I am a student and I have a non-salary account. I mean, I am not getting salary and getting money every month as scholarship. The amount I am getting as scholarship is not less and is at-least comparable to many of the salaried individuals.

Afaik, rules in India allows only the salaried individuals to take any type of short term loan. The people who get less money than my scholarship amount are eligible to take loans by submitting their last few months salary statement. I am in a need of very short term (for less than 10 days) loan.

(For suppose) I need to pay fee amount of around 15 thousand rupees in two days. Since I did not receive my scholarship amount yet, I am not in a position to pay my fee. Generally my scholarship amount will be deposited in first two weeks of a month. I don't want to take debt from anyone and also not interested in taking long term student loan by approaching bank since the time is less and banks will not be working on weekends.

When I made a survey on available options in internet, most of the genuine websites are asking for salary account. Although I get scholarship amount every month, I am not eligible to take even very short term loans. So, I am interested in knowing whether there is any option to take a very (small amount) short term loan in India for non-salary individuals.

  • 1
    Have you asked the people you are paying the fee to if they can wait a few days for it because of the timing of your scholarship? If it's an educational establishment this might be quite a common scenario for them. Aug 6, 2021 at 15:13
  • @GS-ApologisetoMonica They extended for few weeks. Actually the last date for payment is in mid week of last month. But since the delay is more and personal they can't wait further. They gave an option of penalty. Penality is a significant amount (~2k-5k) and increases for every 2 days. So, I want to check alternatives.
    – hanugm
    Aug 6, 2021 at 15:17
  • "Afaik, rules in India allows only the salaried individuals to take any type of short term loan." I believe that this might be a rule imposed by various banks, and not necessarily a law in India. Have you tried getting a loan from the bank where you have the account into which your scholarship amount is deposited every month? For a short-term loan with a single repayment in two weeks' time, the bank would be more concerned with your ability to repay the loan rather than whether you can sustain the EMIs over three years or ten years ir whatever the term would be for a typical loan. Aug 6, 2021 at 21:15
  • @DilipSarwate The bank is SBI and all are long-term loans for students.
    – hanugm
    Aug 6, 2021 at 22:52
  • Since most undergraduate students have no credit history at all, thus most private banks and NBFCs offer short term loans to students given they have a cosigner with a positive credit score. You can ask your parents to be your cosigner or the person in your family who has a steady income and a decent credit score. Aug 13, 2021 at 9:24

1 Answer 1


You can opt for secured collateral-based loans such as gold loans. Gold bars, coins, and jewellery can be submitted to secure a loan. Many private lenders, such as HDFC Bank, offer gold loans at lucrative deals. Collateral is a time-tested and widely used form of loan security that provides lenders with lower risk and borrowers with better loan terms.

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .