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Being a student often means managing a tight budget. But what if you find yourself in need of some extra cash for unexpected expenses or personal needs, and you don’t have a job? In this blog post, we’ll explore the world of personal loans tailored for students without a job. Let’s quickly dive into the basics in a way that’s easy to understand and help you make the right money related choices while you’re in college. 
As we are all aware that there are multiple types of loans and what differentiates one from the others is the nature of loan, the requirement, the agenda behind availing a credit facility, its features, etc,. Today, we’re going to deep dive into one exclusively category – ‘Personal Loans

What Are Personal Loans?

Personal loans are a way to borrow money for various personal expenses. They can be used for tuition fees, textbooks, a new laptop, or even a much-needed break. But, as a student without a job, it’s important to be aware of the pros and cons of the same.

Secured Loans Vs Unsecured Loans

Secured Loans: These loans require collateral. In simple words, security, like your parents’ assets or a valuable item. They can be risky, isn’t it? If you’re unable to repay, you might lose the collateral. In case of personal loans for students with no job, it’s always better to opt for an unsecured loan. 

Unsecured Loans: These loans don’t need collateral but may have slightly higher interest rates because of the added risk for the lender. However, as mentioned in the above point, unsecured loans are always better for college students. 

Now, are there apps/platforms that offer unsecured loans to college students for their personal expenses? YES! There are some apps and platforms meticulously customised and designed for college students in India. Let’s explore the best of them below.

Personal Loan Apps for Students

StuCredUnsecured / Collateral Free Loan App

Your Solution for Student Financial Needs

  • StuCred is dedicated to assisting college students with their financial needs. With a focus on small-ticket price student loans and financial solutions.
  • Not just this, StuCred also provides loans to passed out students via StuCred Alumni.
  • StuCred users can automatically move to StuCred Alumni based on the end date of college courses. Alumni feature is a closed feature ONLY for existing StuCred users. No one can directly become an Alumni user on the StuCred app.
  • StuCred also has some great exciting offers running on their app which you can participate in, avail & get benefited.
  • You can download the StuCred app to explore the options available.You can apply for quick loan process by accessing this mobile app android link:

Upstart: Upstart considers factors beyond credit score, making it a good choice for students with limited credit history.

Earnest: Earnest evaluates applicants based on their education, savings habits, and earning potential.

Let’s explore a few more important points to keep in mind while searching for Personal Loans for Students Without a Job


A cosigner, typically a parent or guardian, can strengthen your loan application. Their income and credit score can boost your chances of loan approval.

Government Aid and Scholarships

Before seeking a personal loan, explore government aided financial programs and scholarships. They often offer better terms and lower interest rates.

Options for Students with No Job

  • Peer-to-Peer Lending: Online platforms connect you with individuals willing to lend money. Interest rates vary, but it’s an option for those without a job.
  • Credit Unions: Some credit unions offer personal loans with flexible terms to students. They may consider other factors aside from employment.
  • Personal Loan Providers: There are personal loan providing apps exclusively for college students. Explore options such as StuCred which is, RBI regulated, provides small ticket size loans right from Rs.1000/- to Rs.15,000/-, simple 3 step loan application process, extension options, etc,. These features are important in order to ensure a hassle free credit experience.

Understanding the Costs

Before taking out a personal loan, below mentioned points must be considered,

  • Interest rate
  • Loan term, i.e. Tenure
  • Monthly payments
  • Factor in the total cost including interest
  • Capability of repayment

Repayment Strategies 

Create a realistic repayment plan. Prioritise paying off the loan or avail extension in case you are unable to repay your loan on or before the due date. Apps like StuCred provide extension options, which is a very significant feature in such credit lending apps. Ensure you do not default on your loan as this can create a permanent negative record on your credit report.

Steps towards being a Responsible Borrower

  • Borrow only what you need
  • Understand the terms and conditions.
  • Make payments on time to build a good credit history.
  • Seek financial counselling if you’re unsure about your financial situation.

Personal loans can be a lifeline for students without a job when used responsibly. Make informed choices, explore all options, and have a clear repayment plan in place. Remember, your financial decisions today can impact your future, so it’s essential to be financially savvy and responsible.