4 easy steps to follow to apply for an instant student education loan

Education loans are a boon for students who don’t have enough money to fund their education. Getting such loans sanctioned is a chore altogether.

At times, you may find that the admission process is delayed due to some reasons. Such a situation necessitates you to look for an Instant loan for students. An instant education loan is a regular loan that takes lesser time than usual to be processed and disbursed.

This article will help you to understand the process of securing an Instant education loan for yourself.

1.    Keep the potentially required documents handy -

Keep the documents you would need to apply for an instant loan for students ready. This will ensure that the process remains smooth and fast from your side. The documents you would need for applying for an education loan instantly include:


1.      A filled loan application form.
2.      Couple of passport-sized photographs.
3.      Identity proof (AADHAR card/ PAN card/ Passport)
4.      Residential bill (Electricity bill/ Gas bill/ Water supply bill)
5.      Academic mark-sheets and certificates
6.      Competitive exam mark-sheets (GRE/TOEFL/ GMAT)
7.      Admission proof from the university
8.      A log of potential expenses that would be incurred while studying the course

Some lenders would ask the credentials of the co-borrower as well. If this scenario unfolds then keep these documents of the co-borrower ready:

1.      Couple of passport-sized photographs.
2.      Identity proof (AADHAR card/ PAN card/ Passport)
3.      Residential bill (Electricity bill/ Gas bill/ Water supply bill)
4.      The details of the loans held presently by the co-borrower.

If the co-borrower is a salaried employee then they need to submit these documents additionally:

1.      Salary slips of last 3 months.
2.      Income tax returns.
3.      Salary account statements of last 6 months.

If the co-borrower is self-employed then they need to submit these documents additionally:
1.      Qualification certificate (B.E certificate if the co-borrower is an engineer).
2.      Address proof of the business office.
3.      Income tax returns.
4.      Bank account statement of last 6 months. 

2.    Compare various lenders -

Many lenders offer a speedy process for students who need the education loan urgently. Compare the lenders who give this service on the basis of the complexity of their loan application form, their processing time, and their disbursing time. Once you’ve compared these features of the fast and easy lenders, choose the one that gives the loan before the admission deadline date at your university.

3.    Find the lenders who offer doorstep service -

Many lenders provide you doorstep service. After you've submitted your student loan application online, the lenders send their representative to your house at the time convenient to you. These representatives verify the authenticity of your credentials and allow your application to be processed further.

4.    Ask for fast-track approval -

If the admission deadline is fast approaching, the lender would try to process your application as fast as they could. Usually, the approval of an education loan takes as many as handful of days-at-stretch. Some lenders shorten the time-period to a day or two, or as fast as few hours after your application and credentials are verified. Such lenders also disburse the loan amount into your bank account within minutes of your loan being approved.

This is the procedure to be followed to apply for an Instant loan for students. Some lenders may ask you to follow a little different procedure. Please ensure that you get an Instant education loan from an easy and reliable lender.

Related Blog  :- Things to Know Before Taking an Education Institution Loan

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