Benefits of Instant Personal Loans for Students

Discover the benefits of instant personal loans for students and get flexible, quick and accessible financing for all your academic pursuits.
Benefits of Instant Personal Loans for Students
5 min read
29 July 2023

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 13% to 35% 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.

Check offer

Disclaimer

While care is taken to update the information, products, and services included in or available on our website and related platforms/ websites, there may be inadvertent inaccuracies or typographical errors or delays in updating the information. The material contained in this site, and on associated web pages, is for reference and general information purpose and the details mentioned in the respective product/ service document shall prevail in case of any inconsistency. Subscribers and users should seek professional advice before acting on the basis of the information contained herein. Please take an informed decision with respect to any product or service after going through the relevant product/ service document and applicable terms and conditions. In case any inconsistencies are observed, please click on reach us.

*Terms and conditions apply

Frequently asked questions

What are the conditions for an instant personal loan for students?

The eligibility criteria and conditions for an instant personal loan for students vary from lender to lender. You do not have to check these criteria for our Insta Personal Loan since we already verify creditworthiness before extending loan offers.

Who are eligible for education loans?

Education loans have different eligibility criteria based on the lender.

How can students benefit from an instant personal loan?

Instant personal loans offer students the financial means to cover miscellaneous education expenses, which may not be covered under regular education loans. Instant loans can also support working professionals in pursuing additional courses to enhance their skill set.

Can I prepay my instant loan availed from Bajaj Finance Limited?

Yes, you can make part-prepayments towards your Insta Personal Loan. You can also foreclose the loan. You will be charged a fee for part-prepayment or foreclosure. Please read our fees and charges carefully.

Does an instant personal loan for students require any co-applicants?

You do not have to include a co-applicant to get our Insta Personal Loan.

What is the maximum instant loan amount I can avail as a student?

The maximum loan amount you can borrow as a student differs from lender to lender and is influenced by several factors such as eligibility criteria and your creditworthiness.

Is foreclosing a personal student loan a good option?

The decision to foreclose a loan depends on several factors like the foreclosure rate, remaining tenure, and EMIs. You need to consider these aspects carefully before foreclosing your loan.

Do I need to apply for an instant student loan before admission?

Insta Personal Loan does not function like a student loan. If you have a pre-approved offer, you can avail of our Insta Personal Loan at any time.

Is instant personal loan for students expensive than traditional loan?

Several factors determine the total cost of borrowing, including interest rates, processing fees, and related charges. These differ from lender to lender. It is best to examine all the options to determine the right loan for yourself.

What are the benefits of an instant personal loan?

Bajaj Finance Limited offers Insta Personal Loans to its existing as well as new customers. The benefits of choosing an Insta Personal Loan include:

  • Faster processing: You do not need to go through a lengthy approval process associated with regular loans.
  • Instant funding: Since you are screened for your creditworthiness beforehand, the loan disbursal process is significantly shortened.
  • Minimal documentation: Insta Personal Loans require minimal documentation for loan processing.
What is the difference between instant personal student loans and education loans?

Education loans have a fixed end goal and are usually disbursed directly in terms of fees. Instant loans have flexible usage guidelines and can be used for different expenses such as books, accommodation, etc.

What are the benefits of applying for a personal loan for students?

A personal loan can be used for a wide range of expenses. It can cover the costs not included in an education loan, such as daily expenses, moving and relocation expenses, extra-curricular activities that need significant expenditure, and so on.

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