Best Loan Apps for Students in India (Updated 2024)

When you are a student, there are several things you need to take care of. You have costs associated with school, books, and many other significant needs. Managing these expenses can be difficult for students at times. But when you have the option of loans, you need not worry! Thankfully, there are many loan apps which would help students get the money they need easily. These apps offer quick loans with less paperwork and simple repayment plans. So, let’s explore these best loan apps for students and understand what they offer.

Benefits of Using Student Loan Apps

Here are the major advantages of using student loan apps:

  • Quick Access to Money
  • Unlike banks, loan apps let students get the required money quickly without having to wait in long queues.
  • Less Paperwork
  • These apps usually need only a few documents, making the process quick and easy.
  • Flexible Repayment Options
  • Many loan apps like CASHe let students pay back the loan in small and easy payments.
  • Low Interest Rates
  • Apps offering student loan often have low-interest rates and that’s why they are cheaper than regular loans.
  • Easy to Use
  • These student loan apps are simple to use as they have clear instructions.

How to Choose the Best Loan App?

To pick the best student loan app, make sure to check the interest rates and repayment plans. Always go for lower rates and flexible terms. Also, choose an app with a simple application process and quick approval. You must also read customer reviews to see if the app is reliable.

Student Loan Apps

Also Read: Best Instant Personal Loan Apps in India

Top 6 Loan Apps for Students

The top student loan apps are as follows:

1.CASHe

Looking for the best personal loan app for students with a simple loan process? CASHe is here to help you. You can borrow up to ₹4,00,000 as an education loan and just need to provide basic documents like ID and proof of enrollment to apply. CASHe offers flexible loan repayment options ranging from 90 days to 540 days and low interest rates, starting at 2.5% per month.

2. Pocketly

Pocketly is designed specifically for students and offers a loan amount of up to ₹50,000. The application process is easy and requires only a few documents like student ID and proof of address. Pocketly has a user-friendly interface that makes it simple to apply for and manage loans.

3. StuCred

Another online app for students, StuCred offers fast and short-term loans to students with no hidden fees. StuCred believes in utmost transparency and hence, the application process is quite simple with clear terms and conditions. Apply today to avail student credit of up to ₹15,000.

4. Kredit Bee

Kredit Bee provides personal loans to students with flexible repayment options. The app has a quick approval process and grants loans ranging from ₹1000 to ₹5 lakhs within minutes. The app’s minimal paperwork and fast service make it a convenient choice for students needing quick funds.

5. mPokket

mPokket gives instant loans to college students with minimal documentation such as student ID and proof of address. Borrow a minimum of ₹500 and a maximum of ₹45,000 with mPokket while choosing repayment schedules that fit your budget.

6. PaySense

PaySense offers personal loans ranging from ₹5,000 to ₹5,00,000. With PaySense, the interest rates, which start at 14% and go up to 36%, are calculated on a reducing balance basis.

Conclusion

So, if you are looking for a personal loan for students, then these quick loan app are the options you must explore. They offer quick cash, less paperwork, and simple repayment and hence, are always there to help you meet your financial needs. Whether you need money for school, books, or other costs, these loan apps for students are perfect for you to get the help you require.

FAQs

1. Can students get a personal loan?


Yes, students can get personal loans through various loan apps like CASHe. These apps offer instant loans with few documents.

2. What documents are needed to apply for a student loan?


Usually, you need a student ID, proof of enrollment, and basic ID like a government ID and proof of address.

3. What is the interest rate for a student loan?


Interest rates vary, but CASHe, the best instant loan app for students, offers low rates starting at 2.50% per month (equivalent to reducing the balance interest rate to 3.71% per EMI) on the loan amount.

4. Are the student loan apps available for 18-year-olds?


Yes, many student loan apps are available for 18-year-olds if they meet the app’s rules and requirements.

AUTHOR
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CASHe Team Welcome to the CASHe blog, your trusted source for insightful articles on personal loans, credit lines, digital gold, finance, lifestyle, and more. Our team at CASHe is a dedicated group of writers, editors, and subject matter experts passionate about simplifying finance for our readers.

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