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Beyond Tuition Fees: Your essential guide to securing instant loan for education to cover additional costs
19 March, 2025 | 12:18 IST
As the cost of education continues to rise, tuition fees are no longer the sole concern for students and their families. From textbooks and accommodation to daily commuting costs, the additional expenses associated with education can be overwhelming. An instant loan could be a viable solution for covering rising education costs.
Education costs are increasing at a rate of 11-12% annually, far outpacing general inflation of 5-5.5%, according to a report by BankBazaar. This steep rise has left many families grappling with the challenge of financing their children’s academic aspirations. While scholarships and grants are helpful, they are often insufficient to cover the comprehensive costs of modern education.
Beyond tuition fees, students face a range of expenses, including:
Accommodation: Dormitory or off-campus housing can significantly add to the cost of education, especially for those moving to metropolitan cities or foreign countries.
Books and Study Materials: The cost of textbooks and study materials can go up to thousands of rupees in a single semester, elevating overall expenses on education.
Technology: Laptops, tablets, and software essential for learning come with a hefty price tag.
Transportation: Daily commuting, study trips, or international travel for global programmes can be costly.
Extracurricular Activities: Many courses require participation in workshops, conferences and internships, which often come with registration and travel fees.
Living Expenses: From groceries to healthcare, day-to-day living costs are unavoidable for students living away from home.
Examination and Library Fees: Many institutions charge separately for semester exams and library resources.
Fieldwork and Internships: Practical learning often involves additional charges for transportation, accommodation and equipment during internships or fieldwork.
Instant educational loans provide students with quick access to funds for academic purposes, typically through minimal documentation and fast processing times. These student loans are often offered by banks, NBFCs (Non-Banking Financial Companies) and online platforms.
Instant loans, particularly those tailored for education, are a flexible and efficient way to address these financial challenges. Unlike traditional education loans, instant loans are quick to process, allowing students to access funds immediately for urgent needs.
Instant Disbursement: Customers can get the loan amount in their bank accounts within a few minutes or a couple of hours, depending on the lender. This can help to make timely payment for admission fees and other academic purposes.
Tax Benefits Under Section 80E: The tax benefit tied to education loans is a significant advantage. Under Section 80E of the Income Tax Act, 1961, the entire interest amount paid on the loan is eligible for deduction, with no upper limit. This effectively reduces the financial burden and brings down the net cost of borrowing.
Effortless Application Process: The entire application process can be completed online through internet banking in just a few clicks. Borrowers can upload necessary documents digitally, making the process seamless and user-friendly.
Reduced Turnaround Time: One of the major advantages of instant student loans is the significantly reduced processing time. Instant approval and sanction letters make sure students have immediate access to funds for urgent needs.
If you are looking forward to availing a personal loan to finance the education of your children, you can apply for an instant loan through the Moneycontrol app and website. The interest rates start at 10.5% per annum and Moneycontrol offers loans in partnership with eightlenders. To make the process easier, Moneycontrol app allows applying for loans up to Rs 50 Lakhs in a 100% paperless process.
Eligibility Criteria For Instant Loans
Age: Applicants must be 21–60 years old.
Income: Minimum income requirements vary by lender, typically starting at Rs 15,000 per month.
Employment Status: Salaried individuals, self-employed professionals, and business owners are eligible.
Credit Score: A high credit score (generally 700+) improves approval chances.
Credit History: Existing customers with a reliable transaction history may qualify for pre-approved loans.
Residency: Applicants must be Indian residents with a valid address.
To conclude, with the advent of digital lending platforms applying for a personal loan has become quite convenient. As the education costs have increased significantly over the years, securing a personal loan to fund the higher studies of your children could be a suitable option.
Online lending tools like Moneycontrol app could be helpful in availing an instant education loan, or student loan. In a 100% paperless process, you can get loan offers up to Rs 50 Lakhs from eight lenders through the Moneycontrol app and website. The instant loan for students can be disbursed within a few minutes to a couple of hours depending on the lender.
Summary
Rising education costs go beyond tuition fees. Learn more about how an instant loan can help you with meeting the extra educational costs —accommodation, books, and daily expenses.
Disclaimer
This piece/article was written by an external partner and does not reflect the work of Moneycontrol's editorial team. It may include references to products and services offered by Moneycontrol.
100% Digital
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