Instant 10000 Loan for Students: As Students, we depend on our parents to fulfill our needs. Therefore, in most cases, students have to face financial crunch.
Understanding these needs of students, some financial institutions have come up with an offer of Instant 10000 Loan for students in India. We can use this money for essential expenses like college fees, buying new books, hostel rent, etc.
Here, we will provide detailed information about the features, benefits, and charges of an Instant 10000 loan for students in India.
Instant 10000 Loan for Students
| Article Topic | Instant 10000 Loan for Students in India |
| Interest Rate | Competitive Interest Rate starting from 8% per annum. |
| Instant Loan for Students | Rs 10000 to 10 lakhs. |
| Tenure | 3 to 36 Months |
| Loan Type | Instant Student Loan |
Instant Personal Loan for Students Interest Rate
Interest rates on Rs 10000 Instant Loan for Students in India may vary depending on the lender and other factors, but generally, you can expect competitive rates.
Getting an education is the fundamental right of every Indian citizen. Therefore, interest rates are taken care of by the Reserve Bank of India to make education loans comfortable and affordable.
Generally, the interest rates charged on loans for college education are lower than those on personal loans. But lenders also take into many other factors when determining the interest rate.
Factors Affecting Education Loan Interest Rate
Credit Score: The credit score of the individual plays a significant role in determining the interest rate. Higher credit scores often result in lower interest rates. Lenders view a good credit score as an indicator of a borrower’s creditworthiness and ability to repay the loan.
Type of course: The nature of the educational program or course being pursued can affect the interest rate. Lenders may offer lower rates for courses that are in high demand or that have a track record of generating good employment opportunities.
Lenders: Different types of lenders, such as banks, credit unions, and non-banking financial companies (NBFCs), may offer different interest rates. It’s essential to compare rates from different types of lenders to find the most competitive option.
Loan Repayment Period: The length of the loan, or repayment period, can affect the interest rate. Shorter-term loans may have higher monthly payments but lower overall interest costs, while longer-term loans may have slightly higher interest rates.
Market Conditions: General economic conditions and prevailing market interest rates can affect education loan interest rates. Lenders frequently adjust their rates in response to changes in the broader financial market.
Must Read this: How to apply online for a loan of 10000 on an Aadhar card?
Best App to Provide Instant 10000 Loan for Students in India
There are many Instant loan apps for students in India that offer quick easy loans of Rs 10000. Some of the best loan apps for students are:
Money View Instant Personal Loan for Students
Money View App is a non-banking financial company that offers a variety of financial products to its customers, including student loans. Money View Instant 10000 Loan for Students scheme aims to provide financial assistance to all the youth of India to pursue higher education so that no student is deprived of education due to lack of money.
| Loan Amount | Rs 5,000 to 10 lakhs |
| Interest Rate | Competitive interest rate starting from 1.33% per annum. |
| Tenure | Up to 60 months |
| Processing Fees | Starting from 2% on the Loan amount. |
MoneyTap
MoneyTap Instant Personal Loan for Students is available to Indian youth who want financial help for college studies. The company offers a variety of financial products that you can avail after verifying your eligibility.
Their innovative loan product allows borrowers to withdraw the amount they need, typically Rs 10,000, even if the sanctioned credit limit is higher. The interest is applied only to the borrowed amount, and any remaining funds can be kept as an emergency fund.
| Loan Amount | Rs 10,000 to Rs 5 lakhs |
| Interest Rate | Competitive Interest rate starting from 8% per annum. |
| Tenure | 2 to 36 months |
| Age | Must be above 23 years and below 55 years of age |
StuCred Instant Loan App for College Students in India
StuCred instant loan app provides a personal loan of Rs 10000 for college students in India, which students can use as per their need to meet essential expenses like fees, books, etc. According to StuCred’s website, the company has provided small student loans at 0% interest rates to more than 3L+ students.
| Loan Amount | Rs 1,000 to Rs 10,000 |
| Interest Rate | 0% |
| Tenure | 60 to 90 days |
| Processing Fees | 152+GST |
Kreditbee Instant Loan for Students
The Kreditbee Loan App is a very famous and popular application that deals with various financial products in India.
If you are an Indian Student, you can avail of the Kreditbee Instant 10000 Loan for Students Scheme to pursue higher education. Being an education loan, the interest rate on it is also low, due to which it can prove to be very beneficial for a student.
| Loan Amount | Rs 1,000 to Rs 4 lakhs |
| Interest Rate | Competitive Interest rate starting from 15% per annum. |
| Tenure | 3 to 36 months |
| Processing fees | Rs 85 to up to 6% of the loan amount. |
InCred Finance
For any country, youth is its greatest asset, and the highly educated young generation proves to be the strong pillar of that country. Therefore, no person should remain uneducated due to lack of money.
If you want to get the best education loan for higher studies, the InCred Finance education loan is the best option for you. The company claims that it offers higher student loans to cover all the expenses related to your education.
| Loan Amount | Collateral-Free loans up to Rs 40 lakhs |
| Interest Rate | Enjoy the interest rate between 16 – 36% per annum. |
| Tenure | 12 to 60 months |
| Processing fee | Minimal 2% to 5% on the loan amount. |
Tata Capital Education Loan
Tata Capital offers personal loans for education to help students pay their tuition fees and living costs, allowing students to contribute to the progress of the country by getting a good education without worrying about money.
With quick approval rates, minimal documentation, and competitive interest rates, we’re on equal footing with student loans so you can fulfill your potential.
| Loan Amount | Rs 10,000 to 35 lakhs |
| Interest Rate | Competitive Interest rate starting from 10.99% per annum. |
| Tenure | Up to 60 months |
| Processing Fee | Minimal 2% on the loan amount. |
Features of Instant 10000 Loan for Students in India
Understanding the needs of students in India, Instant Personal loans for students are offered by some non-banking financial companies. Every NBFC-registered company has its advantages. Here, we have talked about standard features and benefits.
Flexible loan amount: You can choose the loan amount offered by non-banking financial companies at your convenience to meet your individual needs. In this way, you avoid taking more loans, and you do not have to face any problems in the future.
Digital Process: The loan process is 100% digital, giving you the convenience that you can apply for a loan without any personal meeting by downloading the loan app on your mobile phone, and there is no need to submit any documents manually.
Quick Disbursement: When you apply for a loan digitally, the loan amount is transferred to the applicant’s bank account within a few hours of application by non-banking financial companies.
Without Collateral: Considering the current situation of the students, the loan provided by the financial institution does not require students to deposit collateral. From an academic point of view, it can be very beneficial for the students.
Credit Score: Credit score plays an essential role in the life of any person. If you build a good credit score during your student life, it will be much easier for you to take loans for your financial needs in the future.
Interest Rate: The interest rate charged on education loans depends on the type of course, school, prior academic success, credit score of the student or co-applicant, and the security provided. Generally, the interest rate on a head loan starts from 6.75% to 12% per annum.
Eligibility Criteria for Instant 10000 Loan for Students Online in India
To take an Instant education loan from any bank, financial institution, or NBFC, you have to fulfill some eligibility criteria, which are as follows:
| Criteria | Requirement |
| Age | Must be above 16 years and below 55 years of age |
| Minimum Net Monthly Income | The co-applicant must have a regular income source. (Rs 15,000 and above) |
| Type of Employment | Salaried, Self-employed, and Business owner |
| Citizen Ship | Indian Citizen |
| Admission | Applicants must confirm admission to recognized educational institutions in India or abroad. |
| Credit Score | CIBIL Score of 750 and more |
Documents Required for Instant 10000 Loan for Students
The documents required for student loans are:
- Proof of admission
- Photographs
- Pan card, Aadhar card
- Filled loan application
- Course summary or statement
- Proof of identification of applicant and co-signer
- Co-signers IT returns and other documents
- Aadhar card
- Identity proof (Driving license/Voter ID/Passport/Aadhar/PAN)
- Address proof (Driving license/Voter ID/Passport/Aadhar/Utility bills/Scheduled Bank Statements)
- Original photograph
FAQs Related to Instant 10000 Loan for Students Online in India
How can a student get a loan of 10k?
Students can swiftly acquire a Rs 10,000 loan by assessing their eligibility through financial services apps, a process that takes just 2 minutes. Once approval is granted, students can proceed by submitting the necessary documents with their loan application.
How to check eligibility for Rs 10,000 instant loan for students?
Students need to download an app on their mobile phone that offers Rs 10,000 instant personal loans for students. You can check your eligibility in just 2 minutes by registering through your mobile and email.
How can a student get a loan?
In India, students have multiple options to obtain loans for their education. Banks, financial institutions, and Non-Banking Financial Companies (NBFCs) extend loans ranging from Rs 10,000 to Rs 150 lakhs. These loans come with attractive interest rates, flexible repayment terms, tax benefits, and minimal processing fees. Loans are typically secured with collateral or co-borrowers. Students can apply online or visit the nearest bank branch to initiate the process.
How much loan can I get as a student?
The loan limit for students depends on their credit profile and specific financial needs. Banks tailor loan amounts to match individual requirements, with education loans typically reaching up to Rs 1.5 crore. These loans are secured with assets to ensure repayment.
