Instant College Student Loans for Emergency Expenses: When and How to Apply?

May 22, 2024
 |  1 min read

Introduction

When you pursue academic goals, you will be in constant need of funds. An unexpected financial situation is the last thing you would really want. Unfortunately, nobody has control over such emergencies, but they should not be a setback to your education financial plan. This can be for anything like not receiving financial aid on time. Emergency loans online will fix the problem for you.

Let us explore in detail what are instant student loans for emergency expenses, why consider instant student loans for emergency expenses and more.

Understanding Instant Student Loans

An emergency student loan is a fund we can take from any financial institution or online lender. It is used to pay for tuition fees or any education expenses. It is available when the student experiences unexpected setbacks like a natural disaster, unemployment, a death in the family, or any other similar situation. Students can use these urgent cash loans for food, medical expenses, monthly bills, and housing.

When to Consider an Instant Student Loan?

When to consider an instant student loan or what is the right time to take an instant student loan? There is no right time for this.

Apply for an instant student loan when you need immediate funding. However, it is essential to ensure you understand the terms and repayment options before borrowing. As compared to other loan options, this will take less time to get approved. Due to the time-sensitive nature of these loans, they generally get approved within a few hours.

How do you Apply for an Instant Student Loan?

Let’s cover the most important concern that all of you might be asking, “How to apply for an instant student loan?”. Here are some of the common steps you must follow:

Step 1: Get Verification of your Loan Eligibility: Check all the eligibility requirements of your college to ensure that you qualify for it.

Step 2: Fill Out the Loan Application:  Fill out the application online.

Step 3: Submit Documentation: Provide documentation for which you are taking the loan.

Step 4: Create a Plan for Timely Repayment:  Repay on time to avoid putting your academic record on hold and failing to borrow in the future.

What Documents are Required for Instant Student Loans?

To help you understand what documents are required for emergency loans online for students, here is a list to follow:

  • The mobile number which is linked to the Aadhar card.
  • ID proof (PAN card, Aadhar card, passport or driving license).
  • Academic documents (school/college ID, mark sheets, admission letter).
  • Income proof (if applicable).
  • Passport-size photographs.
  • Bank statements.

What are the Eligibility Criteria for Instant Student Loans?

It's essential to have a complete understanding of the eligibility criteria to understand who qualifies for instant student loans for emergency expenses.

  • The student must be an Indian citizen.
  • The minimum age requirement is 18 or above.
  • Pursuing a well-recognized course either in India or abroad.

What are the Tips for Responsible Borrowing?

Some of the valuable tips to remember for responsible borrowing:

  • Be punctual when repaying the loan.
  • Consider your financial capacity.
  • Understand all terms and conditions.
  • Borrow what you can repay.
  • Look for other sources of revenue, such as part-time jobs.
  • Compare offers and lenders.

Conclusion

Education loans can be used to pay your tuition fees, textbooks, study materials and other academic essentials. But what if you come under uncertain circumstances that leave you in distress? Applying for urgent cash loans might fix your stressful situation. An Instant loan for students online provided by mPokket is easily accessible, affordable and directly disbursed into your bank account.

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.