In this article, we discuss the 10 best loan app for students for fast and hassle-free financing. Choose your best fit from the list.

Now a day, education is costly. Student coming from humble background (middle-class or lower-middle-class) are finding themselves struggling to save some money and to cater college fee requirements. College life comes with extra expenses like fees, hostel, books, food, etc. In that case applying for the student loan is the only option left with them.

As we all know getting loan from the bank is not easy. This is also true for the student loan. Primarily, bank hesitates to lend a loan to student as they are not earning money through full time job.

So as solution personal loan apps for student is the easiest way to cover college fees and other monetary expenses. Student Personal loan app is online instant medium to get money directly to your bank account.

Benefits of loan app for students

  • Simple to Access :  This digital platforms can be accessed from anywhere from college campus to home
  • Easy Processing: Loan processing is easy and short.
  • Simple online Process:  online application is safe and easy to fill up and you also can track the application.
  • Flexible in nature: You can apply for large or small amount of loan.
  • Customer oriented repayment options: You can repay the loans as per your financial situation and convenience. In some case you can opt for defer payments.
  • Inclusiveness: These platforms assimilate and provides loan to urban and rural students both.

A Word of Caution Regarding Student Loan App

Consider the following things before applying for student loan.

  • Interest Rate = Principal Amount X Tenure/365 X APR(annual percentage rate)
  • The loan amount will be transferred to your bank account
  • A high Tenure of loan means higher interest rates.
  • Easy Monthly Installments (EMIs) available.
  • A higher the CIBIL Score lower the interest rates and a lower score means higher interest rates.
  • You will receive the final loan amount after processing the fee deduction.
  • For timely repayment lenders may call, SMS or WhatsApp you.

The following are the ten best loan app for students.

10 Best Loan App for students for Quick Financing

1. StudCred

StuCred is one of the most trusted and best loan app for students in India. StuCred Credit limit can increase or decrease based on your loan repayment performance.

Eligibility: Above 18 years, a college student, a bank account

Loan Amount: Rs 1000/- to Rs 15,000/-

Interest Rate: 0%, APR 72%

Term: 2 to 3 Months

Processing Fee: 6% per month, all-inclusive.

Documents needed: College ID, Aadhaar Card, Voter ID, Passport, PAN Card

Just keep in mind that the 0% interest rate is just for namesake because the processing fee is very high.

2. Cash Bean

Get an instant loan without any credit history from Cash Bean.

Eligibility : Above 18 years, a college student, a bank account

Loan Amount: Rs 1000/- to Rs 60,000/-

Interest Rate: 0% to 25.55% per annum

Loan Term: 3 Months to 6 Months

Processing Fee: Rs 20/- to Rs 2000/- + 18% GST, one time charge  

Documents needed: College ID, Aadhaar Card, Voter ID, Passport, PAN Card

3. Bada Bro

BadaBro offers loans for both students and working professionals.

Eligibility: Above 18 years, a college student, a bank account

Loan Amount: Rs 500/- to Rs 100,000/-

Interest Rate: 1% to 6% per month

Loan Term: 2 Months to 3 Months

Processing Fee: Rs 34/- to Rs 203/- + 18% GST

Documents needed: College ID, Aadhaar Card, Voter ID, Passport, PAN Card

4. Krazy Bee

Hassle-free and instant disbursal in just 10 minutes.

Eligibility: Above 21 years, a college student, a bank account

Loan Amount: Rs 1000/- to Rs 10,000/- (for students)

Interest Rate: 12.25% to 30% per month for flexi personal loans.

Loan Term: 3 Months to 24 Months

Processing Fee: 6% + GST charges, Late Payment Rs 10/-   

Documents needed: College ID, Aadhaar Card, Voter ID, Passport, PAN Card

5. KreditBee

KreditBee approves your loan in just 15 minutes. It has the shortest approval time compared to other apps. KreditBee has 7 million customers, 50 million app downloads and 8.5 million active users. Until now, they have loaned Rs 30,000 Crore.

Eligibility : Age above 21 years, enrolled in college, a bank account

Loan Amount: From Rs 1000/- Maximum Rs 3 Lacs

Interest Rate: 0% to 29.95%

Loan Term: 2 months to 15 months

Processing Fee: Maximum 3% annually

Documents needed: College ID, Aadhaar Card, Voter ID, Passport, PAN Card

6. Pocketly

What makes Pocketly special is you can close the loan anytime, and if you don’t have enough funds to pay interest, then just pay the minimum due EMI.

Eligibility: Above 18 years, a college degree, a bank account or Paytm Wallet

Loan Amount: Rs 500/- to Rs 30,000/-

Interest Rate: 1% to 4%, APR 12% to 48%

Loan Term: 2 to 4 Months

Processing Fee: Rs 50/- to Rs 200/- + GST.

Documents needed: College ID, Aadhaar Card, Voter ID, Passport, PAN Card

7. Eduvanz

Eduvanz is one of the most trusted loan apps for students in India. Eduvanz offers loans for both schools as well as college students.

Eligibility: Above 18 years, a college student, a bank account

Loan Amount: Maximum Loan Amount Could be Up to Rs 200,000/- and Rs 1000,000/- for college

Interest Rate: Applicable Interest Rates Start from 7.99% per annum.

Loan Term: Maximum tenure can be 60 months.

Processing Fee: Up to 2% + Taxes

Documents needed: College ID, Aadhaar Card, Voter ID, Passport, PAN Card

Delayed payment is going to attract late payment fees and penal charges.

8. RedCarpet

RedCarpet offers student loans at an affordable interest rate.

Eligibility: Above 18 years, a college student, a bank account

Loan Amount: Rs 500/- to Rs 60,000/-

Interest Rate: Maximum 29.95% per annum, 2.49% monthly

Loan Term: 3 months to 3 years

Processing Fee: 0% to 3%,  

Documents needed: College ID, Aadhaar Card, Voter ID, Passport, PAN Card

9. mPokket

mPocket has 7 million customers and 7 million downloads. It is one of the most trusted student loan apps right now.

Eligibility: Students above 18 years, a college degree, a bank account

Loan Amount: Rs 500/- to Rs 30,000/-

Interest Rate: 1% to 6% per month, Based on Loan Amount

Loan Term: 2 Months to 4 Months

Processing Fee: Between Rs 34/- to Rs 203/- + 18% GST

Documents needed: College ID, Aadhaar Card, Voter ID, Passport, PAN Card

10. Slice Borrow

Slice Borrow offers loans at a modest interest rate compared to other student loan apps.

Eligibility: Above 18 years, a college student, a bank account

Loan Amount: Up to Rs 500,000/-

Interest Rate: 0% if paid within a month

Loan Term: 1 Year

Processing Fee: 3%

Documents needed: College ID, Aadhaar Card, Voter ID, Passport, PAN Card

Penalty charges are very high if you default.

Final Words:

These were the 10 best loan app for students in India. Before applying for the loan please go through their terms and conditions to avoid hidden charges. It is advice to contact their customer service to know all in and out about the loan and to make wise decision.