There are many popular loan applications in India. But if you are a student, you cannot get a loan from them. In India, young people are particularly reliant on their families until they start working because they do not yet work full-time to earn enough money. While trying to cover additional costs, students could run out of cash and they may need money to pay for books, compete in events, etc.
It may be simpler for them to obtain the funds required to pay for education thanks to student loans. A more profitable method is to apply for loans via apps. While people can have doubts about using loan apps, and for good reasons, there are those that can be trusted as well.
10 Best Loan App For Students
1. mPokket
If you’re in need of a student loan in India right now, mPokket is the best option. The suggested loan amounts range from 500 to 20,000 rupees. College students and recent graduates gain the most from mPokket. This app is available to all students in the nation. A valid college ID and proof of residency are the only requirements to apply for a loan through mPokket. A bank statement, a receipt for the payment, as well as documentation of identity and address, are required from young professionals.
2. KreditBee
KreditBee is a helpful tool for quick student financing. On loans up to Rs. 300,000, interest rates might reach up to 29.5% annually. If you are within the ages of 21 and 56, you are qualified to apply for any of these loans. Additionally, they give a fillable digital application form. You must input each piece of supplementary information through the app in order for the loan to be approved.
3. KrazyBee
One of the most popular student loan websites in India, KrazyBee, promotes college students in a few locations of the nation to make any kind of online order with a flexible monthly payment schedule. Anyone who is at least 18 years old and signed up at one of the KrazyBee-recommended colleges is eligible to make a purchase. A college student could be required to pay anywhere between Rs. 1,000 and Rs. 10,000 in interest.
4. Sahukar
Students who want to borrow up to $5,000 at reasonable rates should use the Sahukar app. On the amount borrowed, they impose a monthly interest rate of 3%. You must be at least 18 years old and possess a valid student ID issued by a college or other educational institution in order to be eligible. The loan is executed in a single day. You have up to three months after the due date to make a repayment choice.
5. Slice Pay
Through SlicePay, students can take out loans with no-cost EMIs. They use MasterCard to aid them do this. You must provide your name, your ID card number, the college you attend, your Aadhar and PAN details, and your name when you download the app. Undergraduate and graduate students can borrow up to Rs. 10,000 at a monthly interest of 3%. They offer 30- to 90-day loans with various maturities.
6. Cash Bean
This is one of the finest loan applications for students. With a processing fee of 18% and rate of interest as high as 33% annually, the Cash Bean app lets you borrow up to Rs 60,000. CashBean is founded by P&C Financial Services Pvt. Ltd., which is an RBI approved firm. It is a trustworthy source as a result. There is no requirement for a credit history when applying for a loan, and the procedure is fully digital and paperless.
7. Red Carpet
Most individuals would advise them to ask their parents for assistance and to talk to their colleagues and peers to see if they can offer any financial support. However, people frequently become angry when they cannot obtain the necessary funds. RedCarpet Loan allows you to apply for a personal loan with a greater loan amount using an ATM or debit card, making sure that no student or individual who is self-supporting is restricted from taking benefit of a chance by a lack of money.
8. BadaBro
For Indian students looking for rapid loans, BadaBro is among the most popular options. It was developed by a business that appealed to both working adults and college students. Over 100,000 people use BadaBro because it offers quick loans that are sent to you immediately and are sent to your bank account. You will need your Aadhaar, PAN, employment ID (if applicable), and other necessary information in order to sign up and create your profile.
9. Pocketly
Pocketly is well-known for providing the fastest student loans, with monthly interest rates ranging from 1% to 3% (12-36% annually), depending on loan duration and size. Through Pocketly, students are permitted to borrow up to ₹ 50,000. It is available through Google Play for Android users. You can also register for top-up loans to help you pay your monthly commitments on time and on a regular basis.
10. StuCred
StuCred is well aware of the difficulties that college students encounter. As such, it pledges to use sustainable and the convenience of fast loans for students in order to make financial freedom a reality for everyone. To apply for your loan, go to your lender’s website and provide your name, mobile number, and PAN number. Within a few minutes, your loan will be approved, and you’ll immediately receive the funds.
Conclusion
Here they are: the top 10 student loan apps. In addition to these, there are a number of other lending apps available online. The market has exploded in recent years and welcomed a number of new companies due to rising customer awareness, acceptance, and uptake of lending apps. Even though these lending apps in India have made loans more accessible, you should always read the user agreement carefully prior to signing up to ensure you completely comprehend and are aware of the loan and return structures. Not only common citizens but even students have easier access to formal credit thanks to the rapid emergence and success of loan apps, which is a victory worth celebrating!
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