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How To Apply for a Student Loan in India

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May 24, 2023


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Education is one of the most crucial investments any individual can make, but it can also be one of the most expensive. Without taking out a student loan, the expense of higher education is out of reach for many students. In India, several options are available for students who need financial assistance to pursue their educational goals. However, to minimise the possibility of getting rejected, you must know how to get a study loan in India. It will save time and increase the chances of receiving approval. 

How to Apply for a Student Loan in India

Below are the steps to follow to acquire a student loan:

Step 1: Determine your eligibility

To commence, you must ascertain your eligibility for a student loan before applying. To be eligible, you must be an Indian citizen and have been accepted to a reputable institution or university in India or abroad. The majority of banks and financial organisations also have borrowers' age restrictions. In addition to this, you might also need to offer collateral or a guarantor to obtain this loan.

Step 2: Choose the right lender

After determining your eligibility, you must select the appropriate lender. In India, students have various alternatives to get a student loan, including nationalised banks, private banks, and non-banking financial corporations (NBFCs). Each lender has their own set of qualifying requirements, interest rates, payback terms, and other stipulations. Before making a selection, it is critical to conduct research and compare several lenders, as it will assist you in finding the best option that meets your requirements. 

Step 3: Gather the necessary documents

You must acquire the relevant documentation before applying for a student loan. Some of them are:

  • Admission letter from the college or university
  • Proof of identity (such as a passport, Aadhaar card, PAN card, or voter ID card)
  • Proof of address (such as a rental agreement, utility bills, or Aadhaar card)
  • Bank statements for the past six months
  • Passport-size photographs
  • Any other documents required by the lender

Step 4: Fill out the application form

You can complete the application form once you have obtained all the required documentation. Most lenders accept applications online or in person at a branch. Usually, the application form would request your personal information, educational history, and financial position. You may also be required to provide information on the course you are pursuing, the college or university you are attending, and the financing you require.

Step 5: Apply and wait for approval

The lender will examine your application after you submitted the application and provided the necessary documents. Depending on the lender, this procedure might take several days or weeks. If your application is accepted, the lender will pay the loan amount on your behalf straight to the institution or university.

Step 6: Repay the loan

You will have to begin debt repayment when you have finished your education. The majority of lenders provide flexible EMIs options. To prevent any hassle later, reading and comprehending the loan's terms and conditions before accepting it is crucial.

With the guidance of the steps mentioned above, you can now easily understand how to get a student loan in India without any difficulty. 


Applying for a student loan in India can be an intimidating procedure, but you can improve your chances of receiving funding for your education by researching your loan alternatives, determining your eligibility, providing the necessary paperwork, and submitting an application. 

Fi Money provides instant loans that arrive directly in your savings account. These are pre-approved personal loans made available to select users with good credit scores. On Fi, this process is 100% paperless, and the loans are provided at competitive interest rates — where each user remains in control with complete visibility of all details. Plus, you can avoid EMI late fees by setting up automatic in-app payments. Our licensed partner bank assigns an eligible loan amount to each user (up to ₹5 lahks).

Frequently Asked Questions

How much student loan can I get in India?

The lender and your qualifying requirements determine how much student loan you may obtain in India. The cost of your education, your academic standing, and the ability of your co-signer to make payments all impact the loan amount. You should look into several loan choices and confirm your eligibility to determine the largest loan amount you are eligible for.

Can you get a student loan in India?

Yes, students in India can obtain education loans from various financial institutions and banks to support their higher education. The eligibility criteria and loan amount depend on the course, institution, and the borrower's financial situation.


Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
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