15000 Loan For Students: Eligibility, Benefits And How To Apply 

Home » Blogs » 15000 Loan For Students: Eligibility, Benefits And How To Apply 

Emergencies, unfortunately, are neither timely nor seasonal. They hit you when you’re least prepared.

Regardless of the nature of an emergency (medical, personal, educational, etc.), financial aid in any form eases its impact—on you, your loved ones, or both. As a student, you could avail a Rs. 15000 loan and stand firm in the face of such emergencies.   

However, such loans don’t come in handy solely during a cash crunch. 

A Rs. 15000 loan could cover the commuting expenses for one student while letting the other enroll for a career-advancement online workshop. Hence, such loans also act as a bridge between your aspirations and reality. The Vidya Laxmi Portal is a classic example of making education accessible to all by providing easy access to educational loans. 

In this blog, we’ll discuss everything you need to know about availing a Rs 15000 loan, from eligibility, benefits, and types of Education loans to applying for it. Let’s get started!

Eligibility Criteria for 15000 Loan For Students

The eligibility criteria may vary from lender to lender. However, the generic points to remember for a seamless loan application are:

Age Criteria – You should be at least 18 years old

Citizenship – You should be a resident of India

Valid ID Proof – You need a valid ID proof such as an Aadhaar card, PAN card, or passport

Income Proof – If you’re a salaried employee, you need salary slips or bank statements of the past three months as income proof

Bank Account – If you’re non-salaried, you must at least have a bank account

 The eligibility criteria for personal loans for salaried or self-employed people also vary. Check these eligibility points before applying for a loan:  

Also, Read: Instant Loans for Students Online in India – A Quick Guide

How To Apply For A 15000 Loan For Students? 

Applying for a Rs. 15000 loan is super easy. Follow the steps below for a hassle-free loan application and fast approval.  

1. Research Reputable Lenders 

Explore lenders in your region offering a minimum of Rs. 15000 loan. Also, consider factors such as interest rates, loan policy, and fees. Seek lenders who offer competitive interest rates and are reputable. 

2. Eligibility Check 

Once you find a lender, check your eligibility for the loan. The eligibility criteria differ based on whether you’re salaried or non-salaried for every lender. However, a few generic points to keep in check are already covered above. 

3. Get all the Required Documents 

If you’re non-salaried, you simply need ID proof (PAN card, driving license, or Aadhar card), address proof, and PAN card. However, if you’re employed, you’ll need a bank statement or salary slips for the past three months or Form 16.

4. Apply and Upload

Gone are the days when you had to stand in queues for a loan application. Many lenders let you apply for a loan online by filling out the application form and uploading the necessary documents.  

5. Wait for the Approval 

Once you apply, let the lender contact you with the loan approval status. This could take anywhere from a few minutes to a few days. Once approved, the loan amount is credited to your bank account instantly. 

To find a suitable lender, apply for a personal loan, and Credmudra will find you one. 

Interest Rates and Other Charges On 15,000 Personal Loans for Students:

For students considering personal loans, the interest rates typically fall between 11% and 36%. This range varies based on the lender and your credit history. In contrast, federal student loans provide lower, fixed interest rates from about 5% to 8.05%, which tend to be more manageable compared to private loans. Unlike federal student loans that maintain a consistent rate, personal loans might have variable rates that can increase over time.

Additionally, personal loans often involve several fees:

• Origination Fees: Charged upfront when you apply, these fees can be 1% to 6% of the loan amount, varying by lender.
• Late payment Fee: If a payment is missed, lenders may charge a fee, the amount of which can differ significantly between lenders.
• Prepayment Fees: Paying off your loan early can incur fees, generally a percentage of the remaining balance.

These details highlight the need to carefully review loan terms and consider how they fit with your financial situation.

Below are the list of lenders and the interest rates offered by them:​

Types Of Education Loans 

Indian banks offer different types of education loans depending on a few factors. 

Based on Location 

1. Domestic – Opt for a domestic education loan if you intend to study in educational institutes in India. 

2. Abroad – Opt for a study abroad education loan if you intend to pursue higher education in foreign universities and colleges. 

Based on the Type of Course

1. Undergraduate – This type covers educational expenses for the 3-5 years Bachelor’s course in your respective subject from a recognized college or university. To opt for an undergraduate loan, you must have passed 12th grade. 

2. Post Graduate – This type is for the two-year-long postgraduate degree courses from a recognized college or university. To avail of this loan type, you must hold a Bachelor’s degree. 

Also, Read: Personal Loan for Rs. 14,000 Salary: Eligibility, Tips & Top Lenders

Based on the Guarantor and/or Type of Collateral

Four types of loans come under this category:

• Loan availed against bonds, debentures, etc. 
• Loan against third-party guarantee
• Loan against recurring or fixed deposits 
• Loan against properties such as house, land, or an immovable asset  

Decide which type of loan benefits your situation the most, research lenders (could be NBFCs) offering those types of loans, and apply. 

Benefits Of Availing A 15000 Loan For Students 

In addition to providing financial assistance in your education, these loans are also beneficial in numerous other ways:

1. Flexible Repayment Options 

These loans are repayable through easy EMIs (Equated Monthly Installments), where you pay a fixed amount monthly throughout the repayment tenure. The other ways are interest-only payments, where you pay only toward the interest for a certain period, and bullet repayments, where you can pay the entire outstanding amount at the end of your tenure. 

2. No Dependency on Family  

When you opt for a loan as a student, you’re no longer dependent on your family members or anyone else. It reduces the pressure on your family savings and eliminates the need to liquidate investments made in fixed deposits, bonds, etc. 

3. Covers an Array of Expenses 

Whether you want to avail a loan for a family emergency, education, or living expenses, use the loan amount for whatever purpose you want to fulfill. In the case of an education loan, the disbursed amount covers the associated costs of books, accommodation, travel, etc.

4. Pay Post Education 

Repayment methods let you repay the loan amount after your course is finished. Moreover, some lenders offer a moratorium period during which you’re not required to make any repayment. 

Interest Rates Range And Tenure for a 15000 Rupee Loan 

Many lenders don’t charge processing fees for loans up to Rs 7.5 lakh. 

The tenure varies for different lenders. Depending on the specific lender’s loan policy, it can range from 3 to 24 months. So, go for a lender that offers a more flexible loan repayment tenure with a competitive interest rate. 

Check Your EMI On A 15000 Rupee Loan 

You can calculate your EMI using an EMI calculator or manually with the following formula:

EMI = P x r x (1+r)n/((1+r)n-1)

Where 

P = Loan amount

r = Interest rate

n = Tenure in months

So for P= 15,000, 

r = 9.4% 

n = 6 months 

EMI = 2,568.99 Rs. 

Of which, 

Interest payable = Rs 414 

Total Payable = Rs 15,414

While you can calculate EMIs with the formula, for an error-free calculation, use this EMI calculator. 

Also, Read: Personal Loan for 8000 Salary : Step By Step Guide

Alternatives To Personal Loans For Students 

While availing a student loan is one way, a few others include:

1. Govt. Schemes 

Many government schemes offer financial assistance in education based on merit or family background. Private organizations also provide merit-based grants. 

2. Scholarships 

The Ministry of Education offers scholarships to study abroad. All you need to do is go to their website and apply online for a scholarship. However, most of these scholarships are for Master’s, Research, and Doctoral programs. 

3. Student Credit Cards

Student credit cards are one of the most basic financial tools for helping students with their expenses during college. Moreover, they’re best for any unexpected emergencies. 

While government schemes and scholarships help with studying abroad, student credit cards are a more viable alternative to cover everyday expenses or emergencies. 

You will find lenders offering loans with and without security even when applying for loans. So, seek a lender that doesn’t ask you to avail of a loan against an asset or a guarantor. 

FAQs

1. What is the Interest Rate on A 15000 Student Loan?

The interest rate range is typically from 8-12%. However, it depends on factors such as your credit history, type of loan, employment status, and lender’s loan policy. 

2. What Details and Documents do I Need to Apply for A 15000 Student Loan? 

You can apply for a loan online with minimal documents. Be prepared to provide personal information, employment proof, ID proof, details about your educational expenses, or co-signer’s information. 

3. How Does the Repayment Work for a Rs 15000 Loan? 

It depends on the frequency set by you and the lender for loan payments. You can pay the amount as EMIs, bullet payments, down payments, etc.  

4. What Happens if I Need Help to Repay the Loan in the Required Tenure?

Govt-sponsored loans may offer forbearance options, while private lenders may have their own repayment assistance programs. You can also request to transfer the balance to another lender with relatively lower interest rates and more flexible repayment options. 

5. Do I Need to Pay Fees when Applying for a 15000 Rs. Loan?

Lenders may charge application fees or processing fees.