Insta Personal Loan for Higher Education

Pursuing a higher education is a big financial commitment. There will always be unforeseen expenses – be it for tuition, travel, extra courses, living expenses, or accommodation.

An instant loan can take care of such expenses. Existing customers can get a pre-approved offer, while new customers can generate a pre-assigned limit from which they can borrow.Instant loan for students is a great way to manage the expenses that are not covered by an education loan.

Read more about our instant personal loan for students.An instant personal loan for higher education can help you cover tertiary expenses which may not be related directly with your course, but necessary while pursuing your education.

In case you do not have a pre-approved offer, you can opt for our regular personal loan.

Visa and Flights

VISA AND FLIGHTS

Application fees are a large part of the expenses associated with higher education. More so when you factor in the cost of flights, visas, and other paperwork needed for an international course.

Course Fees

COURSE FEES

Education loans will likely cover the cost of the tuition, but an Insta Personal Loan with a high amount and flexible repayment options gives you the freedom to cover unforeseen expenses.

Living Expenses

LIVING EXPENSES

Rent is only the beginning of your living expenses. Your overall expenses also include costs for groceries, transport, mobile, internet, and other items. These may set you back by an enormous amount.

Course materials

COURSE MATERIALS

You may need books, devices, special software, and other related items during your course. These expenses usually are unforeseen and can come as an ad-hoc expense at any point.

Emergency Fund

EMERGENCY FUND

It is important to set aside money for unforeseen events like accidents or illnesses. Although insurance can be helpful in certain cases, it cannot always cover every expense.

Features and benefits of our Insta Personal Loan

All you need to know about our Insta Personal Loan 00:39

All you need to know about our Insta Personal Loan

 Watch this video to know everything about our Insta Personal Loan - features and benefits, fees & charges, etc.

  • Pre-assigned limits

    Pre-assigned limits

    No need to complete the entire application process to know how much loan you will get.

  • All you need is a valid mobile number

    All you need is a valid mobile number

    You can check your Insta Personal Loan offer by entering your mobile number and OTP.

  • Immediate processing

    Immediate processing

    Our Insta Loans work like a green channel with no documentation required* and money in your account in just 30 minutes*.

  • Flexible loan tenures

    Flexible loan tenures

    Manage your loan repayment with options ranging from 6 to 63 months.

  • No hidden charges

    No hidden charges

    You can read our fees and charges on this page and on our loan documents. There are no hidden charges.

    *Applicable for select customers.

  • Still haven’t found what you’re looking for? Click on any of the links at the top of this page.

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EMI Calculator

EMI Calculator

Plan your instalments better.

Eligibility criteria and documents required

Anyone can opt for our instant personal loan. Your eligibility and documentation requirement depends on whether you are a new customer or have an existing relationship with us.

If you are an existing customer

Since you are an existing customer with a pre-approved offer, there are no additional eligibility criteria that apply to you. Some of our existing customers may be asked to submit additional documents, such as your income proof, KYC documents, and bank statement.

If you are a new customer

Customers with an instant personal loan offer may need to go through a CIBIL check and provide additional documents.

How to get an Insta Personal Loan

Video Image 00:49
   

Step-by-step guide to get an Insta Personal Loan

  1. Click on ‘CHECK OFFER’ at the top of this page to open our online form.
  2. Enter your 10-digit mobile number and verify your profile with the OTP sent to your phone.
  3. You will see an offer with a pre-assigned loan limit for you. You can either go with it or choose a lower amount.
  4. Select a repayment tenure that suits you best.
  5. 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.

Note: Some customers may need to submit additional documents to complete their Insta Personal Loan application process.

Fees and charges on Insta Personal Loan

Type of fee Applicable charges

Rate of interest

13% to 35% p.a.

Processing fees

Up to 3.93% of the loan amount (inclusive of applicable taxes)

Documentation charges Not applicable

Bounce charges

Rs. 700/- per bounce.
“Bounce charges” shall mean charges for non-payment of instalment (s) on their respective due dates due to dishonour of payment mandate or non-registration of the payment mandate or any other reason

Penal charge

Penal Charge - Delay in payment of instalment(s) shall attract Penal Charge of Rs. 8 per day per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Prepayment charges*

Full prepayment:
Up to 4.72% (inclusive of applicable taxes) on the outstanding loan amount as on the date of full prepayment.

Part prepayment:
Up to 4.72% (inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part prepayment.

*Foreclosure will be processed post clearance of first EMI

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from loan amount.

Broken period interest / Pre monthly instalment interest

It is defined as the amount of interest on the loan for the number of days which are:

Scenario 1 - Over and above 30 days from the date of loan disbursement:

Broken period interest is deducted from the disbursement itself.

Scenario 2 - Less than 30 days from the date of loan disbursement:

Interest on the first instalment will be charged for the actual number of days.

Annual Maintenance Charges Not applicable
Cash Collection Handling Charges
Rs. 177 (inclusive of applicable taxes) will be charged if customer opts to make payment in cash when the collection is done by the collection agents. This fee is charged only once per month, regardless of the number of payments made against multiple LANs.
Cash Deposit Charges
Customers will incur a cash deposition charge of Rs. 50 (Inclusive of Applicable taxes) when making cash payments at our branch offices.
PG Facility Charges
Rs. 11 (Inclusive of Applicable taxes) will be charged for utilizing the payment gateway to make part or full payments towards the loan through digital properties.


For Micro Finance Loans, please note below:

Purchase of any non-credit product by the microfinance borrowers is purely on a voluntary basis. Minimum interest, maximum interest, and average interest are 13%, 38%, and 36.79% per annum respectively. Part-prepayment and foreclosure charges are NIL.

Understanding Insta Personal Loans

  • If you are an existing customer

    Our existing customers enjoy the benefits of pre-approved loan offers. These instant loan offers come with pre-assigned limits. You don’t need to complete an application to know how much instant personal loan you are going to get. You can get this information by entering your mobile number and OTP. 

  • If you are a new customer

    We have created a service wherein anyone with a valid mobile number can check for an insta personal loan offer. These offers come with pre-assigned limits. However, we may need additional documents to complete the insta loan process.

  • If you don’t see an offer

    In the above cases, if you do not see an insta loan offer or need a higher loan amount than the pre-assigned limit, you have the option to go through our regular online application process that takes less than 5 minutes.

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Frequently Asked Questions

Do I need to put up any collateral to avail of an instant loan for higher education?

You do not need to put up any collateral or security for our Insta Personal Loan.

Can I get an education loan instantly?

You can get our Insta Personal Loan within 30 minutes* to 4 hours.
*Terms and conditions apply.

How much can I get as a personal loan for higher education?

You can get funds up to Rs. 12,76,500 with our Insta Personal Loan.

How much time does it take for higher education loan approval?

The time it takes for a loan to be approved varies from lender to lender. Since our Insta Personal Loan provides pre-approved offers, you do not have to wait for approval after application.

How can students get instant loans?

You can apply for our Insta Personal Loan in just a few clicks:

  1. Click on ‘CHECK OFFER’.
  2. Enter your 10-digit mobile number and OTP.
  3. Go with the pre-assigned limit or choose a different loan amount.
  4. Choose a repayment tenure that suits you best.
  5. 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.

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