20 Common Questions College Students Ask when dealing with Instant Loans!

Sep 10, 2020
 |  1 min read

College is one of the most eventful times of our lives. Along with loads of self-development, growth, and learning, we also face a few challenges- especially when it comes to finances. As a college student, it is tough to be able to manage your finances wisely. However, the harsh truth is that many of the financial mistakes you make during your college years can stick around for many years after that.

Money management is a skill that is not only useful during your college time, but also for the rest of your life. However, many times students do not have enough money at hand when they need it the most. From essential expenses like study material, stationery, college trips, to ancillary expenses like parties, festivals, college fests- a college student has many costs to juggle.

Common financial mistakes that students make in their college time can be an imbalance between savings and expenditure, lack of budgeting, abusing credit cards, and overspending. Such errors cause them inconvenience during essential payments like study and social life. In such a situation, Student Loans are a great way to manage college expenses. Opting for an instant loan for students can relieve them of financial stresses and help them have a more wholesome college life. One of the best instant loan apps in India, mPokket, offers instant personal loans to students. Here are the answers to 20 most commonly asked questions asked by college students around student finances and an online personal loan:

2. Can I study college for free?

Unfortunately, that is not possible in India as of now. However, many schemes and organizations offer financial aid and scholarships to students who need it or those who score merit and qualify their criterion.

3. Is going to college worth the expense?

Considering investments involved in college life, it is a legitimate question to have. E, A college degree is necessary for being competitive in the industry. Sure, there are many professions you can take without actually ‘needing' a college degree, but college education prepares you for the overall life ahead- like working on deadlines, coordinating projects with teammates, financial management, etc.

4. Is the college expense manageable by everyone?

Even though the tuition fee is somewhat manageable for most college attendees, many students experience difficulties in coping up with the expenditures in college. However, there are many ways that students can help themselves in coping up with financial difficulties in college. A few ways would be maintaining a strict budget, working in a part-time job, working from home, or opting for an instant student loan.

5. How can I pay for college?

There are a few ways to manage the college fee, such as:

–  Financial support from parents, guardians, or relatives

–  Scholarships

–  Financial aid in the form of scholarships and other schemes

–  Student Loans

However, the fee is not the only expense in college. For ancillary personal expenses students can always opt for an online personal loan.

6. How can I get a loan as a student?

There are a few resources that offer instant loans to students, such as mPokket. Students can also apply for instant personal loans online.

7. What are the qualifications to get a student loan?

When looking for instant personal loans online, every organization has its criteria for eligibility. A few common rules are:

–  You must be 18+ in age.

–  You must be enrolled in a verified educational institution.

8. How much personal loan can I get as a student?

A student can generally ask for a smaller loan as well. For example, if you apply for an instant loan for students with mPokket, you can borrow up to INR 10,000.

9. What documents do I need for verification to get a loan?

As a student, generally, you need a personal identity proof, college ID card, and a PAN card. For further information, go through the terms of your loan provider.

10. Can a student get a loan instantly?

Yes, mPokket offers the best instant loan app in India for students. Through their instant personal loan app students can get a loan online without going through the hassle of paperwork.

11. Can I get a loan without documents?

No, it is not possible to get an instant loan without documents.

12. Should I get the loan in cash or online?

There are different resources available for both cash and online loans. However, generally, it is very difficult to procure an instant cash loan from a bank. It is easier to get a loan transferred online in a short time through an instant loan app.

13. What happens if I pay my loan late?

Paying late can affect future chances of getting a loan. You will also be charged a periodic penalty past your due date. To avoid the penalty, please pay your loan amount within its due period.

14. What happens if I am unable to pay my loan on time?

It will lower your CIBIL score and affect your prospects of borrowing from any other institution. A digitally signed legal contract backs up the loan.

15. How fast can I get a personal loan?

The loan sanction period is different for different loan providers. However, your loan application can get approved within a few hours with mPokket, one of India's best loan apps.

16. What is the mode of repayment of student loans?

Instant loans for students can be repaid via Debit card, or UPI.

17. Can I get a new loan instantly after repaying the previous loan?

Yes, with instant loans from mPokket, you can borrow again once you have repaid the previous loan.

18. How long will it take to receive the sanctioned loan in my bank account?

Getting the loan amount in your bank can take anywhere between 30 minutes to 2-3 business days. Contact your loan provider to understand the timeline of receiving your sanctioned loan amount.

19. Can I repay the loan using a credit card?

No, it is not possible to repay a loan using credit cards.

20. Can my borrowing limit be decreased?

Yes, it is possible. If your loans become overdue and are not repaid before the due date, your borrowing limit can be decreased. For avoiding such a situation, make sure to repay your loans on time.

Instant loans made easy with mPokket!

A general Indian college student is constantly bothered by short term expenses like examination fees, study materials, trips, parties, fests, etc. If not dealt with sensibly, these expenses can cause a good deal of stress to the students, reflecting in their academic performance, health, and mood.

mPokket acknowledges the challenges faced by college students and young professionals for their short term expenses. Thus, they offer you the best online loan application services to help you meet your college finances comfortably. With their easy application process and instant verification, you can get loans transferred instantly in your bank account. Thus they are the best instant personal loan app in India for college students. Initially, you are allotted a borrowing limit of INR 500 as a student, increasing up to INR 10,000 in the future. You also have flexibility to choose the tenure of repayment upto 90 days..

One of the prime features that make mPokket the best instant personal loan app is that the entire loan application procedure and sanction occurs online. With the recent pandemic, this feature helps you access loan services from the safety of your homes. mPokket also offers loans to working, salaried professionals. If you are a salaried employee, you will be allotted an initial borrowing limit of INR 1000. Later, your borrowing limit can be increased up to INR 45,000. Thus mPokket is also the best instant loan app for young salaried professionals.

Further, these loans do not require collateral, which is excellent for students and young professionals. So if you are struggling with your expenses in college or having difficulties in managing your finances as an employee, instant loans can help you get through such a time in peace. With the convenience of using an app and a simple verification process, getting student loans is easiest with mPokket- the best application for a personal loan.

Gaurav Jalan

Gaurav Jalan is the Founder and CEO of mPokket, a digital lending platform serving underserved Indian youth. He leverages technology and experience to deliver cost-effective credit to marginalized populations. In his role, he provides strategic direction and oversees execution to fulfill mPokket's mission.