Education loans are instrumental in supporting a student's academic aspirations by covering essential expenses like tuition fees. Nonetheless, while these loans alleviate the financial strain of education, they may not be able to cover all the associated costs. Student loans may not cover course materials, living expenses, etc.
Additionally, education loans may also not cover the cost of online certifications, workshops, and part-time programs that one would enroll to upskill and enhance their expertise.
The cost of these courses can range from a few thousand to a few lakhs. As a result, working professionals often seek alternative financing options to cover the expenses of these additional courses.
What is an instant personal loan for students?
Instant student personal loans offer the financial means to cover miscellaneous education expenses and support working professionals in pursuing additional courses to enhance their skill set.
Bajaj Finance offers Insta Personal Loans of up to Rs. 12,76,500 catering to these financial needs.
Benefits of an instant personal loan for students
- Faster application process
Instant personal loans outpace education loans and are a lot simpler in terms of application process. Education loan applications often involve handling complex paperwork, causing delays in approval. On the other hand, instant personal loans offer streamlined and quick application procedures. When immediate funds are necessary to start one's education journey, an instant personal loan provides a viable solution, avoiding any unnecessary delays.
You do not have to go through the entire application process when applying for an Insta Personal Loan. Existing as well as new customers can view their Insta Personal Loan offer by simply entering their mobile numbers and OTP.
- No documentation required
Obtaining an education loan requires submitting numerous documents, including academic records, admission letters, income proof, and collateral documentation. This extensive list can lead to potential delays in loan approval. However, instant personal loans have simplified application procedures, requiring minimal documentation, making the process faster and more convenient for borrowers.
Certain existing customers can get an Insta Personal Loan without having to submit any documentation, such as income proof or KYC documents. Some of our existing customers may be asked to submit additional documents such as your KYC documents, and bank statement.
- Flexible use of funds
The key benefit of an instant loan for students lies in the flexibility of fund usage. Unlike traditional education loans, which are usually disbursed directly to the educational institution, instant personal loans give students the freedom to utilise the funds freely. This level of freedom allows students and working professionals to address a diverse array of expenses that go beyond just tuition fees. Such versatility helps students meet their specific requirements and makes an instant loan for students a highly convenient and adaptable financing option.
Eligibility criteria to apply for an instant personal loan for students
Our Insta Personal Loan provides pre-approved offers to existing customers. New customers can also generate a pre-assigned limit by entering their mobile number and OTP.
Since we check the creditworthiness of borrowers before extending offers, you do not have to check any eligibility criteria separately. The age limit for getting an Insta Personal Loan is 21 years to 80 years*.
*Higher age limit applicable at the time of loan maturity.
Documents required to apply for an instant personal loan for students
Select customers can get our Insta Personal Loan without having to submit any documents. Depending on your profile, you may need to submit the following documents:
- KYC documents such as Aadhaar, passport, driving license, voter’s ID, or a Letter of National Population Register
- PAN card
- Cancelled cheque
- Bank account statements for the last 3 months
- Salary slips for the last 3 months
Interest rates and other charges applicable on instant loan for students
You need to read the fees and charges carefully before applying for any kind of digital loan. Some of the charges applicable for our Insta Personal Loan are:
- The interest rate ranges from 16% to 31% p.a.
- There is a processing fee of up to 3.93% of the loan amount (inclusive of applicable taxes).
- In case of default of the repayment instrument, Rs. 700/- per bounce will be levied.
Click here to read all our fees and charges in detail.
How to apply for an instant loan for students
Getting an Insta Personal Loan from Bajaj Finance is simple. You only need to follow the steps below to get an offer.
- Click on ‘CHECK OFFER’.
- Enter your 10-digit mobile number and OTP.
- Go with the pre-assigned limit or choose a different loan amount.
- Choose a repayment tenure that suits you best.
- Click on ‘PROCEED’ to complete the online process.
The online process may differ depending on whether you are a new customer or have an existing relationship with us.
In conclusion, instant personal loans for students offer several compelling benefits. Responsible borrowing combined with a clear repayment plan will help you achieve your educational goals while limiting long-term financial concerns.
Apply for an Insta Personal Loan and get funds disbursed in your bank account within 30 minutes* to 4 hours.
