Sometimes students suddenly need money during their studies. Sometimes students suddenly need money. In such a situation, personal loan can be a good option. Usually income is necessary for a loan, but loan can be taken through some other ways as well. Let’s know how?
Personal loan is a loan in which you do not have to pledge anything. You can use it for medical expenses, rent or other needs. It is possible to get a loan even without income with the help of a guarantor or part-time job. However, it is important to understand all the terms and conditions and advantages and disadvantages before taking a loan. If planned properly, it helps in managing your expenses.
How can students avail a loan?
Even if you do not have any income, you can still take a loan. For this you will need a guarantor, like your parents or siblings who are working. The guarantor is the person who is responsible for the loan and if there is any problem in repaying the loan, he will make the payment. Apart from this, if you are earning money from part-time job, freelancing or any other work, then getting a loan can be a little easier.
How to get a loan without income?
If you do not have a stable income, you can still take a loan, but for this your parents or siblings will have to become guarantors. Apart from this, if you are earning a little through freelancing or part-time work, you can still apply for a loan. In this situation, the chances of getting a loan increase.
Personal loan and education loan are different and their uses are also different. You can take a personal loan for any expense, such as house rent, medical bills or any other expense. On the other hand, education loan is only for expenses related to studies, such as tuition fees, books and other expenses related to the course.
Documents required for loan
Some important documents are required for the loan. Aadhar card, PAN card, voter ID or passport is required for identification. Aadhar card, PAN card or electricity bill can be given as address proof. Bank statement of the guarantor is also required as income proof.
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