Sometimes students suddenly need money during studies. Many times students suddenly need money. In such a situation, personal loan can be a good option. Generally, income is necessary for a loan, but loan can be taken in some other ways also. Let us know how?
Personal loan is such 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 take a loan even without earning, with the help of guarantor or part-time work. However, before taking a loan, it is important to understand all the conditions and advantages and disadvantages. If planned properly, it helps in managing your expenses.
Even if you do not have any income, you can take a loan. For this you will need a guarantor, like your parents or siblings who work. A guarantor is a person who is responsible for the loan and will make the payment if there is any problem in repaying the loan. Apart from this, if you are earning money through part-time job, freelancing or any other work, then getting the loan may be a little easier.
If you do not have any 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 from freelancing or part-time work, you can also apply for a loan. In this situation the chances of getting a loan increases.
Personal loan and education loan are different and their uses are also different. You can take a personal loan for any expense, like house rent, medical bills or any other expense. Whereas, education loan is only for education related expenses, like tuition fees, books and other course related expenses.
Some important documents are required for 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. The guarantor's bank statement is also required as income proof.
