Best Student Loans for Bad Credit in India 2023
Student Loans for Bad Credit in India, student loans are typically issued based on the applicant’s academic record and the reputation of the institution they are attending, rather than credit history. However, some private lenders may require a credit check or a co-signer for their student loans. Here are some of the best student loans for bad credit in India for 2023:
Vidya Lakshmi Education Loan Scheme: This is a government-run scheme that provides education loans to students with interest rates starting from 6.90% per annum.
The loan amount can range from Rs. 10,000 up to Rs. 7.5 lakhs, with repayment terms up to 10 years. No collateral or co-signer is required for loans up to Rs. 4 lakhs.
Axis Bank Education Loans: This lender offers education loans with interest rates starting from 11.50% per annum. They offer loan amounts ranging from Rs. 50,000 up to Rs. 75 lakhs, with repayment terms up to 15 years.
While a co-signer may be required for students with bad credit, they also offer loans to students without a co-signer, albeit with higher interest rates.
Avanse Education Loans: This lender offers education loans with interest rates starting from 10.25% per annum. They offer loan amounts ranging from Rs. 50,000 up to Rs. 1.5 crores, with repayment terms up to 15 years.
While a co-signer may be required for students with bad credit, they also offer loans to students without a co-signer, albeit with higher interest rates.
InCred Education Loans: This lender offers education loans with interest rates starting from 10.50% per annum. They offer loan amounts ranging from Rs. 1 lakh up to Rs. 50 lakhs, with repayment terms up to 10 years. While a co-signer may be required for students with bad credit, they also offer loans to students without a co-signer, albeit with higher interest rates.
When considering a student loan for bad credit in India, it’s important to read the terms and conditions carefully, including the interest rate, fees, and repayment terms. It’s also important to exhaust all government education loan options before considering a private loan, as government loans typically offer more favorable terms and conditions.
