As a college student, you have to depend on your parents for money. This includes money for fees, staying at a hostel and food, if necessary as well as cash for extracurricular activities as well as spending on things that we require as a college student.
Understandably, being short of cash during our college days can leave us with that deep feeling of inadequacy.
We see our wealthy peers enjoying their college days while we’re brooding over lack of money.
If this is indeed your case, there’s nothing to worry about really.
As a matter of fact, there are the 9 best Student Loan Apps in India from where you can get small to large amounts of money almost instantly and enjoy your college years.
I use the words “enjoy your college years,” because this is a period of your life that’s never going to return again.
Collegians stand at the crossroads of adulthood and teenage. Therefore, these college years are often the last ones of life that we can enjoy carefreely.
Why Use Loan Apps for Students
Sometimes, it’s not possible to ask for money from parents because they might not have the amount we need.
And sometimes, we need to pay for an extra course or coaching classes, field trips, and other expenses. In such cases, a loan app for students comes very handy.
Generally, loan apps for students help you get the money almost instantly and with minimal documentation.
And you can use the money for study material or other expenses, without further encumbering your parents or waiting for them to have the money to need immediately.
These loan apps for students are user-friendly. They come from companies that understand the diverse needs of students and hence, their student loan interest rates are reasonable and repayment terms are also easy.
Best Student Loan Apps in India
Many students don’t know how to get a student loan in India. Because of that, they find themselves in trouble to get urgent money for their needs.
If you’re among such a student that would require money immediately for study material, fees or any other purpose, download and use any of these best Student loan apps.
They can save you a lot of time and also help avoid the embarrassment of borrowing money from peers and friends or missing out on something important at college.
1. KreditBee
Another good app for loans for students is KreditBee. They offer a maximum of Rs.200,000 as a loan and charge interest rates up to 29.5 percent per annum.
These loans are available if you’re in the age group of 21 years to 56 years. They also have a digital application process.
You’ll have to upload all your documents through the app for loan processing. This app is available for Android-based smartphones and iPhones.
2. mPokket
mPokket is one of the most popular apps among students that require instant loans. You can get anything from Rs.500 to Rs.20,000 as a loan from mPockett.
The requirements to avail of these loans are your student ID card and your Permanent Account Number (PAN) card.
You’ve to upload images of these documents through the app during the loan application process.
mPokket offers loans only to students that are above 18 years of age and are pursuing a college degree from any university.
They charge interest rates starting at 3.5 percent, depending on the amount.
3. KrazyBee
Another superb student loan app in India is KrazyBee. They offer loans to students with a minimum of Rs.1,000 and a maximum of Rs.10,000.
You can use this app if you need smaller amounts of cash in an emergency because KrazyBee has a very fast processing time.
Generally, you will receive the money in your bank account, Paytm wallet and bank account within 24 hours of application, if approved.
You have the option of repaying in as many as 12 months from the date of loan disbursement. This app is available on Google Play for Android phone users.
4. Sahukar
Sahukar is also a good app if you’re a student looking for small loans of up to Rs.5,000. They charge an interest rate of three percent per month on your loan amount.
To qualify, you should be minimum 18 years of age and have a valid student ID issued by a respected college or university.
They process your loan within 24 hours. You have the option of paying the loan within one to three months from the date of disbursement.
5. Bajaj Finserv
Though Bajaj Finserv is not exactly a student loan app, I mention it because you can buy a lot of things on loan using their card and app.
One of the most popular things that students buy using the Bajaj Finserv app is smartphones. You can get no-cost EMIs on such purchases with the Bajaj Finserv app.
They also have a feature to apply for larger loans. However, it doesn’t have facilities to provide cash loans to students.
6. Pocketly
Pocketly is known for offering the fastest loans for students.
They charge an interest rate of one percent to three percent per month (12 percent to 36 percent per annum) depending on the amount and tenure of the loan.
Pocketly offers a maximum of Rs.50,000 as a loan to students. It is available for Android-based phone users through Google Play.
You can also ask for top-up loans if you pay the monthly installment regularly and on time. They credit the money to your Paytm wallet or bank account or a regular bank account.
7. KrazyBee
Another superb student loan app in India is KrazyBee. They offer loans to students with a minimum of Rs.1,000 and a maximum of Rs.10,000.
You can use this app if you need smaller amounts of cash in an emergency because KrazyBee has a very fast processing time.
Generally, you will receive the money in your bank account, Paytm wallet and bank account within 24 hours of application, if approved.
You have the option of repaying in as many as 12 months from the date of loan disbursement. This app is available on Google Play for Android phone users.
8. SlicePay
SlicePay offers loans to students at no cost EMIs. They do so in partnership with MasterCard.
You have to download the app and provide details such as your name, college where you’re studying and ID card number along with Aadhar and PAN details.
SlicePay gives a maximum loan of Rs.10,000 to students in undergraduate and graduate courses.
Their loan tenure ranges from 30 days to 90 days. And SlicePay charges an interest of three percent per month.
The money will be paid to your bank account or through Unified Payments Interface for quicker disbursement.
9. Cash Bean
Cash Bean is one of the best student loan app in India. It is available for Android-based smartphones.
Cash Bean offers instant loans of up to Rs.60,000. They charge a processing and service fee of 18 percent of the requested loan amount.
And you’ll pay a 33 percent interest per annum, on your loan. Their loan application process is paperless. You’ll have to show some source of income to avail the loan.
They process the loan very quickly and usually within 48 hours. To be eligible, you need to be between 21 and 56 years of age.
In Conclusion
Before concluding, here’s a word of caution. As a college student, you could be a bit careless when it comes to money.
And of course, there would be several temptations to spend on expensive stuff like the latest smartphones and laptops, bikes or even fashionwear.
Therefore, avail of loans carefully and repay on time. Unpaid or delayed repayments can cause your overall credit score to drop even before you start earning.