4 Quick Steps To Get Fast Approval On Instant Personal Loan For Students

If you are a student and wanted to pursue higher education, then you may need a higher amount of money to fulfil your needs. If you don’t have money on your own to do that, then you don’t need to lose your heart. You can apply for an instant personal loan for students and get up to Rs.25 lakh to fulfil all needs. But what steps do you need to take to so that you can get the quickest approval? Read on and explore more!

  • Meet lender’s personal loan eligibility criteria 

The next thing that can help you apply for an instant personal loan for students is matching the personal loan eligibility criteria. Most of the lenders’ personal loan eligibility criteria are mentioned on their websites so that you can plan. The basic eligibility criteria that you need to meet are: 

  • You need to be aged between 25-57 years 
  • You need to be a resident Indian citizen 
  • You ought to be employed with an MNC, Public or a Private Limited Company 
  • KYC Documents
  • Employee ID Card
  • Last 2 months’ Salary Slips 
  • Previous 3 months’ Salaried bank account statement  

You can also check out your personal loan eligibility criteria by using the personal loan eligibility calculator free of cost on the lender’s portal. This way, you can know an amount that your lender can sanction if you apply. 

  • Apply for an amount that you need and not what you desire 

You should always apply for an amount that will meet your higher education needs and not what will fulfil your desire. Why? It is because it is a loan after all which you will need to repay. And it will also affect your monthly outlays for a specific period. If you apply for an amount that you are eligible for, then the lender may not have any issues in approving it. Applying for a way higher than the entitled loan amount may lead to the rejection of your application.

  • Maintain a good credit score 

One of the personal loan eligibility criteria that you need to fulfil is maintaining a higher cibil score of 750 and more. This denotes that you have the higher creditworthiness to be awarded the loan. It also shows that you can repay it on time. You should always check free cibil score on any website before applying for a loan. If you have a lower score, then you can improve it. It is by repaying your loan EMI and other bills on time. Also, having a higher cibil score means that you can negotiate for a lower rate of interest. In turn, it can help you pay lower EMIs and save big.

  • Checkout other costs involved with the loan 

The instant personal loan for students may have some other costs such as processing charges, penalties for late payments and defaults and more. If you are aware of such charges, then you will not be surprised if you have to pay any of them. Hence, it is also needed to go through the loan’s fire prints at least once to be sure of all terms. 

How to apply for an instant personal loan for students?

  1. Land on the online personal loan page of your lender and check for the ‘Apply Now’ button. Click on that and enter your personal, financial and employment details. 
  2. Enter the desired loan amount and tenor. 
  3. Submit the loan documents to the lender’s representative who will get in touch with you. 
  4. Receive the approved loan amount in your bank account within 24 hours. 

You just went through ways you can easily get the approval for an instant personal loan for students. You can now do that online and save your precious time and efforts.