Best Student Loan Apps in India: Top 7 Picks for 2023

Students seeking easy financial aid for college can utilize student personal loan apps. These apps allow users to promptly fill out an online form to receive funds directly to their bank account. Just download the instant loan app for students to apply. Let's review the top options for an ideal loan app for students.

Top Student Loan Apps in India

Here are the leading student loan apps in India:

• mPokket:

  The mPokket app stands out as a premier student loan app in India, offering quick loans from Rs. 500 to Rs. 30,000. It’s ideal for students in need of pocket money or emergency funds.

  Key Features:
  • Loans from Rs. 500 to Rs. 30,000 dispensed in 2 minutes.
  • Repayment tenure: 61 to 120 days.
  • Interest rate: 1 to 6% monthly.
  • Processing fee: Rs. 34 to Rs. 203 plus 18% GST.

• Pocketly:

  A preferred choice for students needing quick cash, Pocketly is accessible for salaried individuals and available anytime.

  Key Features:
  • Loans from Rs. 500 to Rs. 10,000.
  • Repayment tenure: 61 to 90 days.
  • Interest rates: 1 to 3% monthly.
  • Processing fees: Rs. 20 to Rs. 120 + GST.

• KrazyBee:

  KrazyBee supports students in select cities, allowing online purchases with flexible monthly payments.

  Key Features:
  • Operations in major cities like Mumbai, Hyderabad, and Bangalore.
  • Shop online via KrazyBee's platform.
  • Monthly purchase limit: Rs. 2,000.
  • EMI plans: 3, 6, 9, and 12 months.

Best Loan App for Students

This app caters to both students and salaried individuals, offering loans from Rs. 1,000 to Rs. 3 Lakhs with quick transfers to your bank account.

• Loan range: Rs. 1,000 to Rs. 300,000.
• Tenure: 62 days to 15 months.
• Interest: 0 to 29.95% annually.
• Processing fee: 0 to 7%.

• Sahukar:

  An app-based platform providing personal loans to students, downloadable from major app stores.

  Key Features:
  • Loans from Rs. 100 to Rs. 5,000.
  • Tenure: 1, 2, and 3 months.

• SlicePay:

  SlicePay offers a no-fee VISA card for both professionals and students, facilitating purchases with deferred payments.

  Key Features:
  • Credit limit: Rs. 2,000 to Rs. 10 Lakhs.
  • Simplified bill payments over 3 months, no charges.
  • 2% cashback on transactions.
  • Quick fund transfers to bank or Paytm.

• CashBean:

  A major platform for personal loans, assisting students in addressing varied financial needs.

  Key Features:
  • Loans from Rs. 1,500 to Rs. 60,000.
  • Tenure: 3 to 6 months.
  • Interest: 0.07% daily.
  • Processing fee: Rs. 90 to Rs. 2,000 plus 18% GST.

• BadaBro:

  BadaBro offers instant loans to college students and professionals over 18 years.

  Key Features:
  • Loans up to Rs. 10,000 to bank/Paytm accounts.
  • Flexible tenure: 61 to 90 days.
  • Interest: 1 to 6% monthly.
  • Processing fee: Rs. 34 to Rs. 203 plus 18% GST.

Features and Benefits of Student Loans

Online student loan apps simplify the process for students and salaried individuals aged 18+ with valid IDs to secure loans. Options include loan extensions and refinancing, useful for credit-building when repaid on time. Approved loans are quickly credited to your account.

Eligibility Criteria for Student Loans in India

Full-time college students can apply for student loans with a valid ID and Aadhar. PAN cards might be required by some lenders.