Personal Loan for Students
Now, students can apply for instant personal loans to cover their college expenses. Many apps offer hassle-free personal loans for Students. Using these apps, you can fill out an online application and get the loan amount credited to your bank account within a few hours. All you have to do is download the preferred instant loan app for students and apply. You can avail a loan up to ₹10 Lakhs with flexible repayment tenures and affordable interest rates.
Best Lenders Offering Instant Loans for Students
Below is the list of some of the best loan apps that offer instant loan for students:
| App Name | Interest Rate | Loan Amount | Tenure |
|---|---|---|---|
| StuCred | 0% per annum | ₹1,000 – ₹15,000 | 3 – 12 Months |
| mPokket | 2% – 4% per month | Up to ₹30,000* | 6 – 24 Months |
| Pocketly | 2% – 3% per month | ₹1,000 – ₹25,000 | 2 – 6 Months |
| KreditBee | 12% – 28.5% per annum | ₹6,000 – ₹10 Lakhs | 6 – 60 Months |
| PaySense | 14% – 36% per annum | ₹5,000 – ₹5 Lakhs | 3 – 60 Months |
| Sahukar | 2% – 6% per month | ₹100 – ₹5,000 | 1 – 3 Months |
| BadaBro | 1% – 6% per month | ₹500 – ₹10,000 | 2 – 3 Months |
| CashBean | 0.07% per day | ₹1,500 – ₹1 Lakh | 3 – 12 Months |
Apart from these online lenders, many banks also offer personal loan for students. However, these loans ara available to applicants with regular monthly income source.
Benefits of Personal Loans for Students
Here are the benefits of a personal loan for students:
- An easy and fast way to get extra cash for exams, books, or other expenses.
- Quick online eligibility check.
- 100% digital loan process.
- Instant funds disbursal directly to your bank account.
- Repayment via affordable monthly instalments.
- Minimal document requirements.
- Credit history or credit score is usually not mandatory.
- Zero paperwork and bank queues.
- Affordable interest rate and processing charges.
- No collateral/ security required.
- Easy 24/7 access via your smartphone.
- Any student or salaried person can apply.
- Some lenders may provide a loan top-up, extension, restructuring, and/or refinance.
- These loans are helpful in building and boosting your credit score with regular, timely repayments.
Eligibility Criteria for Personal Loan for Students
Below are the common eligibility criteria for a personal loan for students:
- Indian citizens.
- Age between 18 and 60 years.
- Any full-time college student can apply for an instant loan for college students.
- Students, even without a job, can apply for a student loan by involving a guarantor.
- Some lenders may ask for a minimum monthly income, which could start from ₹10,000.
Documents Required for Personal Loan for Students
The main documents required to apply for a personal loan for students are as follows:
- KYC documents, such as PAN Card, Aadhar Card, Passport, or any other valid document.
- You must have a valid College ID Card.
- Some lenders may require a PAN Card.
- Photograph (selfie).
- Income proof, like Bank Statements, showing monthly income (if working).
- Proof of occupation (in some cases).
- Bank account details for funds transfer.
Steps to Apply for an Instant 10000 Loan for Students
You can follow the easy steps given below to apply for an instant 10000 loan for students:
- Download and install a personal loan app for students on your smartphone.
- Register with your mobile number and email address.
- Upload your Aadhaar, PAN, College ID, and other required documents along with a selfie.
- Fill in a few basic details to complete your profile.
- Based on the information given, your loan request will be approved by the lender.
- Add bank account details to get the funds disbursed directly into your bank account on approval.
Alternatives to Personal Loans for Students
Some of the best alternatives to personal loans for students are:
- Education loans offering lower interest rates and longer repayment tenure.
- Secured loans against assets (like fixed deposit, mutual funds, gold, insurance policies, etc.) feature lower interest rates than unsecured loans.
- Scholarships and grants do not require repayment.
- Getting part-time work or freelancing to earn income without incurring debt.
FAQs
Yes, many apps offer personal loans to students.
You can get for 1 lakh personal loan for students through any student loan app by completing the application process and getting approval.
Several apps offer instant ₹10,000 loans for students in India, including Sahukar, Pocketly, mPokket, CashBean, KrazyBee, BadaBro, PaySense, StuCred, and KreditBee.
Yes, mPokket, Fibe, CASHe, KreditBee, Pocketly, and StuCred are RBI-approved lenders available for student loans.
The key reasons for students choosing personal loans over education loans are easy availability and instant process.
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, government financial policies, mutual funds, etc.).
Director- MyMoneyMantra FinTech| A senior retail and commercial banking professional, adept at handling Business Development, Sales Planning & Growth, Product Strategy, Marketing Operations and Client advisory services phygitally.