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Tata Capital > Blog > Loan for Education > Quick Guide: Accessing a ₹ 10,000 Loan for Students

Loan for Education

Quick Guide: Accessing a ₹ 10,000 Loan for Students

Quick Guide: Accessing a ₹ 10,000 Loan for Students

Financial needs can arise unexpectedly for students pursuing higher education. From medical costs to affording books or daily commutes, expenses can add up. Traditional loans from financial institutions come with extensive paperwork and rigid eligibility that students may find hard to meet. 

This is where instant loan apps are proving to be a boon. These apps offer quick access to small loans in a completely online and streamlined process. These loans provide the timely financial assistance students require. 

From quick disbursals to minimal eligibility criteria and flexible repayments, these instant loan apps are thoughtfully designed for students. This article explores what instant loans are, their features, benefits, eligibility criteria, documents required and more. 

What are instant 10000 loans?

Instant loans of Rs. 10,000 are a type of short-term loan offered by various lenders through an app to address urgent financial needs. These loans necessitate minimal documentation and ensure quick disbursal within a few hours to a couple of days.

Benefits of instant loans for students

Opting for an instant 10000 loan for students has many advantages:

1. Smooth online process

The end-to-end process right from loan application to approval decision-making to documentation and finally disbursal happens completely online. No physical paperwork or lender branch visits are needed, saving time and effort for students in availing urgently required funds. 

2. Accessible funding

Instant education loans provide an accessible source of funding for students who may require assistance with tuition fees, living expenses, or other educational costs. This accessibility helps bridge financial gaps and ensures that educational opportunities are not hindered by monetary constraints.

3. Fast approval and disbursal

Approval happens quickly as lenders do not follow lengthy manual profiling. Post-approval, disbursal into applicant's bank account also happens within 1-2 days enabling quick access to address pressing needs, unlike traditional loans requiring weeks. Faster disbursal eliminates delays for students.

4. Unsecured loan

Rs.10,000 instant loans do not require assets, collateral or guarantors as security. This facilitates swift qualification for students who usually won't own major assets. Limited eligibility criteria also make application smooth for students from different financial backgrounds.

When to avail of an instant ₹ 10000 loan for students?

Here are some situations in which an instant ₹ 10000 loan for students may help:

1. Covering daily expenses

As students living independently, daily expenses can be difficult to manage with limited funds. From paying rent, electricity and Wi-Fi bills to buying groceries and toiletries, costs add up. A ₹ 10000 instant loan for students helps cover these routine expenses when stipends or part-time earnings fall short. The small loan amount goes a long way in handling monthly expenses that may arise.

2. Paying unexpected fees

There are times when educational institutions may charge sudden fees not accounted for in student budgets. These could be related to hostel deposits, event fees or late fines. A ₹ 10000 instant loan for students can help make urgent fee payments and ensure continuity in academics without any disruption.

3. Managing medical emergencies

In case of health issues requiring doctor visits and medication, an instant loan is of great help. Seeking instant funds during medical emergencies aids quick treatment and recovery without stress.

4. Travel and commute expenses

From paying rentals for daily commutes to booking tickets for college trips, travel costs are a major recurrent expense. Opting for an instant loan provides the means to make urgent travel arrangements without missing academic commitments.

Documents required to avail of an instant loan

Students should be ready with scanned copies of basic documents when applying through instant loan apps. These documents include:

1. Aadhar card

2. PAN card

3. Student ID/college ID card

4. Bank statement for the past 6 months

5. Current address proof

6. Passport size photograph

Eligibility criteria  to apply for an ₹ 10000 instant loan

While each loan app may have specific eligibility norms, the basic criteria are:

1. Applicant must be an Indian citizen

2. Applicant must be above 18 years in age

3. The borrower must have a good CLBL score

Points to consider before getting an instant ₹ 10000 loan for students

Here are some of the main points you should evaluate before taking an instant loan:

1. Interest rates

The interest rate is one of the most crucial factors to evaluate before availing of an instant personal loan. Compare the annual interest rates offered by different lenders and select a loan with the rate that best fits your budget. Lower-interest loans reduce your overall repayment burden significantly over the tenure. 

2. Processing fees

Many lenders levy one-time processing fees towards instant loans. The amount of these processing charges often varies across lenders. Compare processing charges across your shortlisted loan options to identify ones that require you to pay the least processing fees. Choosing loans with lower processing fees helps minimise the expenses you incur to avail the funds. 

3. Repayment flexibility

Understand the repayment terms and structures provided on the instant loan before proceeding. Evaluate all your options and prefer lenders providing maximum flexibility. Repayment flexibility allows you to align your EMIs according to your specific requirements. 

4. Default penalties

Missing your EMI repayment timeline can lead to default penalties and additional charges over and above the regular interest and principal due. Various lenders have differing penalty structures for defaults. Carefully go through the proposed penalty clauses and rate of interest charged on outstanding overdue amounts before committing to the lender. This provides a cushion just in case you face temporary problems during your loan tenure.

Wrapping up

Instant personal loans provide quick financial assistance for small urgent needs. However, for long-term and larger education funding requirements, consider education loans.

Education loans are an ideal financing solution to cover major costs related to academics. This includes tuition fees, hostel expenses, study materials, and other significant expenses. Tata Capital is a reliable financial partner for education loans. We provide a significant advantage to students wherein they can secure funding of up to Rs. 75 lakhs without the need for collateral. 

We are committed to providing customised financing solutions through our expert guidance. Explore further details and initiate your online loan application by visiting our website today!

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