Best Loan App for Students
Students can borrow money for their college expenses without any hassle with student personal loan apps. Using these student loan apps, you can fill up an online application form and get the loan amount credited to your bank account directly without any hassle. All you have to do is download any instant loan app for students and apply for a loan. Read on to learn about the best loan app for students.
List of Best Student Loan Apps in India
The following are the best loan apps for students in India:
1. mPokket
The mPokket is one of the best student loan apps in India for college students providing instant personal loans ranging from Rs. 500 to Rs. 30,000 to students whenever they are short of pocket money or want to avail of an urgent cash loan in an emergency.
Key Features
- This instant loan app for students In India offers instant loans of Rs. 500 to Rs. 30,000 in 2 minutes.
- Flexible repayment tenure of 61 to 120 days.
- The interest rate ranges between 1% to 6% per month.
- The processing fee ranges from Rs. 34 to Rs. 203 plus 18% GST.
2. Pocketly
It is one of the best student loan apps that offer quick cash on hand, anytime, anywhere exclusively to college students and salaried individuals.
Key Features
- This loan-for-students app offers instant loan amounts from ranging Rs. 500 to Rs. 10,000.
- Flexible repayment tenure of 61 to 90 days.
- Interest rates start from 1% to 3% per month.
- Processing fees of Rs. 20 to Rs. 120 + GST is applicable.
3. KrazyBee
The KrazyBee app is among the best student loan apps in India that helps college students in some cities of India to purchase anything online through a flexible monthly payment plan. Any college-going student aged above 18 years from KrazyBee’s listed colleges can purchase KrazyBee.
Key Features
- KrazyBee has offices in Mumbai, Hyderabad, Bangalore, Pune, Mysore and Vellore.
- With this loan for students in India app, you can place orders by either browsing through KrazyBee’s catalogue of products on your browser/ app and ordering the product like in any eCommerce store OR by browsing through your favourite eCommerce store and using that to buy products in KrazyBee website.
- The maximum limit of purchase is Rs. 2,000 in a month.
- There are 4 EMI plans, i.e. 3 months, 6 months, 9 months, and 12 months.
4. KreditBee
It is the best app for loans for students that provides personal loans to salaried/students starting from Rs. 1,000 to Rs. 3 Lakhs, as per their approved credit. On approval, the borrower gets a direct bank transfer within minutes. The KreditBee for student loan has some great features like:
Key Features
- Loan amount from Rs. 1,000 to Rs. 3,00,000.
- The tenure ranges from 62 days to 15 months.
- Interest rates range from 0% to 29.95% per annum.
- A processing fee of 0% to 7% is charged.
5. Sahukar
Sahukar is an app-only lending platform that offers personal loans to students. You can download the Sahukar student instant loan app from the Google Play store or the Apple App Store to avail of this facility.
Key Features
- Instant loan for students range from Rs. 100 to Rs. 5,000.
- Tenure ranges from 1 month, 2 months, and 3 months.
6. SlicePay
SlicePay is a no-fee VISA card designed to help working professionals, freelancers, and even unpaid interns make purchases and pay later whenever you want.
Key Features
- SlicePay student loan app in India offers a credit limit from Rs. 2,000 to Rs. 10 Lakhs.
- You can divide your bills over 3 months for free.
- Get up to 2% cashback on every slice card transaction.
- You can also transfer money from the slice card to your bank account or Paytm account instantly.
7. CashBean
It is India’s leading mobile-based personal loans platform CashBean offers small loans for students in India to customers aged 18 years or above to help them meet their financial needs for the purchase of mobile phones, medical needs, bill payments, and other requirements.
Key Features
- This instant student loan app offers loan amounts from Rs. 1,500 to Rs. 60,000
- Tenure from 3 to 6 months.
- Interest rate starts from 0.07% per day.
- The one-time processing fee ranges from Rs. 90 to Rs. 2,000 + 18% GST.
8. BadaBro
This app is among the loan apps for college students that offer instant loans to college students as well as salaried professionals aged above 18 years.
Key Features
- Instant personal loan up to Rs. 10,000 disbursed to your Bank/Paytm Account under this best app for student loans.
- Flexible repayment tenure of 61 to 90 days.
- Interest rates range between 1% to 6% per month.
- The processing fee ranges from Rs. 34 to Rs. 203 + 18% GST.
Features and Benefits of Student Loans
- Any student or salaried person is eligible for an instant loan from an online loan app for students.
- To avail of a quick student loan through personal loan apps for students, a student must be above 18 years of age with a valid college ID card.
- Some lenders may provide loan extension, restructuring, and refinance.
- These loans help you boost your credit limit if you repay diligently.
- You get instant money credited to your bank account or wallet.
Eligibility Criteria for Applying for Student Loans in India
- Any full-time college student can apply for instant loan for college students.
- The applicant should be aged above 18 years.
- You must have a valid college ID card and an Aadhar Card.
- Some lenders may require a PAN card.
Best Loan App for Students FAQs
KreditBee, mPokket, Pocketly, KrazyBee, Sahukar, SlicePay, CashBean and BadaBro are the best personal loan app for students that offer instant loan for students in India.
Students can get anywhere between Rs. 100 to Rs. 10 Lakhs with pocket money loan for students in India, depending on their eligibility and lender’s policy.
The interest rate for the best instant loan app for students may vary between 0% to 36% depending on your eligibility and the lender’s policy.
Yes, you can take a loan against your Fixed Deposit (FD). Many banks offer this facility, allowing you to use the FD as collateral to secure a loan. The loan amount is typically a percentage of the FD's value, and the interest rate is usually lower than regular personal loans. Once you repay the loan, the FD is released back to you.
Reshma Rawat is a passionate writer, with a decade of experience in writing for a variety of domains (finance, technology, lifestyle, e-commerce, real estate, etc.). Currently, she is working as Assistant Manager - Content @MyMoneyMantra, and writes blogs & webpages on financial products (loans, credit cards, insurance, financial policies by government, mutual funds, etc.
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