Best Loan App For Students In India

It is very easy and convenient to get a loan nowadays in India. However, there are not a lot of options easily available for students. As a student, you might be primarily dependent on your family and might run out of money even if you work part-time. Situations may arise when you require additional financial support to cover your educational expenses, travel costs, accommodation, or other living costs. 

In such cases, students can opt to take personal loans. There are quite a lot of lenders and platforms that have come forward to provide the facility for personal loans for students when the need arises. In this guide, we will have a look at 6 of the best loan apps for students in India. These apps will help you get an instant personal loan with minimal documentation. 

A Quick Overview of the Best Loan App for Students in India

Now, let’s have a look at the features of all these apps in detail.

1. Cashe Loan App for Students

CASHe makes getting a loan simple for students by approving applications quickly and offering flexible ways to repay.

• Clear fees: CASHe lets you know their fees right away so you can easily see how much you'll be charged. You can check their website or app to find the most recent rates.
• Loans for any amount: Unlike traditional banks, CASHe offers loans in all sizes. You can borrow exactly what you need, starting from ₹1,000 for small expenses or up to ₹400,000 for larger ones.
• Buy now, pay later: CASHe also has a program where you can spread out the cost of smaller purchases over time, similar to a student loan. This is called "buy-now-pay-later" and it can help you manage your budget and avoid credit card debt.

Here's a quick summary of CASHe loans:

• Minimum age: 18 years old
• Loan amount: ₹1,000 - ₹400,000
• Interest rate: Not specified
• Repayment time: Up to 60 months
• Extra features: Instant approvals, buy-now-pay-later option

2. Pocketly Loan App for Students

Pocketly tells you exactly how much interest you'll pay on your student loan, starting at a low rate of 12% each year. Knowing this information upfront makes it easier to decide if the loan is right for you and helps you plan your spending.

• Loans for what you need: Pocketly understands that students need different amounts of money. They offer loans between ₹500 and ₹10,000, so you can borrow just the amount you need and avoid getting into extra debt.
• Easier loans for students: Unlike some other lenders, Pocketly doesn't require you to provide collateral or have someone co-sign your loan. This is helpful because students typically don't have assets for collateral and might not have someone to co-sign. It makes getting a loan simpler for students.

Here's a quick summary of Pocketly loans:

• Minimum age: 18 years old
• Loan amount: ₹500 - ₹10,000
• Interest rate: Starts at 12% per year
• Repayment time: Up to 3 months
• Extra features: No collateral, no co-signer

3. StuCred Loan App for Students

StuCred knows how tough it can be for students to manage money. They offer fast loans to help students become financially independent. However, StuCred charges a 6% fee on the loan every 30 days, plus late fees if you're late repaying.

Here's what makes StuCred unique:

• Fast and Easy Loans: Get instant cash with StuCred's student loans - and the best part? There's 0% interest!
• Simple App: The entire process is quick and convenient through their app. You can upload your documents securely for fast review.
• Build Credit Score Early: Start building your credit score with StuCred while you're still in school. This important score can impact your financial future in a big way.

Here's a quick summary of StuCred loans:

• Should be a school or college student
• Loan amount: Upto ₹15,000
• Interest rate: 0%
• Repayment time: 30 days

4. KreditBee Loan App for Students

KreditBee offers personal loans for students with interest rates between 16% and 29.95% per year. The exact rate depends on your credit history and how much you borrow. 

KreditBee can help with various student needs by offering loans from ₹3,000 to ₹5 lakhs. This lets you borrow only what you need, whether it's for textbooks, rent, or unexpected costs.

Here's what makes KreditBee unique:

• Fast Approval: Get your loan approved and money in your account in just 10 minutes - perfect for urgent situations.
• Flexible Repayments: They understand student life can be unpredictable, so you can choose a repayment plan that fits your budget.

Here's a quick summary of KreditBee loans:

• Minimum age: 21 years old
• Loan amount: ₹3,000 - ₹5,00,000
• Interest rate: 16% - 29.95% per year
• Repayment time: 3 - 60 months
• Extra features: Instant approvals, flexible repayments

5. mPokket Loan App for Students

mPokket is a great option for students in India who need a quick loan for unexpected expenses. Here's why:

• Fast and Easy: Get approved for a loan in as little as 2 minutes with just your college ID and proof of address (young professionals need a bit more paperwork).
• Small Loans: Borrow only what you need, with loans ranging from ₹500 to ₹20,000.
• Flexible Repayment: Repay your loan in 61 to 120 days.
• Transparent Rates: Interest rates range from 1% to 6% per month, with a processing fee between ₹34 and ₹203 (plus GST).

Here's a quick summary of mPokket loans:

• Loan amount: ₹500 - ₹20,000
• Interest rate: Starts at 1% per month
• Repayment time: Up to 4 months

6. Pay Sense Loan App for Students

Pay Sense offers competitive interest rates for students, ranging from 16% to 36% per year. Remember, interest rates depend on your credit history and loan details.

Pay Sense also offers flexible loan amounts, from ₹5,000 to ₹5,00,000. This means you can borrow what you need to cover tuition, study materials, or unexpected costs.

Getting a loan is easy with Pay Sense. Their application process is fast and online, often giving decisions in minutes. This is great for students who need money quickly for urgent expenses. You don't need to visit a bank or fill out tons of paperwork - you can do everything online!

Here's a quick summary of Pay Sense loans:

• Minimum age: 18 years old
• Loan amount: ₹5,000 - ₹5,00,000
• Interest rate: 16% - 36% per year
• Repayment time: Up to 60 months
• Extra features: Fast approvals, online process

Disclaimer: The interest rates of apps, documents required, benefits and features, and all other information above are as of 24th May 2024 when this page was written and are subject to change. Please refer to the concerned app’s website for the latest information.

Benefits and Features of Student Loan Apps in India

Get College Cash Quick: Loan apps for students give you money fast so you can pay college fees, rent, and other school costs right away. With education getting costly, these apps are a big help for students who need a hand paying for it.

Simple Loan Process: Unlike getting a loan from a bank, which can take a long time and be a pain, student loan apps make the process quick and easy. This means you can get the money you need for school without a long wait.

Borrow What You Need, Repay As You Can: Student loan apps know that every student's situation is different. They offer loan amounts that fit your needs, so you only borrow what you absolutely have to. You can also choose a repayment plan that works with your budget and your future plans. 

Helping Everyone Go to School: Student loan apps play an important role in making sure everyone has a chance to go to college. They do this by giving students from all backgrounds the financial help they need to reach their education goals. 

Making Loans Open to All Students: By offering flexible options and a clear process, student loan apps make getting money for college easier for all students, regardless of their background. This allows students who might not have been able to get a traditional loan to get the funding they need to reach their academic goals.

What Should You Look for While Taking a Loan?

Even though student loan apps offer a fast and convenient way to get money, it's important to be responsible when borrowing. 

• Interest Rate: This is the cost of borrowing the money. Look for the lowest interest rate possible to minimize your overall loan cost.

• Repayment Terms: Consider how long you'll have to repay the loan and what the monthly payments will be. Choose a repayment plan that fits your budget comfortably.

• Fees: Be aware of any additional fees associated with the loan, such as processing fees, late payment fees, and prepayment penalties. 

• Loan Amount: Only borrow what you actually need. Don't be tempted to borrow more than you can afford to repay.

• Eligibility Requirements: Make sure you meet the eligibility requirements for the loan, such as minimum age and credit score.

In addition to the above, here are some extra tips for students:

• Consider alternatives: Exhaust all other options before taking out a loan, such as scholarships, grants, or working part-time.

• Tell your family: Be upfront with your family about your financial situation. They are most likely to help you out financially.

• Build a budget: Create a budget to track your income and expenses. This will help you know how much you can afford to borrow and repay.

• Borrow responsibly: Don't take out a loan for unnecessary expenses. Only borrow for essential needs like tuition, rent, or books.

In conclusion, 

Student loan apps can be a helpful tool for covering educational expenses, but it's crucial to borrow responsibly.  By comparing interest rates, repayment terms, and fees, you can choose the best loan for your needs. Remember, exhaust all other options first and only borrow what you absolutely need. With careful planning and responsible borrowing, a student loan app can help you achieve your educational goals.

FAQs on Best Loan App for Students

1. Can students get a personal loan?

Yes, students can apply for a personal loan. There are a lot of apps like KreditBee, Cashe, Pay Sense, etc. that offer personal loans to students.

2. What documents are needed to apply for a student loan?

While many lenders promise instant approval with minimal paperwork, you'll still need to provide documents and complete a KYC form to qualify for this quick loan.

3. What is the interest rate on student loan apps?

Interest rates on student loan apps can vary depending on your eligibility and the lender's terms. They can range from 0% to 36%.

4. Can I get a student personal loan without a PAN card?

Some student loan apps are specifically designed for students who don't have one. However, these loans are typically smaller and may come with higher interest rates. 

5. Are the student loan apps available for 18-year-olds?

Some student loan apps welcome 18-year-olds, understanding the financial needs of young adults starting college.  Always check the app's age requirement to be sure.

6. How to get 30000 rupees immediately for students?

Need 30,000 rupees urgently? Apply for a loan online! It's the fastest way to get the money you need. Many lenders now offer instant online loan applications. Just gather the necessary documents and complete the online application to proceed.

 

Disclaimer: This page includes information that has been compiled from many sources and is only offered for informational purposes. Since this type of data might change over time, we cannot guarantee that the information supplied or included within it is accurate. It is anticipated that the user would confirm with the relevant source prior to taking any choices or actions.