Student loans are helpful if you need more cash. Many personal loan apps for students make it super easy to apply. Mobile applications like StuCred, Slice, mPokket, KreditBee, CASHe, etc. are students’ best loan apps. Compared to traditional banks, they offer more flexible options for students. The amount can cover tuition fees, living expenses, and other educational expenses while enabling you to build a credit history. Let’s explore the top student loan apps for students to secure funds easily.
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Best Loan Apps for Students
Indian students who wish to avail instant funds for emergency needs or personal loans for education can apply via instant student loan apps. They offer super quick services and a streamlined process to apply. You simply have to upload certain documents for verification. These apps offer lenient eligibility criteria for students, however, interest rates are usually high.
| Student Personal Loan Apps | Loan Amount | Interest Rates | Google Ratings |
| StuCred | Up to INR 15,000 | 0% p.a | 4.6 stars |
| CASHe | Up to INR 4 lakhs | 2.50% per month | 4.5 stars |
| KreditBee | Up to INR 5 lakhs | 17.00% to 29.95% p.a | 4.5 stars |
| mPokket | Up to INR 45,000 | 0% to 4% per month | 4.4 stars |
| Slice | Up to INR 10,000 | 3% per month | 4.4 stars |
| LazyPay | Up to INR 1 lakh | Up to 18% p.a | 4.4 stars |
| GetItNow | Up to INR 10,000 | 0% to 36% p.a | 4.3 stars |
| Pocketly | Up to INR 50,000 | 1% to 3% per month | 4.1 stars |
| Eduvanz | Up to INR 10 lakhs | 0% to 36% p.a | 3.7 stars |
| PaySense | Up to INR 5 lakhs | 14% to 36% p.a | 3.4 stars |
Disclaimer: All the information mentioned above is based on market research and doesn’t promote any banking or NBFC companies. Conduct proper research before using any service.
StuCred
StuCred is recognized as one of the best personal loan apps for students due to its unique features and benefits tailored specifically for college students. It offers instant student loan that provides secure and interest-free credit up to INR 15,000. Instead, they charge a service fee of 6% on the loan amount every 30 days.
- By using StuCred, students have the opportunity to start building their credit scores while still in college.
- The repayment period is 30 days, which encourages timely repayment and helps students manage their short-term financial needs effectively.
- You must belong to one of the 20k+ colleges listed on StuCred.
- The entire loan application process is designed to be quick and user-friendly.
How to Apply?
- Download the StuCred app.
- Create your profile by entering the details asked.
- Upload documents and verify mobile number to complete KYC.
- Enter your VPA (Virtual Payment Address) that is linked to your bank account.
- Enter the loan amount and submit it to avail your credit.
Also Read: Check all the details about non-collateral loans for the UK. The blog includes details of loan amounts and interest rates for collateral free from public banks, private banks, and NBFCs.
CASHe
CASHe is an RBI-registered NBFC that fulfils financial priorities. It is one of the best personal loan apps for students that offers loans up to INR 4 lakhs at 2.50% per month. You can benefit from their flexible repayment options ranging from 3 months to 18 months. Pre-approved loans are also offered up to INR 2 lakhs.
An Indian citizen with a minimum monthly salary of INR 15,000 can easily apply for a loan with the CASHe student personal loan app. You must also have a valid Facebook or LinkedIn account and submit valid identity and address proof.
- The ‘Lighting Fast’ feature allows you to access up to INR 5,000 within 30 seconds on WhatsApp.
- The app also provides an option to protect your loan with insurance. This is beneficial in case of unforeseen events.
- It is more like an instant student loan app that offers quicker approval and disbursement via its streamlined application process.
- This is a 100% digital app that requires no or minimal documentation. You just have to provide your PAN Card/ Aadhaar Card, salary slips and your latest bank account statements.
How to Apply?
- You can apply by downloading the CASHe app.
- Register yourself and complete the KYC process.
- Click on ‘Get Loan’ and choose ‘Instant Personal Loan’.
- Select the loan amount and tenure.
- Wait for verification. Once approved, it will be disbursed directly to your bank account.
KreditBee
Another best personal loan app for students is KreditBee. It is a 100% online application that provides loans from INR 1,000 to INR 5 lakhs. The interest rates offered are high as compared to other options, ranging from 17.00% to 29.95% p.a. However, a hassle-free application process, minimal documentation, and flexible repayment tenure enable loan disbursal within 10 minutes.
To be eligible for a KreditBee student personal loan, you must be an Indian citizen above 21 years old and have a minimum monthly income of INR 10,000.
- The platform charges INR 350 to INR 16,500 as a processing fee based on the loan amount.
- You must upload a PAN Card or Aadhaar Card along with a photograph (selfie) for KYC verification.
- KreditBee loans allow you to apply for personal loans anytime, anywhere and are approved instantly.
- The repayment tenure ranges from 3 months to 36 months. You can repay the loan via the app using a debit card, net banking, and UPI.
How to Apply?
- Download the KreditBee app and sign up using your mobile number.
- Enter details and verify your eligibility.
- Upload KYC documents for them to verify your profile.
- Provide bank account details.
- Enter the loan amount and tenure.
- Once approved, the loan will be disbursed to your bank account.
mPokket
Another one on the list of best personal loan apps for students is mPokket. It is a trusted app that offers instant loans to college students at low interest rates. The loans are approved in 10 minutes with secure and seamless disbursement to your savings bank account.
Loans are also offered to students who are new to the formal credit system ( or with zero credit history). The application process is 100% online that lets you avail loans up to INR 45,000.
- Interest rates range from 0% to 4% per month.
- Flexible repayment tenure ranging from 60 days to 120 days is offered.
- Personal loans for college students from mPokket can be repaid using UPI or a debit card.
- You can borrow multiple times within your credit limit.
How to Apply?
- Download the mPokket app and sign up using your Aadhaar-linked mobile number.
- Complete KYC verification online using a PAN/ Aadhaar Card.
- Submit your college ID, employment proof, and proof of income if you are employed.
- Wait for profile approval.
- Once your profile is approved, click on ‘Get Loan’ and apply.
Also Read: Check out our blog on one of the most flexible alternatives to finance your study abroad dreams- gold loan for education: benefits, criteria, documents & process.
SlicePay
Slice is another one of the best personal loan apps for students that lets you create an account in 1 minute to receive funds. SlicePay offers loans to students with no-cost EMIs. They use MasterCard to aid them in doing this. Your name, the college you attend, your ID card number and details regarding your Aadhar and PAN must be provided when you download the app.
- Personal loans to students in undergraduate and graduate programmes are offered up to INR 10,000.
- Their loans have terms between 30 and 90 days.
- The interest rates start from 3% per month. The funds will be sent swiftly via the Unified Payments Interface or to your bank account.
- You can apply by downloading the application and navigating to the ‘Loans’ section.
LazyPay
LazyPay offers instant personal loans for various needs, allowing you to get online loans within minutes. It provides a free credit limit of up to INR 10,000 that can be used across 45,000+ online stores and merchants. The app offers a “PayLater” feature for one-tap payments at merchants with 15 to 30-day interest-free repayment.
- It also provides “XpressLoans” for instant personal loans that are transferred to your bank account.
- The app requires a quick KYC process to increase the credit limit up to INR 1 lakhs and get 30 days of repayment.
How to Apply?
- Download the app.
- Check your eligibility by entering basic details as asked.
- Select the loan amount and tenure.
- Go for one-click KYC verification and link your bank account
- Submit your request to get the amount in your account.
GetItNow
GetItNow is an emerging digital lending platform in India. This is one of the best student loan apps that provides personal loans tailored to various needs, including educational expenses. Interest rates typically range from 0% to 36% per annum based on eligibility and loan type. You can avail of loans up to INR 10,000, however, timely repayment and higher income can make you eligible for loans up to INR 20,000.
- Instant loan application via GetItNow student loan app.
- You can avail of secure and private loans.
- Their user-friendly interface lets you navigate through the application process seamlessly.
How to Apply?
- Download the App available on mobile platforms.
- Create an account and sign up using basic personal information.
- Submit the loan application by filling out the loan application form and providing the necessary documents.
- The app promises quick processing, often within minutes.
- Funds are transferred directly to the user’s bank account once you provide the confirmation
Pocketly
Pocketly is a mobile loan app for students that offers personal loans up to INR 50,000. The interest rates range from 1% to 3% per month depending on the loan amount. You can pay back the loan in 2 to 12 months. The app’s user-friendly interface makes it easy to apply for loans easily.
- The application process is easy and requires only a few documents like student ID and proof of address.
- You are also charged 4.2% of the loan amount + service tax as the processing fee.
- It is one of the safest and best loan apps for students as it doesn’t require collateral or a co-signer.
- You can get top-up loans, credit building, and rising credit limits.
How to Apply?
- Download the app and enter quick details (DOB, PAN, employment, etc.)
- Click on ‘Apply Now’ under the loans category.
- Enter the loan amount and tenure.
- Confirm and the amount will be disbursed on request submission.
Also Read: Planning to pursue law? Check out the details on education loans for a Master’s in Law in the UK.
EduVanz
Eduvanz is an RBI-licensed NBFC and fintech platform that has been rated by CRISIL Limited, enjoying a BBB- (minus) rating for long-term borrowings. It is one of the top student loan apps in India, offering personal loans up to INR 10 lakhs for educational purposes.
The interest rate ranges from 0% to 36% p.a and the loan can be repaid from 3 months to 84 months. You must be 18 years and above with a steady source of income to apply for the loans. Applicants are also required to fulfil the KYC norms as per RBI guidelines.
- Instant approvals in seconds
- 100% online process via mobile app or website
- Low-cost loans with flexible tenures and no hidden charges
- Tie-ups with over 1000+ educational partners across India
How to Apply?
- Install the Eduvanz app.
- Sign up using basic details like mobile number, name, and email.
- Fill in the application form.
- Upload required documents like Aadhaar/PAN, bank statements, and utility bills.
- Get instant approval and support from loan advisors.
- Loan disbursed directly to the institute as you repay in flexible EMIs.
PaySense
PaySense is a 100% safe, secure, and best loan app for students. They offer personal loans for education up to INR 5 lakhs. You simply need to sign your loan application digitally to receive instant money in your account. The good part is that you get personal loans with a low CIBIL score or no credit history.
With one-time documentation on the PaySense loan app for students, you can also apply for top-up personal loans. To be eligible, you must be an Indian citizen above 21 years of age. You must also be a salaried employee or self-employed.
- The auto debit feature on this instant student loan app lets you manage EMIs promptly.
- Align with PAN/ Aadhaar, you must provide the last 3 months’ e-bank statements.
- Loans are available in more than 300+ Indian cities.
- Interest rates range from 14% to 36% p.a.
- Loans are processed and disbursed directly to the bank account within 2 working hours.
How to Apply?
- Install the PaySense application on your mobile phone.
- Enter the details as asked and check the eligibility status.
- After getting the allotted credit line, enter the loan amount and tenure.
- Upload the required documents.
- Digitally sign all the application forms.
- Funds will be disbursed to your account after confirmation.
Benefits of Using Student Loan Apps
Applying for personal loans via the best student loan apps offers multiple benefits. One of the biggest benefits is that most of these apps understand student credit needs and do not require a credit history. Unlike traditional banks, they do not have stricter eligibility requirements and offer unsecured loans.
- Quick Access to Funds: Loan apps provide rapid access to funds, often within minutes.
- Minimal Documentation: The application process typically requires fewer documents compared to traditional banks.
- Flexible Repayment Options: Many apps offer repayment plans that are adjustable to the student’s financial situation.
- User-Friendly Interfaces: Most apps are designed to be intuitive, making it easy for students to apply for and manage their loans.
Also Read: A career in education from the UK is a great option. Check out the details on education loans for a Master’s in Education in the UK to cover the study abroad expenses.
Important Guidelines When Choosing the Best Loan Apps for Students
It is important to compare the features and benefits offered by different student personal apps. While they fulfil your financial needs while pursuing education, it is also essential to borrow essentially and understand the terms and conditions. Check if there are any hidden fees associated or not. Let’s explore some considerations when choosing personal loan apps for students-
- Interest Rates: Look for the lowest possible rates to minimize costs.
- Repayment Terms: Ensure that the repayment schedule aligns with your financial capabilities.
- Fees: Be aware of any additional fees, such as processing or late payment fees.
- Eligibility Requirements: Check if you meet the criteria needed to apply for the loan.
- Safety and Security: Before applying for the loans, check if the student loan app is RBI-approved or not. Such apps would offer data privacy protections and display transparent conditions.
This was all about the 10 best student loan apps that offer instant loans to college students. Make sure to check the eligibility criteria, repayment and interest rate conditions before applying.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
FAQs
Yes, college students can get personal loans through various RBI-approved apps like CASHe, Pocketly, KreditBee, mPokket, and PaySense.
Some of the best student loan apps available are-
-StuCred
-CASHe
-KreditBee
-mPokket
-SlicePay
-LazyPay
-GetItNow
-Pocketly
-Eduvanz
-PaySense
Some of the best RBI-approved student loan apps are CASHe, Pocketly, KreditBee, mPokket, and PaySense. They are completely safe and secure to use and fulfil your financial needs.
To get an instant loan of INR 30,000, students can apply through apps like CASHe, Pocketly, or KreditBee. The process typically involves downloading the app and creating an account. Then provide basic documents like student ID, address proof, and income proof and apply for the desired loan amount. Get your loan approved within minutes based on eligibility and receive it directly in your bank account.
CASHe is one of the best instant loan apps for students, offering Instant approval and disbursal within minutes. It provides flexible repayment options from 90 days to 540 days and low interest rates starting at 2.5% per month, making it one of the best loan apps for college students.
Yes. StuCred is one of the best student loan apps that offer instant loans that provide instant and secure up to INR 15,000 at a 0% interest rate. LazyPay’s student loan app “PayLater” feature also provides one-tap payments at merchants with 15 to 30-day interest-free repayment.
In this blog, you’ve compiled an excellent list of the 10 best loan apps for students in India. It’s incredibly helpful for those seeking quick, accessible financial support during their studies!