It is no longer necessary to spend a lot of money to fund your higher education. Money View’s student personal loans are low-cost, hassle-free, and need little paperwork, all that we need with an ideal loan provider.
Money View does not require collateral or any other kind of security in order to get an educational loan for higher education abroad. As a result, rather than bothering about expenses, you may concentrate entirely on your education and let us have your dream come true for studying abroad with the following benefits.
Is it possible for students with no income to get a student personal loan?
Looking at present conditions, Money View will not lend money to students with no income. However, their parents, guardians, or siblings with a regular income can apply for a quick personal loan from Money View in their name and utilize the funds to help you pay for your education. Taking out an instant personal loan is one option to acquire a loan without having to show proof of income.
Before you borrow money, you should talk to the lender about the loan’s terms and conditions. Students, on the other hand, will not be eligible for a personal loan because they do not have a source of income. Money View, on the other hand, makes it quite simple to get instant personal loans on behalf of the employed parent rather than a student.
Related Article: Education Loan for MBBS
Benefits to taking Student Loan-
- Flexible loan amount:-
Applicants can choose amounts ranging from Rs. 5000 to that of Rs. 5 lakhs according to their own need and capabilities. Money View provides a wide range of loan amounts that it can access to almost every person in need.
- Term for Payment:-
Not only do they have flexible loan amounts, but also they offer flexible repayment periods. It varies from 3 months to that of 3 years, within this period borrowers may choose the suitable tenure for them to repay the loan amount.
- Check your eligibility instant online:-
Usually, it takes a lot of time to deal with all the procedures and eligibility checks, but money view looks after that issue and in only two minutes, you may verify your eligibility on Money View’s official website or app.
- Limited documentation is required:-
All you have to do is provide three documents
- ID proof- Aadhaar card/Voter ID card
- Residence proof- Aadhaar card/ Driving license
- Income proof- PAN card/Bank salary statements
- Completely digital process:-
From the very beginning of the process of form fill up, registration, verification, approval to that of loan disbursal everything is online, and no need for any waiting for the turn in line or having problems regarding the long-lasting procedures.
- Loans with Low Credit Score:-
Even people with high credit scores may face problems of loan approval depending on the loan amount, this takes us to the point of people having a low credit score, they find it hard to get a loan approved but Money View has sorted out that problem as well, now a person of low credit score can also take a loan from them. It is possible due to their unique credit rating model.
- Fast loan disbursement:-
After your loan application has been accepted, your loan will be credited within 24 hours to your bank account without any further delay or extra procedures.
- Interest rate and processing fees:-
Money View offers student loans with attractive interest rates starting from 1.33% per month. With a processing fee ranging from 2 to 8% of the loan amount and 2% interest on overdue EMIs one can take a student loan from Money View instantly.
Eligibility Criteria For Student Loans in India:-
Money View’s eligibility conditions for a personal loan for students are straightforward and easy to understand. These are as follows:
- Candidates applying for the loan must be a resident of India.
- Applicants must be between the ages of 21 years and 57 years.
- Applicants must have a monthly income of at least Rs. 13,500 or more to be eligible.
- The borrower’s income must be credited straight to the applicants’ bank account.
- A minimum CIBIL score of 600 or an Experian score of 650* or higher is required.
Tax benefits on education loan
The repayment of an education loan is tax-deductible under Section 80E of the Income Tax Act. The interest paid on an education loan is permitted as a tax deduction. This deduction is allowed for up to eight years, or until the interest is paid off, whichever comes first. Based on who pays back the education loan, the tax advantage can be claimed by either the parent or the student. This loan is beneficial for students who intend to seek higher education in India or abroad due to the simple availability of education loans and the tax benefits associated with loan repayment.
Money View provides education loans to Indian students who want to study abroad at a low-interest rate and an instant disbursal process. No matter what courses a student is going to cover abroad, a personal finance partner like Money View is all that you need when it comes to funding your education. However, for the convenience of borrowers, we also suggest them to read our loan’s terms and conditions thoroughly before proceeding. As a result, we emphasise a lot to this consideration, as it is the point that comes beyond the interest rates of a loan agreement. Hence, if studying abroad is a passion of yours, let our education loans assist you in making it a dream come true.