The COVID-19 pandemic has spread to the rest of the world since the first quarter of 2020. Barely any country has been unaffected by the effects of the pandemic, be it physically, financially, or emotionally. Life is very monotonous, and the new normal has taken over, the world seems to be adjusted to it by now. Further, the effects of the epidemic have been on all age segments and have not even spared students and young working professionals, particularly financially. This life-altering event has triggered a global recession comparable only to the Great Depression of 1929. This has caused heavy loss of jobs, particularly in businesses that involve discretionary spending.

Students and young working professionals have been heavily hit with unemployment and cash crunch due to job loss and ample free time. Many of them are finding it hard to keep up with daily expenses and also emergency expenses. Even as the world hurries to find a vaccine against the coronavirus, the post-pandemic business scenario looks dull from where we are standing. Thankfully, options such as instant personal loan are available to aid through the financially trying times.

A Closer Look at the Core Challenges Faced by Students and Young Working Professionals

Clearly, the pandemic has had far-reaching effects on students and young professionals. These young folks have faced tremendous challenges during this pandemic phase due to the decreasing unemployment rate and pay-cuts and widespread withdrawal of job offers. College students are finding it difficult to pay their tuition fees, mobile bills, buy books, and add to that one more expense. Since the pandemic has taken everything online, several students need additional gadgets and more data packs to attend their online classes. This is yet another expense. This has been the case even for working professionals as they need proper gadgets to work from home. Also, due to the lockdown, the internet bills have shot up, adding not only the online classes but also the surfing of the web in free time.

COVID-19 has also dented career plans, especially for those just about to begin a job or going for higher education. Many students who just graduated have lost their job offers, and their future in a post-pandemic world remains uncertain. Another problem that many young working professionals are facing as one of the effects of the pandemic is that they struggle to pay their utility bills and even daily expenses, especially if their families depend on them. Many of these young professionals may even have taken long-term loans. Due to unemployment, it has been difficult to repay their loan instalments.

Meanwhile, the monthly bills are always knocking at the door. Hence, college students and young professionals are going through a severe cash crunch. Even the lifestyle of these students and young working professionals has been drastically affected, and it is hard to adapt with less money flow. To start with, there's been a complete halt at meeting friends, visiting restaurants, or going to the movies. At the same time, the cash crunch has not allowed this segment to enjoy the lockdown period, either particularly.

It is in this backdrop that digital lending apps have been a boon. With almost everything halted during the lockdown, digital has been doing a “double shift.” That is, personal loan apps have continued to support those in need of money during the pandemic. Instant personal loan apps such as mPokket have offered an instant personal loan to its users all over the country. They have enabled students and professionals to stay afloat during these challenging times.

Personal loan apps have been providing loans for self-employed and personal loans for salaried persons and college students. These instant personal loan apps have been there in the time of need, especially because traditional loan sources such as banks do not lend without collateral, and these apps have quick disbursal. Further, with the entire application process completely online and contactless, these apps are preferable, rather than taking the risk of getting infected by visiting lenders personally.

Impact of COVID on Different Sectors

The pandemic has wreaked havoc everywhere but has affected some sectors much more. These are sectors that involve contact among customers and the staff. The effects of the pandemic have been most felt by the entertainment, leisure, travel, and hospitality industries.

Theatres have been shut across economies. Most entertainment is now available only online. Even the music industry has been drastically hit as concerts have not been allowed since the pandemic hit the world.

Hotels have also taken a massive hit, given that travel is at an all-time low due to the hygienic paranoia and the pandemic. Many restaurants and cafes have shut down permanently due to escalating fixed costs and halting business for many months. Even though some restaurants are now operating at a limited capacity, the sector has definitely taken a big blow and will have a deep financial impact even post-pandemic.

Many other sectors that involve discretionary spending have also been hurt. This includes the retail industry and many other allied sectors. Retail has mainly been hit due to income uncertainty and shutdown of malls. Significant effects of the epidemic have been seen on the gaming industry as well, with gaming centers shut or operating at limited capacity. The postponement and most-awaited of most sporting events like the Tokyo Olympics 2020 has affected allied sectors as well. Most sports events have been cancelled or postponed indefinitely. Most of them are now going on without a live crowd.

Further, airlines, the automobile sector, and even real estate are seeing a considerable contraction given that most people would want to avoid travel, save their money, and protect their health, rather than travelling or taking on new long-term liabilities such as home loans or car loans. At this point, the damage is not confined to select businesses but is widespread across all the sectors.

The Road Ahead

Like most countries, India too is on its way to “unlock” the country. This refers to easing restrictions on movement and activity. Economic activity is slowly limping back to normalcy. However, it will be a while until things resume to pre-covid levels. Business opportunities post-pandemic are likely to be adversely affected.

Therefore, during such challenging times, students and young working professionals may face a cash crunch. It could be anything—from payment of tuition fees to even arranging medical expenses for a family member. In this case, students and young working professionals may find it individually difficult to secure loans, mainly due to personal loan eligibility and student loan eligibility criteria from conventional lending sources like banks. Also, secured loans may be out of reach due to lack of collateral or security.

mPokket provides instant personal loans to students and young working professionals. This personal loan for salaried employees and students can help them tide over financially tricky times. This instant personal loan is available online easily on mPokket's instant personal loan app.

mPokket, with its quick disbursal times, through its loan app for students and working professionals, has already lent to over 5 million users. mPokket's instant personal loan app has assisted young people through their journey by helping them through any short-term money crunch they may face. Plus, mPokket loans require minimal documentation, are paperless, and need no security. Moreover, the instant personal loan is available for flexible loan amounts for up to 90 days at attractive interest rates. mPokket is your friend in need when it comes to difficult financial situations.

Don't let the pandemic derail your life. Download the trusty and reliable mPokket's instant loan app for college students and young working professionals today!

We all dream of having a house of our own, a car that matches our status, the latest phone in the market, or if nothing else, we all want to take that dream holiday. But not everyone runs a successful business or has access to fluid money especially, if we talk about young working professionals straight out of college.

So, what is the next best solution to it? Personal loans for salaried employees! Perhaps, to borrow the required amount from a financial institution like a bank, fulfill our dreams, and then pay the amount with interest in the form of an EMI. The simplest answer to your question – what is EMI (equated monthly installment) or EMI meaning – it is a fixed amount of payment made by a borrower to a lender on the same day of each calendar month. EMIs cover both interest and principal each month so that over a specified number of months or years, the loan is fully paid.

Shopping Using EMIs

Once we know what EMI is, things become clearer to secure  one. Life changes as we start earning. While we were happy with a limited wardrobe and simple things as students, we now want to aim higher and acquire gadgets and things that we always dreamt of. And why not! With the availability and easiness of getting an instant personal loan for salaried people, the next best thing to do is to plan your EMIs and do some EMI shopping.

However, before you take the plunge, it is imperative that you learn how EMI works, to be able to make a wise decision and opt for a loan that suits your requirement and pocket. After all, it is you who have to  bear the monthly repayments after fulfilling your goal.

Benefits of Taking an EMI

EMI based loans are versatile. From a car loan or EMI for a bike to a house loan, and from a student loan to a personal loan for salaried employees that can be used for many purposes, the market is today flooded with a plethora of options to choose from. However, before we dwell any further, let us consider the benefits of opting for an EMI when you are a young working professional.

1. The Freedom to Buy Expensive Utilities

To begin with, taking a personal loan for salaried employees with an EMI option gives us the freedom to buy expensive utilities that we might not consider otherwise. Be it a vehicle, expensive household items, gifts for family and friends, jewellery for wedding, or a house itself, EMI shopping helps buy anything and everything in one go. As you get a chance to divide the used amount in monthly instalments and pay it back easily, they make the buying process easy. Furthermore, EMI shopping is not only beneficial for the buyer, but also for the seller as they get to widen their customer base.

2. Easy Documentation

As more and more working professionals and even students who have a part-time job are opting for various loans, banks and financial institutions have reduced the paperwork and the processing time required for loans—especially with regard to personal loans for salaried customers, making it easier to get the needed fund without waiting for it for too long. This means you will not have to miss out on a good deal because of financial constraints. This has made loans attractive to consumers who have nothing of value to use as collateral.

3. Pocket-Friendly Repayment

The repayment terms are generally flexible and allow you to pick a tenure that will optimize your monthly outgo according to your needs.

4. Choose an Amount that You Need

Loans give you the option to pick an amount that best suits your needs and monthly repayment budget. However, it is also dependent on your credit score.

5. Range of Repayment Terms

Gone are those days when loans had strict rules around repayments. With multiple repayment options and higher flexibility, especially since the advent of money lending apps in India, it now depends on how quickly you want to repay the amount.

Things to Know Before Opting for an EMI

Whether you consider an EMI for a bike, a house, for an international holiday, or to buy the latest gaming console, there are certain things that you must know about and should consider before opting for EMI shopping.

1. Range of Repayment Terms

Knowing how you want to spend the borrowed money is the most critical factor to consider before taking a loan. Borrowing money is a big financial step and can make or break the deal depending on how you manage it.

2. How Much You Can Afford to Borrow

The next step is to consider how much money you can afford to borrow in terms of repayment. This is an important question as this will help you plan your EMIs. Aim at affordability since it is a large contributing factor even before applying. After all, it is not just about being able to afford the fixed monthly EMIs but also adjust them comfortably within your cost of living while maintaining a steady income outflow to meet any unforeseen emergency.

3. Research on Loan Options

With the easy accessibility of information on the internet, do extensive research on the available market options before signing any paper. From how EMI works to factors that formulate a loan to the down payment (if any), EMIs, repayment tenure, etc., research on these factors before your loan application to choose a suitable loan from a better lender at attractive interest rates.

4. Longer Tenure Means a Costlier Loan

Read the monetary policy carefully to understand how the interest rate and interest amount change based on the tenure you choose. What might look like a relief today could result in you paying a huge amount just for the interest.

5. Spend Cautiously

No matter how well your income is today and how small of a loan amount you borrow, spend cautiously to ensure your monthly expenditure and savings are all in place.

6. Maintaining the CIBIL Score

Maintaining a stable and good credit score helps in the future when you want to apply for another loan. Regularity in EMIs pays off well and helps with the quick processing of an instant loan for salaried employees and disbursal the next time.

7. Additional Charges

Consider all other administrative, processing, and service charges that banks levy upon borrowers and plan your monthly finances accordingly.

How to Plan Your EMIs Smartly?

1. Choose the Right Loan Tenure

Calculate your savings and the exact amount you need before applying for a loan to ensure you have to bear lower EMIs, which would enable you to repay the loan comfortably. While choosing the tenure, consider your age, income, repayment capacity, future plans, etc.

2. Increase your EMI amount over time

Since, as a salaried employee, you will get an annual hike, consider increasing the EMI amount simultaneously to reduce your loan tenure and the total outstanding loan amount.

3. Prepay Whenever You can

Prepaying your loan whenever possible helps lower your outstanding loan amount, reduce the total interest payout, and thus decrease your loan tenure as well. For this, it is advisable to keep the prepayment/foreclosure terms in mind to ensure you get to plan your finances without hassle.

4. Go for a Lower Interest Rate

With plenty of lenders available in the market, you can opt to transfer the remaining loan amount to another lender offering a lower interest rate to save money in the long run. You can also opt for services like mPokket, one of the best apps for an instant loan that helps you borrow instant loans and offer low-interest rates with easy repayment options that allow you to meet your requirement without any hassle.

5. Grow Your Savings

While personal loan for salaried employees gives financial liberty, however, no matter how little the loan amount is, focus on your savings and invest them appropriately to earn interest and returns. This can also be used to repay the loan amount later and thus save on the EMIs.

6. Never Delay or Miss Your EMI Payments

Financial discipline can help you maintain your CIBIL score. An outstanding payment can cause a problem for new credit cards and another personal loan for salaried persons.

Conclusion

Getting a personal loan for salaried employees that are otherwise difficult to save is a good option to fulfill your dreams; however, it is advisable to consider all factors before applying  for a loan. Having a basic understanding of what EMI is to even how EMI with a debit card works can help anyone understand the nitty-gritty of how EMI works can help in making a sound decision.

If you are a young working professional, you are probably dealing with more than one of these:

1. The pressure of keeping your job, performing well
2. Not having enough time for the things you really want to do
3. Upskilling
4. And the biggest of all—the uneasy month end money crunch.

Most young adults, including college students and young working professionals, face the problem of month end money crunch, having exhausted their cash before they get their next allowance or salary. To beat this month end cash crunch, there are always options such as a personal loan for salaried professionals and college students.

But first, let us look into how and why young adults face these issues.

Lifestyle of a Young Working Professional

When you are at the end of your college and begin working, you are likely to experience a sea of changes. The most important feeling is the sense of even more freedom than you had as a college student. A lot of this freedom comes from being able to earn on your own. While the journey from financial dependence to independence is exhilarating, it can sometimes throw young professionals off track with respect to managing money. This is when personal loans for salaried professionals may come in handy.

A lot of young working professionals, with the newly found freedom, begin to splurge money and live off credit cards like there is no tomorrow. The college cafeteria is replaced with an upscale eatery, and the basic accommodation/dorm room is replaced with a rented flat in an expensive locality.

This is where the problem begins. Many young professionals and even college students end up spending more than they have. They exhaust all their money much earlier in the month and then have no cash left by month's end, even for the most basic things.

Further, as we all know, “With great power comes great responsibility!” Many of us may even have to provide for a family emergency, such as medical expenses. In such situations instant loans for salaried employees can be a short term option.

This month's money crunch can, however, be beaten by working professionals by availing for a personal loan for salaried people. Listed below are additional options-

Tips to beat the Month End Crunch

1. Use Public Transport

Prefer using public transport such as the metro, trains, and buses rather than private vehicles. Private vehicles are not only more expensive due to fuel costs but also high on maintenance. And hey, they are a greener option!

2. Opt for inexpensive food alternatives

The good old cafeteria in college will satiate you as much or even more than that fancy eatery. The same goes for the office cafeteria when it comes to young working professionals. Of course, quality is important. But who said affordable food is not healthy? Opting for inexpensive food alternatives can be a great way to beat the money crunch. If you do want to splurge on a special occasion, you can treat your friends with the help of an instant loan.

3. There are many personal instant loans with a flexible tenure.

Opt for a loan for salaried people available easily through personal loan apps for salaried employees and young adults. Many companies provide instant loans for people at low-interest rates. Such loans can help you get through the month with ease.

4. Save on accommodation

The key rule to beat the month end money crunch is to “save where you can.” Save on basics such as accommodation! You can choose to share a flat with your colleagues or friends and even check with your company if they have a relationship with brokers/partners who can provide discounted employee accommodation. Students can choose the good old dorm room rather than renting a house.

5. Choose “needs” over “wants”

Prioritize what you really need to spend on rather than what you want to spend on. For example, travel and food are needs, while an expensive watch is a want!

6. Take advantage of perks

Don't feel shy to take full advantage of perks given to young professionals and college students such as cafeteria food coupons, on-campus gym memberships, and tie-ups with restaurants. This way, you can save a lot and easily deal with a month end cash crunch.

7. Keep track of your expenses

At the end of the month, do you feel that you don't even realize how you ended up with the money crunch? This is pretty common among young adults as they do not have the habit of tracking their expenses. Keeping a record of where you spend your money is the first step towards spending wisely!

8. Budget for the month

“Budget” may be a big word, but it truly is simple to budget. At the start of the month, note down your income (salary/allowance) and your expected expenses. This way, you will know how much you should be spending for your cash to last till month end.

9. Indulge in “free” fun

As young adults, we are often too impressed with the material world, but indulging in things such as meeting your friends or spending time with nature can be priceless!

10. Spend wisely, not impulsively

Avoid following your peers blindly. Think about why you want to spend on something before you do so!

Get Easy Loans for Young Working Professionals

mPokket understands the money crunch that young working professionals and college students face at month end.

To assist young adults with this temporary money crunch, mPokket offers instant personal loan for salaried professionals and college students through its incredibly easy-to-use instant loan app. This instant personal loan app for salaried professionals and college students delivers the loan amount swiftly into the applicant's bank account.

The instant loan for salaried employees and college students is available for a loan duration of 61-90 days typically and carries nominal interest rates–ideal for beating a short-term money crunch.

To avail the instant loan for cash, salaried employees and college students need to download the mPokket app and submit their details. Once the loan is approved, mPokket offers the flexibility of loan amount and duration.

mPokket's instant personal loan for salaried professionals and college students involves minimal documentation, is paperless, and completely online.

Further, mPokket's instant personal loan app for salaried employees and young adults offers 24/7 support and has already assisted 5+ million users in beating their money crunch.

Among the many personal loan apps for salaried professionals and college students, mPokket's app is perhaps at the forefront in providing hassle-free instant loan for salaried young professionals and students at nominal interest rates.

Beat the month end money crunch with mPokket. Try mPokket's instant loan app for college students and young working professionals today!

How mPokket Ensures Data Security Against Identity Theft?

First coined in 1964, ‘Identity Theft' is the stealing of personal information and committing serious crimes such as making unauthorized purchases from someone else's Credit/Debit cards, stealing passwords, fingerprints, selling names under the hood, and using other's identity without their knowledge. In today's world, data is the new currency. From boosting a company's revenue to curing a disease, information is everywhere. In such a data-driven environment,  safeguarding personal data is of paramount importance. Hackers not only target larger companies but smaller companies as well due to their data vulnerability.

Sensitive information requires proper protection against fraudsters. The opportunities to monetize data are abundant and all-growing. Hence, as data's value grows, the responsibility to manage and protect the data rises exponentially. Large companies, healthcare centers, fintech organizations, Governments, and banks hold highly confidential and personal data. They are very susceptible to information leaks.

Companies should address this issue by:

• Being transparent about what they store
• Being transparent about how they secure the data
• Training employees about the usage of personal data and how to safeguard it

As the world is becoming digital and crimes are propagating faster, organisations need to focus on the evolution and enforcement of more robust encryption of valuable data.

Data theft is a business. There are several tools used by fraudsters to collect personal data.  Companies should take note of this in order to safeguard their customer data.

Why is Data Security Crucial?

According to the Identity Theft Resource Center (ITRC), identity theft can be categorised into five categories:

1. Criminal Identity Theft: It occurs when someone pretends to be you after committing a crime and is caught by law enforcement. Here, your name may be mistakenly associated with a criminal conviction record.
2. Financial Identity Theft: It occurs when someone pretends to be you after committing a crime and is caught by law enforcement. Here, your name may be mistakenly associated with a criminal conviction record.
3. Identity Cloning: This is the type of crime in which the identity thief impersonates someone else to hide their true identity. The criminals may be running from the law or may be mentally ill. In the worst-case scenario, identity cloning may go undetected forever.
4. Medical Identity Theft: In this kind of robbery, someone uses your personal identity information to obtain medical goods or services fraudulently. Someone can pretend to be you and get the medical services in the emergency room. It can be dental cleaning, prescriptions at a pharmacy, or availing durable medical equipment. Mixed medical records are particularly devastating because now the identity thief has their personal information intermingled with yours.
5. Child Identity Theft: Criminals can take a child's Social Security Numbers (SSN) and use them to commit fraud. A child's SSN is even better because it's like a clean slate. The identity thief can take your child's name and date of birth, messing with their identity.

mPokket's Registration Process

mPokket's Registration process consists of eight essential steps:

1. Download the instant personal loan app – mPokket from Google play store.
2. Verify your mobile number via OTP.
3. Sign up using your Google/FB account.
4. Create a strong password.
5. Choose your occupation.
6. Upload Know Your Customer (KYC) documents.
7. Create a selfie video.
8. Approval of your account.

If all the documents and details provided are correct and valid, it takes between 10 minutes to a few hours to get your profile approved. Once the profile is approved, both college students and young working professionals can borrow loans and get money in their bank account instantly. The entire process is online and paperless.

The personal loan eligibility for college students and professionals are as follows:

STUDENTPROFESSIONALPAN card is mandatory if the Aadhar Card is provided as identity proof. PAN card is mandatory to borrow money from mPokket. For other identity proofs (Voter ID card/ Driving License/ Passport),
providing a PAN card is not mandatory. Must have Voter card/Driving License/Passport/Aadhaar as an ID proof.College ID card is mandatory to register. Company's ID card necessary if you are a full-time professional. Offer letter/ joining letter can be provided in the instant student loan app.
if you don't have a salary slip. Salary slip (of the bank account where you receive your salary) is needed. Instant personal loans up to INR 50,000.

What Happens to Your KYC Documents?

The KYC documents uploaded for your account's approval to avail an instant personal loan online facilitate the services on behalf of mPokket. Payment processing, providing customer support, performing web, or instant personal loan app-related services are the key areas that use this personal information. The personal information is not leaked to the other users except for potential benefactors when you apply for an instant personal loan online as a beneficiary.

The third parties having access to your personal information are contractually bound to not disclose or use it for any other purpose. They use this data to deliver the personal loan app's functionalities, resolve technical difficulties, and improve the application's function through regular updating.

Get Secure and Instant Secured Personal Loans

mPokket removes the challenges faced by college students and professionals by offering the best instant secured personal loan application. With their easy registration process and instant verification, you can get instant personal loans transferred in your bank account instantly.

Initially, for students, a borrowing limit of INR 500 is allotted. The limit can increase up to INR 10,000 in the future. You also have the flexibility of choosing the tenure of repayment up to 90 days. Once you have repaid a loan, you can borrow again up to your eligible borrowing limit in this secured personal loan app for students.

There are a lot of benefits once your loan eligibility is fulfilled. One of the chief features that make mPokket one of the best instant personal loan apps is the online loan registration, verification, and sanction. This feature allows you to borrow instant loans from your home safely, even in this pandemic. For a salaried employee, an initial borrowing limit of INR 1,000 with an increase to INR 50,000 is present. This is a highly secure loan for self-employed professionals. Thus, mPokket is also the best instant loan app for young salaried professionals.

Further, these loans are devoid of collateral, a boon for students and young professionals once you fulfil the loan eligibility. Finding guarantors is a tedious task for young working professionals. mPokket provides instant loans without the need of any guarantors. mPokket also has 24/7 customer support and is trusted by more than 5 million users. So, if you are struggling with your expenses in college or having difficulties in managing your finances as a young employee, secured instant personal loans from mPokket can come to your rescue. With the ease of using a personal loan app and a simple verification process, receiving instant student and professional loans is the easiest with mPokket, the best application for a secured and instant personal loan.

Here's the link for mPokket Instant Personal Loan App : mPokket Instant Personal Loan | Student | Salaried

Did you know that in 2019, the IPL generated $614 million (over INR 4500 crores)? That is more than 30% of global cricket revenues. It is no surprise because the IPL economy goes beyond tickets and sponsorships alone. There is much more to the money fest, including auctions, brand deals, and online gaming. Let us understand IPL finances in greater detail.

Auctions

Every year, the world's best T20 players go through the process of IPL auction. Before the auction, every team gets a fixed budget. Each team can buy a maximum of 25 players, and no more than 8 of them can be foreigners.

Like every year, IPL auction 2020 lived up to its hype. For IPL 2020, 332 cricketers went under the hammer. Out of these, the eight teams bought 62 players: 33 Indian and 29 overseas.

Kolkata Knight Riders made the most expensive purchase of Australian cricketer Pat Cummins for INR 15.50 crore. Other top buys included Glen Maxwell (INR 10.75 crores by Kings XI Punjab), Chris Morris (INR 10 crores by Royal Challengers Bangalore), Sheldon Cottrell (INR 8.5 crores by Kings XI Punjab), and Nathan Coulter-Nile (INR 8 crores by Mumbai Indians.) The teams spent a whopping 140 crores combined to buy the best T20 players from the world.

Here is what each team has spent on auctions this year :

TeamsAmount Spent (INR Crores)Kolkata Knight Riders27.15Kings XI Punjab26.20Royal Challengers Bangalore21.50Delhi Capitals18.85Chennai Super Kings14.45Rajasthan Royals14.15Mumbai Indians11.10Sunrisers Hyderabad6.90

Remember, this is the amount spent on IPL auctions alone. Overall, teams have spent much more on retaining their key players. For instance, Mumbai Indians have spent nearly INR 72 crores on players, including the amount spent on auctions. Rohit Sharma has a salary of INR 15 crores. Among all the players retained, Virat Kohli is the league's highest earner with a salary of INR 17 crores. Kohli was also the most expensive player in IPL 2019 with a similar salary. To put some more perspective on the numbers, over the past 13 years, MS Dhoni has earned INR 137.8 crores from IPL salaries alone.

Sponsorship

IPL sponsorships are another significant part of IPL finances. Nearly 60% of IPL revenues are from sponsorships. Media rights holder Star India has set a revenue target of INR 3,000 crores from sponsorship sales. For IPL 2020, Dream11, the fantasy gaming platform, won the IPL title sponsorship rights for INR 222 crores. This whopping sum gives the gaming platform IPL sponsorship rights for 4 months and 13 days. Dream11 outbid two educational technology companies, BYJUs (INR 201 crores) and Unacademy (170 crores.) The sponsorship is expected to give a huge boost to the IPL online games on the Dream11 app, which has over 8 crore users.

Image Source:  https://www.dream11.com/

Apart from the title sponsor, official partners Tata and Unacademy are paying INR 80 crores. Ceat, which has been a long-time partner for strategic timeouts, is paying INR 30 crores. And, as an umpire sponsor, Paytm is paying INR 28 crores.

Disney+Hotstar has got 13 sponsors for the live streaming of the event. This number compares to 10 sponsors last year. In addition to being a title sponsor, Dream11 is also the ‘Co-presenting' partner for the live streaming of IPL 2020. Boost has grabbed the ‘Co-powered by' slot. Other firms advertising on the streaming platform include Maruti Suzuki, Flipkart, HDFC bank, and Swiggy, among others. According to industry estimates, IPL 2020's revenues from digital advertising and sponsorships are likely to cross INR 300 crores.

The lure of sponsorships does not end here. Each franchise has its own principal sponsor. Then there are official partners, merchandise sponsors, and other sponsors.

Here are the estimated team sponsorship revenues for this year:

Image source: https://www.exchange4media.com/ipl-news/ipl-2020-franchises-to-earn-rs-10-15-crore-minus-central-pool-revenue-107444.html

Tickets

IPL 2020 is going to be played behind closed doors. As a result, teams will lose on the lucrative revenues from ticket sales they have enjoyed over the years. Each big team earns INR 35 to 40 crores from ticket sales alone. Smaller teams earn between INR 18 to 20 crores. Ticket sales contribute to nearly 10% of team revenues. The ticket sales for the playoff games are reserved for BCCI. It is believed that in 2019 the board made INR 20 crores from ticket sales of playoffs.

To shed some more light on the IPL ticket economics, Royal Challengers Bangalore has never won an IPL. However, the stadiums are always fully occupied for their matches. The Chinnaswamy Stadium in Bengaluru has a capacity of 35,000, yet for any IPL game, there are many more people than that at the stadium. The cheapest seats start from INR 750 each. Ticket prices for corporate boxes can go as high as INR 7,000 each. Finally, the most expensive tickets (VIP hospitality) are worth INR 35,000 each.

Then there are food and beverage expenses within the stadiums. Franchises give food and contract stalls to third parties on a contract basis. Each franchise collects a fixed amount for each match on a per stall basis. The food and beverage economy is not limited to stadiums alone. Restaurants, pubs, and online food delivery apps provide special discounts to cash in on the IPL craze.

Brand Details

Apart from principal and associate sponsorships, a lot of brands associate themselves with IPL franchisees in different capacities. Recently, Mumbai Indians had four global brands (Marriott Bonvoy, Colgate, Cadbury Dairy Milk, and William Lawson) for multi-year deals. There are also sponsorship slots on jerseys and helmets. The rate card for sponsorships varies from INR 1 crore for the back of the helmet to INR 4 to 5 crores for a logo at the back of the jersey to as high as INR 7 crores for the front of the jersey.

KKR has Exide as a sponsor for the jersey's sleeve, Royal Stag as a sponsor for the non-playing hand on the jersey, and Asian Paints as a sponsor for the pants of their official attire. Each franchise also has its set of partners. Chennai Super Kings has announced Levista Instant Coffee as their Official Licensed Coffee partner. KKR has the Telegraph as their media partner, Fever 104 as their official radio partner, and Sprite as their official drink. Jio is a sponsor for all teams. Dream 11 is also a sponsor for several franchises, including KKR.

Brands also spend on individuals for endorsements. Even though MS Dhoni has retired from all forms of cricket (except IPL), he continues to attract attention from sponsors such as Dream 11. Paytm's gaming arm Paytm First games has recently signed Sachin Tendulkar as its brand ambassador to cash in on the online gaming fest during IPL.

Online Gaming:

The online gaming ecosystem is another huge revenue generator during IPL. As per a FIFS-KPMG 2020 report, the revenues of online fantasy sports companies in FY20 stood at INR 2,400 crores. That is a substantial increase from their revenues of INR 920 crores in FY19. Nearly 35-40% of these revenues come from IPL. Mobile Premier League is offering a season ticket worth INR 99 for unlimited access to fantasy cricket contests during the IPL season. MPL and Paytm First Games expect to cross 80 million and 100 million users, respectively, by the end of IPL.

Fantasy cricket involves creating virtual teams and appointing a Captain and a Vice Captain for the teams. Players get points based on the performance of their players, which can be converted to real cash. For example, in the Dream 11 app, players get 2x points for the runs scored by their chosen captain. If someone chooses MS Dhoni as their captain and he scores 60 runs in a match, this will give the player 120 points. There are also bonuses for boundaries, sixes, half-centuries, and centuries scored by their chosen players. Once players create a team, they can enter contests as per their budget. Based on the performance of their players, they can convert these points into actual cash. They can easily withdraw their winnings and transfer to their bank accounts.

Online gaming provides a good opportunity to earn money for those who understand their cricket. Remember, there's skill involved, and only those who follow the game are likely to win money. Players need to be aware of different cricketers' forms, which will help them choose winning teams. Beginners can join free leagues to get a feel for the game. Once they are confident, they can try their luck by investing in small amounts. One they are fully confident, the IPL is a really good opportunity to make a quick buck. There are many students and young professionals who have made fantasy cricket as a second source of income.

Just like any other game, there could be ups and downs. Some days players may win, and some days they may lose. mPokket understands the challenges faced by college students to meet their short-term cash needs. mPokket provides instant loans for students through its user-friendly mobile app. The hassle-free process with minimal documentation makes mPokket the best instant loan app in India.

References:

1. https://www.thecricketer.com/Topics/ipl/icc_t20_world_cup_ipl_pulling_power_simon_hughes.html
2. https://brandequity.economictimes.indiatimes.com/news/marketing/ipl-2020-disneyhotstar-nets-13-sponsors/78118384
3. https://www.livemint.com/sports/news/fantasy-sports-firms-look-to-tap-ipl-frenzy-on-board-new-users-11600404591604.html

The importance of saving money cannot be emphasized enough. After all, all big things have small beginnings, and every drop makes an ocean. As a college student or a young adult, saving money early on has its own benefits. Like many other things, saving is a habit that is best inculcated early in life. This is because it can help you invest early in the long term to grow your wealth and also meet your goals easily. For example, learning how to save money can shield you on a rainy day, help shell out emergency expenses, and also arrange for a down payment of your first scooter or car.

Tips for saving money as a college student!

Now that we have established how important it is to save money, here are some tips for students and young professionals on how to save money as a student and as a young adult.

1. Prioritize your needs over wants:

Many students and young professionals do not understand the difference between a want and a need and end up spending all their money on want instead. By the end of the month, they have no money left for even bare necessities. If you spend all your money on wants such as eating at your favorite eatery, you will not have enough for your absolute requirements such as books, travel, and tuition fees. Hence, a small habit of saving pocket money will go a long way, and only spending on needs will also save some extra money for leisure.

2. Avoid bad loans and loans with high interest:

Rule no. 1 for borrowing a loan or using a credit card is ensuring that you repay the due amount on time. This is because if you do not pay back the loan or credit card bill on time, it will not only lead to greater interest later but also affect your credit score. This may disqualify you from borrowing loans in the future. Further, high-interest loans should also be avoided. Instead, do your research and opt for loans which allow flexible repayment schedules.

3. Ensure that you have a budget:

Budget may seem like a complicated term. But it's really not. Budgeting is simply keeping track of your income, expenses, and future cash flows, and keeping track of the money you spend and the money you earn or get as the allowance is extremely important. In fact, learning how to spend money wisely is the first lesson in saving money. Many apps and organizers, such as expense managers, are available to help you keep a record of your spending and income. These records can help you learn from past mistakes and save wisely in the future. Can you expand your budget? Yes! But how to make money in India while being a student? By applying for an internship, part-time job, etc., these are some ways college students can earn.

4. Spending excessively:

Taking the point related to “needs and wants” further, sometimes, it so happens that college students and even young working professionals are under pressure to spend on things that are not necessary. Many a time, this is because of peer pressure. If you feel you're not spending wisely, rethink your choices. You could very well do it with a simple home-cooked meal than eating at an upscale restaurant. These choices can help you figure out how to spend money wisely, and the right choice can help you save pocket money or a good amount of your salary.

5. Taking advantage of free facilities:

As a college student, there are many perks you get, such as discounts only by showing your ID, be it a discounted membership at the gym on the campus, or buying books from certain stores. This can help you save pocket money to a great extent. Also, students should take advantage of scholarships to save money. Young working professionals also get discounts at certain eateries and stores on showing their company ID as part of promotional campaigns. Preferring to visit these affiliated stores for leisure or shopping is one of the best ways to save money in India.

6. Choosing your basic amenities wisely:

College students tend to overspend on basic things like accommodation, which they can easily get on-campus for much less. A place that is shared with friends is also a good idea rather than shouldering the entire rent. This applies to working professionals too. Further, for both college students and young professionals, using public transport or shared transport than using your own private vehicle can help you save money. What's more, it is also great for the environment.

7. Indulging in some cost-free fun:

Whoever said all great things in life cost a lot of money is mistaken. Think about it: did the most memorable moments of your life cost money? More often than not, the answer would be no. Indulge in activities that bring joy and not material happiness. This could be having a quiet time with a book or hanging out by the beach with your close friends.

A bonus tip for students on how to save money is to have a side income. While in college, you can pick up opportunities, such as helping your professors in some research work.

What are the Benefits of Saving Money

As a college student or a young working professional, you may be wondering what the benefits of saving money are? Well, the benefits of saving money can be realized immediately and more so, over time.

For starters, saving money becomes valuable for anyone because it gives you the time and option to earn returns, whether the saved money is in the bank account earning interest or invested elsewhere, such as in the stock markets. The benefits of saving money for students and young adults, in general, are even more. This is because you are still young and have more time to multiply your money.

The saved money can come handy if you are saving for a trip or even for an emergency fund. It is perhaps the first step in becoming financially independent and not just relying on your parents or job to earn money, but rather make your money work for you. In fact, by saving and making smart investments over the long term, you can achieve many financial goals like buying a new car or home. Thus, saving is a necessity and not an option.

Saving money can also serve as a great learning experience as you grow older as you will be required to make many financial decisions and have responsibilities towards your family.

How to avoid bad loans?

College students have recurring expenses such as travel, food, and hostel fees, knocking at the door while managing their leisure expenses such as eating out, watching movies, etc., which may not be fulfilled with the allowance they get. Young working professionals also spend on travel, eating out, etc. Further, some may also have emergency needs such as medical expenses for themselves or the family.

Due to the nature of these expenses, a lot of times, students and young professionals go through a cash crunch and are in need of urgent cash. When they are unable to pay back the loan at such high-interest rates, they end up with bad credit.

This is where mPokket comes to the rescue. mPokket has been supporting students and young working professionals in their time of need by giving them instant loans at nominal interest rates. In fact, mPokket has already lent to more than 5 million users and is preferred by millions of young users across India. It's the best instant loan app for college students and young working professionals.

Borrowing through mPokket is super convenient! mPokket provides instant loans for students and young working professionals through the convenience of an easy-to-use app. All this, along with 24×7 support.

Applying for an instant loan is as easy as it gets with mPokket's instant loan app for students and young professionals. All they have to do to avail the loan is download mPokket's in India, provide the necessary information and wait until the loan is approved.

Once the loan is approved, the money is directly disbursed in the bank account, based on the applicant's preference.

What's more, the loan requires minimal documentation. The documentation process for availing the instant loan for college students and young professionals is hassle-free and completely paperless.

mPokket understands the challenges that young adults face when it comes to short-term and urgent cash needs and also offers these instant loans at nominal interest rates. It is, therefore, among the best instant loan apps in India, for students and young working professionals.

If you are in need of a short-term loan and want to borrow some cash, look no further! Avoid loans that come with hidden charges. Instead, download mPokket, the best instant loan app for students and young working professionals today!

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 50,000. 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.

Your time in college and early career could be the most memorable years of your life. And why not? It is a time replete with friends, sleepovers, parties, studies, love, and even a sense of freedom. However, college and initial years of working is also a time when a lot of financial decisions can go wrong, and you may end up paying for them for decades.

An important aspect of college and even your early career that is often neglected is managing your money wisely while in college. This is because you are not under the close supervision of your parents during this period. This can be both exciting as well as daunting.

Many students are unable to complete their education due to poor handling of money or due to the lack of money when they need it the most. This is because most students do not have enough savings to sail through college and do not get access to loans due to a lack of security and credit history. Although instant loan for college students and young professionals is now easily available, a better understanding of money management can help come to the rescue.

Money management is not just essential in college, but it is a skill that you will need to learn and sharpen throughout your life. Moreover, some financial habits picked in college and early professional life might stay with you forever. Therefore, learning proper financial management early can help students build a stress-free future and help them in their adult lives.

A crucial part of understanding how to handle money is knowing what not to do. There are plenty of financial mistakes that college students and young professionals make, which they pay for a long time.

Here are 15 common financial mistakes that you should avoid as a college student for a better financial future:

1. High Expenses, out of control spending

Perhaps, the most common mistake of all is overspending, where it is not necessary. It could be on luxuries such as designer clothes and many expenses that could be avoided, such as a latte from expensive cafes when a good old home-made concoction would just suffice. Control your impulse buying for handling money better.

2. Low savings and not having an emergency fund

Often, college students and young professionals do not practice the habit of saving their allowance or salary. This leads to spending everything they have and not saving for a rainy day. Having an emergency fund can not only give you a cushion of safety but also make space for some discretionary spending, such as visiting your favorite eatery.

3. No budgeting

Not having a monthly budget is perhaps one of the biggest financial mistakes that students and young professionals should avoid. Simple methods such as using an online expense manager and keeping your money in a safe place so that you are not tempted to spend can go a long way in handling money. You can also use budget calculators to ration your spending.

4. Being disorganized/ not keeping track

An extension of the budget point, as a student, you are used to keeping track of your lessons and other activities. Why not add finances to the list? Using simple apps and organizers for keeping track of your expenses is the first step to managing your money wisely. Many students and young professionals do not realize where the money was spent and end up finishing their cash before the month-end.

5. Not using credit cards wisely/ abusing credit cards.

While young professionals and even students may manage to get a credit card easily, remember, a lot of them end up piling credit card debt because they do not use these cards wisely. That is, if you can pay off the credit amount on time, it can help you build a good credit score and help you be financially stable.

6. Misusing student loans

Borrowing student loans is understandable for paying one's tuition fees. However, if you divert your student loan payouts for vacations or for partying, it is only going to lead to a bigger cash crunch during your time in college and the long run.

7.  Not having financial literacy

College students and young professionals tend to think that it is too early to understand money management. However, the sooner you begin to become financially literate, the better. Understanding loan terms and other conditions before accepting them is a must to avoid debt traps.

8. Overspending on wants and not needs

A common mistake among young people is the inability to understand the difference between a want and a need. If you spend all your money on wants, you will not have enough for your absolute requirements such as books, travel, and tuition fees. Spending more on what they desire and then running out of money for essential needs is an unhealthy spending habit. Recognize your needs and wants wisely.

9. Damaging credit score

We all know the downside of non-repayment of debts on time. Late or of debt may affect your credit score drastically. It is advisable to limit your borrowing to the extent it can be repaid back on time. It is also prudent to pick from the most reliable and best loan apps in India for students to avail of instant cash loans, as they have student-friendly limits for repayment.

10. Blindly following peers

An extension to the point of need and want, sometimes, young professionals and college students come under pressure to spend where their friends are spending. Avoid this to ensure better financial management.

11. Not applying for scholarships

Scholarships take away the burden of tuition fees, which can feel like the weight of the world lifted off of your shoulders. Always apply for these to save money and not have the burden of repaying a huge debt before you even start your career.

12. Not taking advantage of free opportunities.

As a college student, there are several perks, such as discounts and freebies. Monthly gym membership on the campus itself and discounts on buying books on showing your ID can save you a lot of money. Companies even give many perks  to professionals, which young professionals can use to their advantage. Many services offer student discounts; use it to your advantage.

13. Making bad investments

Making investments in avenues such as stocks based on “tips” can be a recipe for disaster. Avoid making ill-informed investments like these. Get educated on the investment you desire to make; research and study should always be done before making such investments

14. Not saving on basics.

Many students and young professionals end up overspending on basics like housing, while they could easily get on-campus accommodation or a shared rental with their friends or colleagues. Even things like bulk-buying books and other necessities, along with a few friends, can save a lot of money.

15. Exploring low-cost activities with friends

Do you think every good thing in life costs money? Think again. Begin to look out for activities that do not involve money like a fun hike to a hilltop with your friends. Time well spent on hobbies and with friends is indeed priceless.

Best way to beat the money crunch

mPokket understands the challenges college students and young professionals face to meet their short-term cash needs. College students and young professionals constantly have expenses such as travel, food, and hostel fees, and they might be going through a temporary cash crunch. mPokket is the best instant personal loan app for your financial problems.

This is where mPokket can step in to assist them. mPokket offers instant loans for college students and young professionals through an online loan app that requires a simple online loan application. This instant loan app for students delivers the loan amount anytime, anywhere within minutes straight to the bank account.

The instant loan for college students and young professionals is available to those above 18 years of age. The loan duration is typically 61-90 days and carries nominal interest rates.

To avail of the instant cash loan, one needs to download the mPokket app and submit the required details. Once the details are verified, and the loan is approved, you can even choose the loan amount and the period you want the instant cash loan.

A prime feature of mPokket's instant loan app for students and young professionals is that you can get an this is an instant loan without documents; that, is, it involves minimal documentation and is a paperless process.

mPokket loans are super-convenient as the whole process of loan application is online. Further, these loans do not require collateral, which is an excellent choice for students and young professionals. Moreover, through mPokket's instant personal loan app, the company offers 24/7 support and has already assisted 5+ million users in their cash needs.

So, if you are struggling with your short-term expenses, you can tide through a difficult time by availing this instant loan for college students and young professionals. Add to that the convenience of the super easy-to-use mPokket app, the best loan app for students and young professionals!

If you are having a temporary financial crisis and are in need of cash, short-term personal loans can come to the rescue. Be it your monthly bills, an upcoming birthday party, or even a medical emergency, and these quick small loans are an ideal solution for meeting your short-term cash needs. Small instant loans are especially attractive, given that their disbursal time is short. Moreover, they are easy to get and do not require any collateral. A lot of us wonder how to get a personal loan quickly. These loans are easily available on instant loan online apps and offer funds in just a matter of a few days.

Reasons why we need short-term personal loans?

Short-term personal loans and instant loans for students and young professionals can particularly come in handy as both segments lack credit history and have limited or no income.

For college students, it is hard to fund their expenses while they are studying, considering that they are juggling between academics, extracurriculars, and also social life. Quick personal loans make it easy for college students to sail through their academic journey by funding expenses that they may be unable to cover. This includes monthly bills, gym fees, going to the movies, booking a train ticket, buying books and so on.

Young professionals looking to meet personal needs can also apply for small loans. Reasons for applying for a small instant loan could be funding a vacation, buying an appliance, and even paying for emergency medical expenses, among others.

For both students and young professionals, quick personal loans are an ideal option because most of these loans are available on instant cash loan apps. Further, personal loan documentation through this route is hassle-free and minimal. At the same time, personal loan instant approval can be availed, and you could get money directly in your bank account or online wallet.

Another important advantage with instant personal loans for students and young professionals is that they are collateral-free. This means that students who do not have personal assets to pledge to find it convenient to borrow using this method. In the early years of their career, when their income levels are low, young professionals can avail this option as well.

Quick disbursal, along with flexible duration, makes short-term personal loans an attractive option for students and young professionals. Also, when paid on time, these loans help improve one's credit score.

Ways to get quick cash!­

Banks

Banks are a great avenue for availing personal loans; however, they often require one to have a credit history and a good credit score. In this case, since many college students are still building up their credit, they are not eligible for a bank loan.

Further, these loans may require backed by collateral, which can be taken away by the bank if you default on the loan. Hence, personal loans from banks may not be an option for many students and even young professionals.

Credit Card Advance

One can use one's credit card to get a short-term cash loan from a bank or institution. Although convenient, the interest rates on these advances tend to be higher. Further, you may have to pay cash advance fees. The most important thing, however, is to have a credit card. College students may not qualify for a credit card because they do not have a source of income.

Payday loans

Although the concept of payday loans is relatively new to India, it is a type of unsecured loan, which means it does not require collateral. It is typically to be repaid on the borrower's next salary day (payday), that's why the name. This can be an option for young professionals who have a regular salary. However, it is not an option for college students.

Also, these loans are short-term, high-interest and risky as most borrowers tend to get trapped in a debt cycle with these loans due to high-interest costs.

Co-sign loans

These loans are for those who have less or no credit history and who may not qualify for a loan on their own. Thus, a co-signer is required for this loan. The co-signer promises to repay the loan if the borrower fails to do so.

Hence, you would need to take the help of someone else as a co-signer.

Online loan apps

Online lenders are an ideal option for personal loans because the application process is much quicker and simpler than borrowing from a bank. Further, most students and young professionals are eligible for these loans. In an instant small loan online, the loan amount is directly deposited into your bank account or payment wallet, giving you full control on how you want to spend the loan.

Thus, online lenders maybe your best option to avail a quick small personal loan if you are a student or working professional.

The quickest way to get a short term loan!

Now that we have seen ways in which ways you can get quick cash, the quickest way to get a short-term personal loan is perhaps through mPokket. mPokket loans are super-convenient because they come with a flexible loan amount, and the entire process of loan application is online and completely paperless. In addition, these loans do not require collateral, which is great for students and young professionals. mPokket, through its instant loan online app, offers 24/7 support and has already been used by 5+ million users.

The eligibility criteria for availing the instant personal loan is as follows: If you are a college student, you should have attained the age of 18, have a college ID card, and valid address proof (such as your voter ID, driving licence, passport, or Aadhar). A working professional would need to furnish his/her ID, Address Proof (Voter ID Card, Driving License, or Passport, Salary slips, and a bank statement.

So, if you're bogged down by urgent cash needs and are wondering how to get an instant personal loan, look no further! Simply download the mPokket app, the best app for an instant loan.

Take advantage of mPokket's convenient terms such as repayment up to three months with a nominal interest rate of 1 to 6% per month. Download the mPokket app, the best personal loan app in India.

Your parents have sent you money for the month but your bank balance starts to dwindle within a few days. You still have a few days to go and there are expenses you need to take care. For example, college organizes a trip and you need cash urgently for the contribution, a project needs extra materials to buy, or you have to treat your friends.

Do you fall into the same trap every month no matter how careful you are? You know one thing for sure, you don't want to ask your parents for money when your account is lean. So what do you do? Luckily, there is no need to panic as you can apply for through an instant loan app.

7 Factors for Assessment

Before you take an instant personal loan through apps, you need to look for the following factors that make an app great:

Loan Amount: This has to be one of the first things you need to check before taking an instant loan from the app. Check how much amount they are offering and if that works for you or not.

Interest Rate: Consider the interest rates offered by the app. This factor will impact the length of your repayment period and even the installment amount. The top instant loan apps offer low or flexible interest rates.

Repayment Period: This is the duration you have to pay back the loan. Good loan apps usually offer a flexible tenure. You can choose a repayment period based on your convenience.

EMI: Equated Monthly Instalments or EMIs is another factor that you need to keep in mind when you apply for an online personal loan. This is a cumulation of the loan amount, repayment period, and interest rate. Make sure you choose an amount that you can comfortably pay off each month.

Loan Disbursal Time: How soon will your instant loan be released? This is another factor that sets apart a good online loan app from another. There is no point in applying for an instant loan if you cannot get it ‘instantly'.

Loan Application Process: Next, check if the application process is simple or difficult. Is it an instant loan without documents or what sort of documentation do you need to submit to start the process?

Lender's Credibility: Finally, you need to make sure that the lender or the app is legit. You don't want to get duped or face issues later on because you didn't take the time to check the credibility of the lender. So, ensure that the app is a reputable one before your personal loan application.

Top 25 Instant Loan Apps in India

1. mPokket

This instant personal loan app offers easy small loans to professionals as well as students as well as young working professionals, which sets it apart from every other instant loan online app. The loan is available PAN-India to all college students provided they are 18 years and above in addition to working professionals and meet the other eligibility requirements. The entire process is very quick and paperless. The app credits the loan amount into the bank account instantly making it easy for the students to carry out their payments.

2. Badabro

This app provides a personal line of credit to full-time students who are above the age of 18. The process is paperless and easy. You have to pay interest only on the amount used and the line of credit can be repaid in flexible instalments.

3. StuCred

They offer short-term and interest-free loans to college students above the age of 18 years. The registration and verification process is fast and seamless, and you can repay anytime within 30 days

4. RapidRupee

You can avail instant personal loans from Rs. 1,000 to Rs. 60,000 using this instant cash loan app. If you meet the eligibility criteria, your loan will be sanctioned in just 30 minutes. The tenure ranges from 3 to 12 months.

5. Pocketly

If you are a student and looking for instant cash without collateral, download Pocketly. This app offers small loans, starting from Rs. 500 to Rs. 10,000 for a tenure of 30 days. They have tied up with universities to make loan applications a seamless experience for its students.

6. ZestMoney

ZestMoney offers consumer durable loans without requiring a credit card or CIBIL score. You can avail a loan from Rs. 1,000 to Rs. 10 lakh. The process is paperless and the loan approval and disbursal is instant.

7. Credenc

They offer the best education loans for students. You just need to fill out a form, take an assessment, and you will get fast approval for your loan.

8. Extra Mudra

This personal loan app offers a pre-processed loan of Rs. 500 to Rs. 2000 based on the details you provide. You can choose a tenure of your choice and pay back the loan in 1-3 months.

9. Credime

They offer easy and fast loans to salaried people who need instant cash. Credime offers paperless documentation and the money is transferred to the bank account as soon as the loan is approved. They offer loans starting from Rs. 2,000 to Rs. 20,000.

10. Credixo

They offer instant loans to students as well as salaried professionals which range from Rs. 1,000 to Rs. 25,000. The interest rates are low and you can pay back the loan in 61 days.

11. iEasyLoan

They offer short-term loans at good interest rates. The loan application process is easy and quick and the loan disbursal is done 30 minutes after it is approved.

12. Dhani

Amongst the best personal loan apps in India, it lets you apply with no physical documents to get an unsecured loan within minutes. You can repay the loan within 3 to 72 months.

13. LoanTap

It's one the best loan giving apps for applying customised loans which include home loans, lifestyle loans, or personal loans. The documentation is minimal and simple and has flexible repayment options.

14. MoneyTap

With MoneyTap, you get the dual benefit of a loan and a credit card which you can use from a tenure ranging from 2 months to 3 years. You don't have to pay interest on the loan amount that you don't use, just on the amount withdrawn.

15. KrazyBee

This student lending platform's unique offering is that college students can ‘buy now and pay later'. It has a flexible monthly payment plan. They have easy EMI options for students who can make online purchases.

16. Sahukaar

This online instant loan app offers small loans to college students to meet their financial needs. They can take a loan of anywhere between Rs. 500 and Rs. 5,000 which is credited to either their Paytm wallet or bank account.

17. KreditBee

You can borrow an amount varying from Rs. 1,000 to Rs. 1 lakh. The app doesn't need a physical verification of the documents for online loan application and the app is highly rated.

18. Capital First

It is the oldest online loan app in India and has a stellar reputation. You can get a loan within minutes and the repayment is flexible.

19. Credy

Credy doesn't require collateral. If you meet their eligibility requirements, the loan amount gets disbursed quickly. The tenure and repayment conditions are flexible.

20. PayMe India

They provide quick small loans, instant payday loans, short-term cash loans, and advanced salary loans to salaried professionals. The interest rates are low and the verification is entirely done via the app.

21. SmartCoin

The differentiating factor of this app is that it offers loans to salaried as well as non-salaried people. This is a perfect option for a short-term loan.

22. Upwards

You can avail a personal loan from Rs. 20,000 to up to Rs. 2 lakh. The loan amount gets disbursed within 24 hours of applying.

23. Anytime Loans

It's a peer-to-peer lending app that offers loans to both salaried and self-employed individuals. It doesn't need documentation or collateral.

24. Olly Credit

This microcredit app enables you to borrow money to buy online. It also offers an Olly card that you can use for offline shopping.

25. RupeeLend

They have a three-minute application process and a quick disbursal system. They offer short-term loans for any kind of financial emergencies.

What Sets mPokket Apart?

mPokket is one of the few student loan apps in India that caters specifically to college students. If you are running low on cash or need to suddenly pay for some college trip or activity, you can apply for a short loan on mPokket.

Features mPokket Other Apps Loan Amount Rs. 500-50,000 Starting at Rs. 5,000Interest Rate12% to 72% per annumVariesLoan Repayment Duration61 to 90 daysVariesDocumentation RequiredCollege ID proof, PAN/Aadhar, address proof, salary slipsIdentity, address proof, income proofDisbursal TimeAs little as 30 mins30 mins to 24 hoursProcessPaperlessMostly PaperlessCollateral NeededNoVariesProcessing FeeVariesVariesPlatform handling feesNoneVaries

The Covid-19 pandemic has wreaked havoc across the world. With the rapidly expanding contagion, it has disrupted “normal” as we know it and changed the way the world works. In response, everything that can be done online has gone online. Whether it is jobs, schools, or colleges, everyone is adapting to the new normal compelled by the coronavirus global emergency. The result?

A world where most learning is happening via the Internet. Amidst all this, what has also been widely affected is the financial stability – both at an individual and a global level. Financial literacy which becomes the need of the hour to help teach masses the n=importance of learning financial transactional management skills for the same along with financial planning for an individual.

On the plus side, the coronavirus global emergency has opened up a whole new world of e-learning, thanks to the ready availability of sophisticated online learning tools and resources. The coronavirus pandemic has also forced us to introspect and catch up on things we always planned on doing, but never really acted on. So, while we have the time and resources available to us, wouldn't this be a great opportunity to improve financial literacy online?

What is Financial literacy?

Financial literacy refers to the ability to use relevant skills and knowledge to manage one's money effectively in order to secure one's financial situation. In simple words, financial literacy equips one with the knowledge to make financial decisions to achieve financial stability. It involves the understanding of making, spending, saving, and investing money to enhance your financial capability.

But, why is it necessary to be financially literate? Let us understand with an example.

Take the case of Raj, a college student, who will soon be a working man. As of now, he relies on his parents for a monthly allowance or pocket money for his expenses. Raj requires money for traveling to and from college. He also spends on leisure activities such as going to the movies, eating out, hanging out with his friends, and so on. Now, if he exhausts the entire amount on leisure activities (a want), he will not have adequate money for his travel (a need). Also, if Raj spends all of his monthly allowance by the 15th of the month, he wouldn't have any left for the rest of the month. This is where financial literacy and financial planning come in, which will empower Raj to differentiate between a need and a want. Raj can also learn to use his monthly allowance effectively so that the money lasts him the entire month. In fact, he will also be able to save some money for the future.

Further, financial literacy can equip Raj to take the right financial decisions, especially when Raj begins to earn a salary.

Like Raj, it is essential for each individual to become financially literate and understand basic financial terms as early as possible, particularly if they are planning for higher education or are about to start their career in today's times of economic uncertainty.

15 Finance Terms for a College Student

The first step in becoming financially independent is to become financially literate. This starts with developing an understanding of some basic finance terms. These terms are essential for financial planning, especially when you decide to avail loans or invest your money. These can be categorized as follows:

Accounting terms: A basic understanding of accounting terms such as Budget , Balance Sheet and Net Worth is essential to gauge whether one qualifies for credit or loan and to invest in various instruments.

Loan-related terms: Interest rates, Collateral, Debt-to-Income Ratio, Credit Score, and Down Payment are must-know terms before applying for a loan. Further, terms such as mortgage, which is one of the long-term sources of finance, are also necessary to be understood for future financial plans.

Economic terms: A general knowledge of economic terminology such as inflation, fiscal deficit, and Monetary & Fiscal Policy can not only keep your knowledge up-to-date but also help you understand how the broader economic situation will impact your financial planning. Further, it helps understand important government data such as the Economic Survey and the Annual Budget which contain vital information about the country's economy.

Personal Finance and Investment terms: Developing basic knowledge regarding stock market, forex, and insurance is also essential for financial planning & analysis.

1. Budget:  A budget is defined as a financial plan for a specific period. It typically includes estimates of income and expenses for a particular period. Making a budget is based on assumptions about your future spending and expected income. For example, as a college student, your income may be your pocket money, and your expenses may include next year's fees, books, etc. As someone who is about to start working, your income may be your future salary and your expenses may include personal expenses, loan EMIs, etc. Thus, a budget helps you monitor your future cash flows effectively and plan in advance to make room for emergency spends. A budget is a very useful tool in financial planning as it helps manage one's finances or money in the short or long term.

2. Balance Sheet:  A balance sheet is a statement of position of one's assets and liabilities as of a given date. Assets are items or properties owned by you that may have present or future value and are available to meet your obligations. Simply put, assets are what you own, and liabilities are what you owe.

For example, the phone you own is an asset, but the loan you have borrowed to buy it is a liability. Similarly, your educational qualification is also an asset (although an intangible one) because it can generate income for you. At the company level, a machine used to manufacture products is an asset, while a loan from the bank is liability.

A balance sheet provides a snapshot of your current financial position. Balance sheets are useful to lenders for gauging your credit worthiness, that is, to understand whether you are eligible for a loan.

3. Interest rates:  Before understanding interest rates, let us understand what is “interest”. Interest is simply money paid regularly for the use of money borrowed. For example, if you borrow some money from your friend, your friend will not only expect you to repay the entire amount you borrowed but also an additional fee for the time he let you use his/her money. Thus, interest is the additional money to be repaid on the amount borrowed as loan.

This interest is paid regularly at a specific rate. This rate is referred to as the “interest rate.” Thus, when you borrow a student loan of Rs.10 lakh for a period of 10 years from the bank, the bank will charge you interest on it. Say, the interest rate is 10% annually, you will repay Rs.1 lakh every year for 10 years to the bank and an interest of Rs1 lakh (10% of Rs.10 lakh) annually. The interest rate is effectively the time value of money.

4. Inflation: Do you ever think that certain things that you buy now were available for lower prices just a few years ago? What caused the rise in the prices? Inflation! Inflation is the general rise in the prices of goods and commodities and affects most items of daily use. It is often seen as a spoilsport because it reduces one's purchasing power over time. Here's how.

Suppose you bought a pack of 5 notebooks for Rs.100 three years ago, that is, for Rs.20 each. The same set of notebooks now cost Rs.150. So now, each notebook costs you Rs.30! That means you could buy for Rs.20 what you can now buy for Rs.30 (50% higher!). In other words, you can now buy fewer notebooks with Rs.100 than you could earlier! So, the value of your money has eroded, or the purchasing power of your money has fallen. This is the effect of inflation.

5. Credit score: A credit score is a three-digit number that denotes how well you have managed your credit or past borrowings. The higher the credit score, the better.

Why is a good credit score important? A credit score allows lenders to see how you have handled your loans in the past. It is based on parameters such as whether you have paid your EMIs on time in the past, the number of accounts you have, your total current outstanding, etc. These records are seen as a mirror to your future financial behaviour and affect a lender's decision to lend you money.

Credit scores can range from 300 to 850. A high credit score has several benefits such as low interest rate on your loans and credit cards, better chances of loan approval, and higher limits on your credit cards. A low credit score will make it difficult for you to borrow and could also affect your employment prospects as employers want to hire financially prudent people.

6. Stock market: A stock market, like any other market, is a place of exchange (buying and selling) of stocks. A stock is part ownership in a business. Basically, when you buy a company's stock, you own a share of that company/business to the extent of the money you invest. Thus, if you buy a stock of Reliance Industries (RIL), you begin to own a share in RIL's business to the extent of your contribution.

In the stock market, stocks trade (that is, are bought and sold) at prices that move up or down when the market is open. These stock prices are often a reflection of an investor's opinions regarding a company's future profits. Stock markets are a great avenue to invest your surplus money in order to participate in businesses you believe in.

7. Fiscal Deficit: Fiscal Deficit is the difference between the government's total revenue and total expenses. Simply put, fiscal deficit represents the shortfall in the total income earned by the government compared to its total expenses. A fiscal deficit occurs when the government spends more than it earns. The government bridges this gap by borrowing.

Fiscal deficit is typically represented as a percentage of a country's gross domestic product (the total value of finished goods and services produced in a country within a specific period.)

Government revenue includes income from taxes and non-tax revenues such as interest and dividend receipts. Government expenditure includes capital and revenue expenditure as well as interest payments on government-issued securities.

A high fiscal deficit is not always bad as it may portray the government's spending on pushing infrastructure development such as highways and airports.

8. Net Worth: Net worth is your net financial position. It is calculated as the excess of assets over your liabilities. Thus, net worth = total assets – total liabilities.

For example, if you currently own a total of Rs.2,00,000 in the form of gadgets, clothes, and cash and owe your parents Rs.20,000 which you borrowed as an advance, your net worth as of now is Rs.1,80,000.

One's net worth can also be negative. This is when what you owe is more than what you own. For example, a student with a student loan of Rs10 lakh but Rs2 lakh in assets has a net worth of -Rs.8 lakh.

9. Mortgage: Mortgage is a type of loan that you can avail from a lender for the purpose of buying a home or land. A mortgage is secured with a collateral, that is, if you fail to pay back the loan at the expected time, the lender has the right to take away your collateral to make good the loss.

Mortgage terms typically range from 15 years to 30 years or even longer. Further, there are different types of mortgage depending on whether you opt for a fixed or an adjustable interest rate. Many other types of mortgage are available with lenders, giving several flexibility options to borrowers.

10. Insurance: Insurance means protection against a possible event. Life gives no guarantees of what is to come. A single event can change your life drastically. This may be the death of a loved one or an accident. Such events can have deleterious financial consequences. Is there a way you can secure yourself financially should such a thing happen? Yes, there is. Insurance!

The basic premise on which insurance works is that you pay regular premiums on a plan with predefined benefits. If during the time that you are covered by the insurance, an untoward event against which you hold insurance occurs, you get the predefined benefits, conditions applied!

For example, if your house is covered by property insurance and it catches fire, you can claim the amount agreed upon between you and the insurance company at the time of signing the contract. Insurance has increasingly become a necessity, particularly in today's times.

11.Collateral: As discussed before, collateral is the security you offer the lender in the event of you not honouring your loan repayment. The lender has the right to seize the collateral if you default on your loan payments.

Collateral can be real estate or any other asset you own, depending on the type of loan you avail. For example, you can offer your fixed deposits in the bank as collateral for some loans. For a home loan, the home that you borrowed for itself becomes collateral.

12. Debt-to-Income Ratio: The debt-to-income ratio is a ratio of your total debt (liabilities) to your total income at a certain point in time. It is generally used to compare your monthly repayment obligations to your gross monthly income. Gross monthly income refers to your total income without deducting taxes.

This ratio is useful when calculating the amount a person earns to repay his/her debt. The lower the ratio, the better. Let us understand this with an example:

Suppose you earn Rs.50,000 per month and you have an EMI of Rs.20,000 due every month. Your monthly debt to income ratio would be 20,000/50,000 = 0.40 or 40%.

Typically, one needs to have this ratio between 40 to 50% to qualify for a loan. A lower ratio gives an added comfort to the lender regarding your ability to repay your loan. It also qualifies you for additional loans.

13. Down Payment: Down payment is an initial payment you make when you purchase something. It is basically your share of payment apart from the loan amount.

Most lenders have a fixed percentage of the price of the asset to be purchased as down payment. For example, typically, for home loans in India, one needs to make a minimum down payment of 20% of the property value. Thus, if you need to purchase a house worth Rs.30 lakh, you would have to pay Rs.6 lakh as down payment from your own pocket. You can only avail a loan of a maximum of Rs24 lakh from the lender.

14. Forex: Forex means foreign exchange. Forex refers to the exchange of one currency for another. It is a mechanism of converting one currency to another, for example, from US dollars to Indian National Rupee. Forex is useful not only for banks and companies but also for individuals.

The forex market works 24 hours a day, five days a week. It is the most liquid market in the world. Forex prices keep fluctuating and are affected by interest rates, inflation, government policy as well as trade data. It is through forex rates that we know that the INR is currently hovering around 75/USD.

Understanding forex is useful when accepting payments in other currencies, traveling abroad, and also accepting or sending remittances abroad.

15. Monetary & Fiscal Policy:

Monetary policy includes all central bank    activities carried out to manage the flow of money and credit in the economy. On the other hand, fiscal policy includes the government's activities and decisions regarding taxation and expenditures. Monetary & fiscal policy are essential to regulate the economy.

The change in interest rates by the RBI is an example of monetary policy, while a change in taxation slabs by the Government of India is an example of fiscal policy.

How can mPokket be used for Financial Independence?

Congratulations! Now that you have gone through the key finance terms, you are on track to gain financial independence. Let us first go through the meaning of the same – it's basically the ability of being financially equipped to take care of one's own living expenses without having to rely on someone else for the same. One of the key steps to financial independence is financial literacy. Knowledge is power and the right knowledge about being independent is something that actually helps and individual grow in the right direction.

While the journey to financial independence can be daunting, mPokket has become a trusted partner for students all over India in this journey. mPokket has assisted students across the country by providing instant loans for specific needs.

mPokket understands that it is not easy for students and young professionals to avail loans to meet short-term needs. As a student, expenses such as tuition fees, college expenses, travel, and hostel fees are always knocking at the door. It becomes a big hurdle for students to borrow money from traditional sources given that they do not have a fixed source of income and lack proper credit history.

This is where mPokket comes to the rescue by helping you meet these expenses and assisting you to complete your education to become independent future earners. How so? mPokket offers instant loans for students and young working professionals through the best instant loan app. This money loan app for students seamlessly delivers credit anytime anywhere within minutes.

This instant loan for college students is available for those above 18 years of age. All you need is a bank account and a mobile phone. The loan duration is 61-90 days. Students also have the option of repaying the loan before the due date.

To avail the instant loan, one needs to download the mPokket app and give the required details depending on whether you are availing an instant loan for students or working professionals. Once your details are verified and the loan is approved, you can select the loan amount and the time for which you want to borrow. Then, simply choose the mode of payment to bank account, and voila! you receive the loan instantly.

A unique feature of mPokket's instant loan for students is that this is an instant loan without documents. mPokket requires minimal documentation and has a completely paperless process for all users. This eliminates the hassles of furnishing multiple documents.

mPokket's aim is to provide instant personal loan for students in their time of need, which is generally difficult to avail through traditional sources.

So, whether you are struggling with your tuition fees or need to buy that two-wheeler to get to college, you can do so by borrowing an instant loan for students. If you need to borrow a loan instantly through the convenience of an app, look no further! Download mPokket, the best instant loan app for college students to avail customized loans.

College is the part of our lives which we cherish the most. It is the time for the ‘most' of everything- from learning to adventure. A typical day in the life of a college student is as overwhelming as it is empowering. With so much to do and just 24 hours a day at hand- there is no more significant zeal than one in a college student's life. With the growing economy, the costs for the resources used in one's life have risen up as well. A few extra bucks, in this case, prove to be a great support in a college student's life.

For example, the college life of an Indian Student usually brings a dash of expenses like parties, movies, gym, buying college notes, mess fees, canteen expenses, etc. Whether it is the commute to college, the quick snack before class, or even stocking up necessary stationery, college years are filled with routine and some unforeseen expenses. With the extra pocket money, students can be less stressed about their daily expenses or academic fees. More than that, they find a push of confidence with financial independence, which is essential in a college student's life. The extra earnings can also help some students to save money to pursue their aim diligently, like a startup or a small production.

Thus, there are many reasons why most college students actively seek ways to make substantive increments to their pocket money. The question is – why do they face inadequacy in their finances?

Pocket money v/s Expenses

One of the reasons why students look for extra earnings is the disparity between the pocket money they receive and the expenses that they must meet. Read on as we walk you through the nuances of both, and try to understand the discrepancy between the pocket money and costs of a college student.

Pocket Money

Pocket money for students varies significantly depending on various parameters. On average, college students today get something between Rs. 6,000 and 10,000 per month when in hostels. The numbers may vary for students according to their unique circumstances. Conventionally, students receive their pocket money in cash or through bank deposits. But recently pocket money apps have caught on as a preferred method of transferring money amongst students. Student pocket money apps are widely used since they provide instant access to money. Generally, the process is entirely online and paperless which makes it more convenient for students to receive their pocket money.

Expenses

Pocket money is ideally intended to cover all living, educational and recreational expenses for a student. However, college life today is much more than survival. Sometimes, to learn more skills or work towards an academic, financial, or personal goal, a student might require more than just the pocket money they receive. Students need money for canteen or mess bills, laundry, and all their toiletries and personal needs. Additionally, students spend on books, photocopies, stationery, study resources, and laboratory equipment.

Thus, if you often tell yourself that ‘my pocket money is not enough', your cherished college days are likely to get stressful. As a result, a student tends to be more focused on making it through the month without running out of money, instead of learning how to maximize his/her savings.

Additional money certainly helps students with their living expenses, while occasionally allowing them a few luxuries. But the million-dollar question here is- How can a student access a few extra bucks during his/her college days?

Sources for that extra buck!

The urge for attaining financial independence is imperative from a young age itself. It makes you self-sufficient and saves money, but it also prepares you to take charge of your finances in the future. Being resourceful and finding ways to supplement your pocket money is terrific. The key lies in knowing the right means to achieve your financial goal.

You can start by setting up a savings account to stash away your extra money and build on your reserves. Once you are ready, you can opt for the following ways to earn extra income for yourself during your college days.

Part-time jobs:

As a college student, you might think that getting a part-time job is tough. And it is fair since most conventional jobs call for prior experience, specialized skills, etc. However, some jobs might just cut the deal for you. Find jobs or projects that are related to your aptitudes and interests. Maybe the field of graphic design is right up your alley, or maybe you can work as a freelance programmer. More or less, you have to look for a doable part-time career that also provides you some passive income

Pros:  Part-time jobs leave you with enough time to attend classes regularly, develop more relevant job skills, and be corporate ready. These add experience to your resume and make you more favorable for the employees. They work as a great experimenting ground to help you decide if this is the choice you want for the future.

Cons:  A downside to part-time work is that you may find less time to devote to self-study and socializing. Multitasking may prove more difficult during exam time.

Fellowships and Tuitions:

Another simple way to earn money is through tuitions and fellowships. While fellowships pay you to pursue your research, tuitions help you make money while teaching others.

Pros:  These require no investment and make great use of your time. They allow you to gain familiarity and expertise in your field of study. It's like getting paid to learn. Fellowships can find an honorable mention on your resume.

Cons:  Fellowships and tuitions can eat into your time and leave little scope for other activities. Planning and prior preparation can prove tedious and time- consuming. Generally available for students with higher levels of Education.

Online Internships and Freelance work:

Freelance work is an easy way to earn money while doing what you are good at and hone your skills in your spare time. The world of freelancing and online internships is opening up tremendously, offering ample scope for progress.

Pros:  These jobs tend to pay significantly. You can take on only as much as you can and want to. You can also regulate your hours to work when it is convenient on most occasions. It is also a good way to build a pipeline for increased opportunities. It is among the best ways to make money online.

Cons:  Freelance work can be elaborate in the preparation required. It needs great attention to detail and expertise, which you may not necessarily have developed at this stage. Deadlines are stringent, making it necessary for you to be diligent and methodical in planning your time. Income through freelance assignments does not always ensure a consistent monthly amount.

Loan app for students:

The part-time jobs and freelance work might often require some sort of investment by you. Even though these jobs are rewarding and enhance your skill-set tremendously, you might need some money to be eligible for these or to perform your jobs well. You can borrow some instant cash from instant loan apps in such cases.For example, students who opt for part-time jobs, fellowships or freelance work usually need to invest in a laptop or upgrade their workstation with the right processor, graphic card, etc. If you are not working from home, you might need to invest in some sort of conveyance- whether it is public or private. In such cases, you can seek respite in a Loan app for students. Student personal loan apps are becoming extremely popular among students with limited access to funds.

Pros:  A loan app for students can give you access to money without depending on others. You can receive the desired amounts immediately. It allows privacy and transparency in accessing money without the fear of judgment.

Cons:  Timelines for repayment are rigid. A Loan for students' app factors in interest payable on sums borrowed. If a few extra bucks could make your college life easier, mPokket is your solution! The best loan app for students, it offers instant loans with attractive incentives. The entire process is paperless and online. You don't need to submit hard copies of your documents. Its convenient application and easy interface make mPokket the obvious choice. Its instant application-and-approval process gives you access to money that can be repaid over three months and you can choose to borrow money in your Bank account. One of the best loan apps for students in India, mPokket is the answer to all the financial woes between you and your dreams.