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Students have access to educational loans to carry on with their studies and bear the huge expenses, which are not less than six figures. But these loans are available mainly for engineering students and not for others opting for regular courses. This is where the concept of instant loans comes into play.
There is no guarantee that students won’t require any emergency funding all of a sudden. It can be due to paying off debts in college or any other academic institution or for personal reasons. These loans help students to deal with financial crises during emergencies since it does not take much to give allowance for the loans on the creditor's behalf.
Since many aren't aware of the instant personal loans for students, we have discussed some of the significant aspects of this new credit form. '
If you are looking for an instant loan, you should consider the following:
Top Features And Benefits Of Personal Loan
To understand the concept of personal loans for students with no job or any other such condition, it is essential to understand its features and benefits. Therefore, we have described the prime features of personal loans given to students under various circumstances.
- Flexible loan amount: One of the main features of the instant student loan is that they can avail of credits with flexible amounts. There won’t be any restriction on the amount they want to get for the credit. Therefore, meeting their financial emergencies won’t be much of a problem.
- Quick eligibility check: The eligibility criteria are not so strict. Therefore, the student won't have to worry much about disapproving their loan request due to not meeting the eligibility criteria.
- Minimal documentation: Students won’t have to submit as many documents as normal loans. This is one of the major features or benefits of the instant personal loan for students that have made this credit option so feasible.
- Affordable interest rates: The interest rates are also affordable, and students won't have to worry about paying higher interest rates every month while repaying the principal amount of the loan.
- Hassle-free online process: Students can complete the entire process over the internet without visiting the bank or the creditor's office to apply for a loan.
- Flexible repayment terms: Another benefit or feature of the instant student loan is the flexibility in repayment terms. One can get different repayment options, and the period can be negotiated.
- Loans on low credit score: There is no need to validate the credit score while applying for a pocket money loan for students in India.
- 24-hour disbursal: These instant credit amounts are usually dispersed within 24 hours from the time of application.
Lending Partner Name With Starting Interest
Lending partner name | Starting interest rate |
Union Bank of India | 5% |
Bank of Baroda | 5% |
Axis Bank | 8% |
HDFC Bank | 10.5% |
Bajaj Finserve | 13.5% |
Muthoot Finance | 14.5% |
Yes Bank | 10.9% |
Kotak Bank | 10.99% |
IndusInd Bank | 10.49% |
RBL Bank | 14% |
Finance Buddha | 10.5% |
Can Students With No Income Avail Money View Student Personal Loans?
Although most creditors do not offer personal loans for students with no job, there are specific lending partners who offer the credits based on the following:
- Any alternate source of income
- CIBIL score of the guarantee
- A consistent source of income proof of the guarantee
Eligibility Criteria For Students Applying For A Loan In India
While knowing that a student can get an instant loan, it is essential to understand the eligibility criteria. It is as follows:
- Nationality: The student needs to be an Indian. For international students of different nationalities, the loan application rules will vary from one lender to another.
- Profession: The primary profession of the student is education. But one also needs to have a part-time job that can be freelancing, any contract-based internship, and so on.
- Age: To avail the instant personal loans for students, they should be at least 18 years of age.
- Minimum hand income: The students should have a minimum in-hand income to ensure the loan can be repaid.
Documents Required To Avail Personal Loan Students
- PAN card of the student
- Aadhar card with the date of birth and linked mobile number
- A valid passport issued by the Indian government
- Voter ID card
- A valid driver's license
Interest Rates And Other Charges Of Student Loans In India
If you are wondering if we can get a 20000 education loan, you should know the interest rates and other charges of the student loans. Usually, the interest rate is nominal on the instant personal loans issued to students. Apart from this, other overheads might be like compensation for late repayment, penalty charges, etc.
How To Apply For An Instant Personal Loan?
- First, you need to check the eligibility criterion for the concerned lending partner.
- Now, select the tenure for which you will repay the loan.
- Scan and upload all the necessary documents required for the application.
- Wait for the approval till the amount is transferred to your account.
Q1. Instant 10,000 loans for students
A1. Yes, students can get a personal loan instantly for INR 10,000.
Q2. Personal loan for students with no job
A2. Students with no income can opt for a personal loan, provided they have a guarantee who can provide a valid income source and a high CIBIL score.
Q3. Personal loan for students without PAN card
A3. No, obtaining a personal loan without a PAN card is impossible.
This article has described everything you need to know about instant personal loans for students. This guide will make applying for credit and getting the financial help you need easier.
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