Are you looking for the Best Loan Apps for Students? Read this article to learn about the type, eligibility, and interest of student loans in India.
- 1 Best Loan Apps for Students
- 1.0.1 Features and benefits of student loans
- 1.0.2 Eligibility Criteria to Apply for Best Loan Apps for Students in India
- 1.0.3 Types of Best Loan Apps for Students in India
- 1.0.4 10 Best Loan Apps for Students
- 1.0.5 Conclusion:
- 1.0.6 FAQs
Best Loan Apps for Students
There are many popular loan programs in India. However, if you are a student, you can’t get a loan from them. To have enough money, students still need to work full-time, and in India, children are mainly dependent on their parents until they begin working.
Students may need more money trying to meet extra expenses and may also need money to buy books, participate in competitions, etc.
Thanks to student personal loan applications, it’s easy for students to get the funds they need to pay for college. With these student loans, you can apply directly to your bank a/c.
Fill out a loan application form by downloading any personal loan for student applications. Continue reading to learn about quick loans and instant student loans for students.
Features and benefits of student loans
- Any student or salaried person can avail of an instant loan from the online loan app for students.
- To avail of a quick student loan via personal loan applications for students, a student must be past 18 years of age with a valid university ID card.
- Some lenders may offer loan extensions, restructuring, and refinancing.
- These loans help you increase your credit limit if you pay them back diligently.
- You get instant money deposited into your bank account or wallet.
Eligibility Criteria to Apply for Best Loan Apps for Students in India
- Any full-time college student can apply for an instant loan for college students.
- Applicant must be past 18 years of age.
- You must have a college ID card and an Aadhaar card.
- Some lenders may require a PAN card.
Types of Best Loan Apps for Students in India
Best Amount Personal Loan for Students
mPokket 61 to 120 days and Offers a range of loan sizes and payment schedules up to Rs. 500 to Rs. 30,000.
Best customer-friendly personal loan for students
KreditBee offers a range of loan sizes and payment schedules from 62 days to 15 months and from Rs.100 to Rs.3,00,000.
Best Budget Personal Loan for Students
KrazyBee offers a range of loan sizes and payment schedules from 1 to 6 months and from Rs.1000 to Rs.10,000.
10 Best Loan Apps for Students
mPokket is the best instant student loan to spend money in India if you want. It offers loans ranging from 500 to 20,000 rupees. College students and recent graduates benefit the most from mPokket. All students across the country have access to this application.
Applying for a loan with mPokket requires only a valid college ID and address proof. Young professionals need a pay slip, bank statement, and proof of identity and residence.
Features of mPokket:
- This software enables students to get loans quickly. Instant loans in India are available in just two minutes and range from RS 500 to 30,000.
- Every month, the interest ranges from 1% to 6%.
- You have between 61 to 120 days to repay it.
- Processing Fee Rs. 34 to Rs. 203 + GST (18%).
Another helpful app for instant student loans is KreditBee. Up to Rs. 300,000 can be loaned, with interest rates up to 29.5% per annum. You can apply for these loans between 21 to 56.
They also provide a digital application form to complete. You must upload all your supporting documentation through the app to approve the loan.
Features of KreditBee:
- You can borrow 100 to 3,00,000 rupees.
- The annual capacity of interest rates is 0% to 29.95%.
- Duration ranges from sixty-two days to 15 months.
- Processing costs can range between 0% and 7%.
One of India’s most Best Loan Apps for Students applications, KrazyBee allows college students in certain Indian regions to buy anything online with a flexible monthly payment schedule.
KrazyBee can purchase by anyone who is registered with one of the mentioned organizations and is over 18 years of age. Another top student loan app in India is Krazybee—a college student loan of just Rs. 1,000 or Rs. 10,000.
Characteristics of Krazybee:
- Krazybee has offices in Hyderabad, Mumbai, Bangalore, Pune, Mysore, and Vellore.
- With this loan for students app, you can browse KrazyBee’s product catalogue in your browser or application and place an order for an item just like any other e-commerce store, or you can browse your favourite e-commerce store use it to make purchases from the KrazyBee website.
- The maximum you can spend every month is Rs. 2,000.
- Three, six, nine, and 12-month EMI payment options are available.
The Sahukar app is excellent for students looking for modest loans up to 5,000. They charge a monthly interest rate of 3% on the loan amount. To be qualified, you must be at least eighteen and have a valid student ID from an accredited institution or university.
It takes 24 hours to process. You can repay the amount one to three months after the payment date.
Characteristics of Sahukar:
- Students are eligible for an instant loan between Rs. 100 and Rs. 5000
- The duration may be one to three months.
5. Slice pay
Slice Pay offers Best Loan Apps for Students with no-cost EMIs. They use MasterCard to help them do this. When you download the app, you must provide details of your name, the college you are studying in, your ID card number, and your Aadhaar and PAN.
SlicePay offers students in undergraduate and graduate programs. It Provides loans up to 10,000. Their loans have conditions between 30 and 90 days. Additionally, SlicePay pays 3% interest every month. Funds are sent via Unified Payments Interface or to your bank account faster.
Features of Slice Pay:
- The SlicePay India, Student Loan app allows users to borrow between 2,000 to 10 lakh rupees.
- Extending payments for up to three months is free.
- With your Slice Card, you can get up to 2% cash back on every purchase.
- You can instantly transfer funds from your Slice card to your central bank or Paytm accounts.
It is one of the Best Loan Apps for Students seeking loans. You can use the Cash Bean app to get Rs. 60,000 with interest rates of 33% per annum and a processing charge of 18%. Financial Services Private Limited, registered with RBI, creates CashBean.
It makes it a reliable source. No credit history is required while applying for a loan; the process is entirely paperless and digital. To qualify for a loan, you must be a citizen of India with a regular source of income and be between 21 and 56 years of age.
Features of CashBean:
- With a three to six months repayment schedule, this quick loan for student app costs Provides loan amounts from Rs 1,500 to Rs. 60,000.
- Currently, the daily interest rate is 0.07 per cent.
- One-time processing fee of Rs. 90 to Rs. 2,000 + GST (18%).
7. The RedCarpet
Many people suggest asking their parents for help and checking with their friends and colleagues to see if they can provide them with financial support. However, people often get angry when they don’t get the money they need.
With a red carpet loan, a personal loan with a higher credit limit can be secured through an ATM or debit card, ensuring that such a student or self-helper can take advantage of an opportunity due to a lack of finances.
Characteristics of the red carpet:
- The application does not seek a flat lump sum payment for its loan but requests a line of credit.
- Only those who avail of personal loans from business are eligible for Ruby Card. Like a debit card, cash had been disbursed under the loan amount.
- Using this debit card, you can withdraw up to $1,000 without paying additional fees.
- An expense tracker had included in the RedCarpet App Corporation. It makes it easy to monitor your spending, review it, and view your complete card account for each day of the year.
BadaBro is one of the top rapid Best Loan Apps for Students in India. The company that developed it had designed it for college students and professionals with steady employment. More than 1 lakh people use BadaBro because it offers quick loans and deposits with funds immediately into your bank account.
You will need your Aadhaar, PAN, Employment ID (if applicable), and other vital information to register and complete your profile. After checking your credit score, you can get the loan amount as the entire process had done online.
Characteristics of BadaBro:
- Request online, and BadaBro will reimburse your PayPal or bank account immediately.
- You can earn rewards by telling your friends about BadaBro.
- To complete your profile creation, upload your PAN or Aadhaar, enter your employee ID, or fill in some short fields.
- Credit limits and online profiles are authorized.
Pocketly offers faster student loans. Depending on the loan amount and length, they charge interest rates ranging from 1% to 3% per month (12-36% annually). It is available for Android phone users through Google Play.
Characteristics of Pocketly:
- Paying your bills on time will increase your credit limit.
- Upload documents for user verification, underwriting, and KYC.
- Build credit.
- Between 500 and 10,000.
- Loan refinancing as well as loan extensions or restructuring.
StuCred knows all too well the struggles college students face. Therefore, StuCred pledges to use stability and quick loan availability for students to make financial independence a reality for everyone.
Characteristics of StuCred:
- You can upload secure documents to be reviewed instantly with this app.
- With StuCred Student Loans, Indian students can get instant cash at a 0% interest rate.
- The whole process is quick and straightforward, thanks to the app.
- You can start making your credit score with Stuccredit while still in school. This significant financial score can significantly affect your life.
Besides the lending mentioned above, India offers many other lending apps that provide quick personal loans. As consumer awareness and acceptance have increased in recent years, the industry has expanded significantly and welcomed many new businesses. However, getting loans in India is easy because of these money-lending apps.
Pocketly, KrazyBee, KreditBee, mPokket, Sahukar, SlicePay, and BadaBro CashBean are the best personal loan app for students providing instant loans to students in India.
Students Rs. 100 to Rs. 10 lakhs with pocket cash for students depending on their eligibility and lenders’ policy.
The interest for the best instant loan app for students can vary between 0% to 36% depending on our eligibility and the lender’s policy.
Many businesses, websites, and applications claim to approve your application for an instant loan within minutes or an hour with little or no paperwork. For this quick loan, you must submit supporting documentation and complete a Know Your Customer (KYC) form.