be used for any purpose, such as laptops, study materials, or living expenses.

3. Competitive interest rates

FIRSTmoney offers interest rates starting at 9.99% per annum, which are competitive compared to traditional personal loans or credit cards that often have higher rates. Interest is charged only on the amount utilised, not the entire sanctioned loan, reducing costs for students who may not need the full loan amount at once.

4. Flexible repayment options

Students can choose repayment tenures from 9 months to 60 months, allowing them to align EMIs with their financial situation, especially after graduation when income may stabilise. The zero-foreclosure charge policy enables early repayment without penalties, which is beneficial for students who may receive scholarships or part-time income.

5. No collateral required

As an unsecured loan, FIRSTmoney doesn’t require collateral, a significant advantage for students who typically lack assets to pledge. This contrasts with some education loans that may require collateral for higher amounts.

6. Multiple on-demand loans

FIRSTmoney allows students to access additional funds with just a few clicks without reapplying, providing flexibility for ongoing or unexpected expenses during their studies. This feature is particularly useful for students managing dynamic financial needs.

7. No maintenance or hidden charges

FIRSTmoney charges a one-time processing fee with no maintenance costs on the sanctioned loan amount, ensuring transparency and affordability. This is a key benefit for students on tight budgets.