Can an 18-year-old student get a personal loan?
Yes. Students can get loans either with an earning parent as a co-applicant or through certified digital student micro-lending apps.
Personal Loan for Students: Funding Education, Laptops & Living Costs
Personal loans for students help cover laptop purchases, skill-upgradation bootcamps, exam fees, relocation deposits, and short-term study expenses that traditional education loans do not cover.
College students aged 18+ can apply with a working parent or guardian as a co-applicant to qualify for low interest rates and flexible tenures. Specialized digital student apps also offer micro-credit lines from ₹5,000 to ₹50,000 with student ID verification.
Benefits of Student Personal Loans
Broad Coverage
Use funds for laptops, hostel deposits, tuition fees, or certification bootcamps.
Co-Borrower Advantage
Parent co-applicant ensures approval at prime banking interest rates.
Micro-Credit Options
Instant pocket money loans from ₹1,000 to ₹30,000 for college students.
Compare Student Loan Options in India
| Lender / Platform | Loan Bracket | Interest Rate / Cost | Eligibility Criteria |
|---|---|---|---|
| SBI (Student with Co-applicant) | Up to ₹5 Lakhs | 10.50% - 13.00% | Parent Income Proof |
| mPokket | ₹500 - ₹30,000 | 24.00% - 36.00% | College ID + Aadhaar |
| KreditBee | ₹1,000 - ₹50,000 | 18.00% - 29.95% | Aadhaar + PAN |
Checklist for Student Applicants
- Add an earning parent as co-borrower: Unlocks bank rates starting from 10.50% p.a.
- College enrollment proof: Keep valid college identity card and semester admission receipt.
- Repay on time: Early repayment builds your CIBIL score before you graduate.
Frequently Asked Questions
What documents are required for a student loan?
Student ID card, Aadhaar, PAN card, and co-applicant's salary slips or bank statements.