Ritika was in her final year of college in Delhi. A bright student, always the one who would balance academics and part-time work without complaining. Her parents had managed most of her education expenses, but things had changed recently. Her father had undergone surgery, and her mother, a homemaker, was managing everything at home. Ritika didn’t want to burden them anymore.
She had just come across an online workshop that could help her get a certification in UI/UX design—a course she was passionate about. The cost? ₹18,000. Not too much, but not too little either. She had about ₹4,000 saved. She thought of asking a friend, but then wondered—what if I could take a small loan and pay it off in a few months? That’s when the idea of a personal loan first crossed her mind.
Where to Begin?
She did what anyone in her place would do—opened her browser and typed, “Can students take personal loans in India?” The answers weren’t clear. Some said it was possible, others mentioned income proofs, co-applicants, and long documents. It left her more unsure than before. The next morning, she decided to find out for herself. She walked to the nearby bank, carrying her ID and a notebook just in case. The man at the enquiry desk greeted her with a polite smile and asked what brought her in. “I wanted to check if I can apply for a personal loan,” she said. He looked at her kindly but got straight to the point. “Do you have a job or any regular income?” She explained that she did a bit of freelance work now and then, but nothing monthly or fixed. “In that case,” he said, “we’d need a co-applicant—someone from your family with a steady income. Your father, mother, or someone who’s earning.”
Looking for Other Ways
Back at her hostel, Ritika spoke to her roommate Tanya, who had once borrowed ₹25,000 for her own expenses. “Try a fintech app,” Tanya said. “Some of them give short-term personal loans to students if you’ve got your college ID and a bank account.” She downloaded two apps and filled in the basic details. One app rejected the request instantly due to insufficient income. The other one approved ₹10,000 at a high interest rate—with 3 EMIs of around ₹3,600 each. That meant she’d be paying back ₹10,800. Not ideal, but manageable if she picked up a freelance project quickly.
Also read: Falling Home Loan Rates – What Every Borrower Must Know Right Now!
Decisions, Doubts, and Reality
She sat with her notebook that evening, doing simple math. Could she earn ₹4,000–₹5,000 per month for the next three months? Maybe yes. Maybe not. But was it worth taking a loan? In the end, she called her older cousin, Ankur, who worked in Mumbai. She told him everything. Instead of scolding her, he listened. “Look, taking a loan isn’t bad,” he said. “But you need to know why you’re taking it. Is it an emergency? Or something that helps you in the long run? And will it stress you out more than it helps?” That one question stuck in Ritika’s head all night.
A Personal Loan – Yes or No?
For Ritika, and many students like her, the option of a personal loan is technically there—but it comes with strings. If you don’t have a job or consistent income, you’ll either need someone to co-sign or settle for smaller, high-interest loans from digital lenders. It’s not an ideal solution for everyone. But when there’s a real need—like a health issue, or a career-defining course—and if you have a solid repayment plan, it can be considered. With caution.
What Ritika Chose
The next day, Ritika emailed the course provider, asking if they could split the fees in two. They agreed. She borrowed ₹5,000 from her cousin and promised herself she’d repay within 60 days. No loan. No paperwork. Just responsibility and trust. She may still take a personal loan in the future—but for now, she learned two important lessons:
1. Money always comes with responsibility.
2. You can find a way, even without borrowing, if you think clearly.
Written by Roshni Mohinani
