Finding funds for higher education or managing day-to-day expenses as a student can be challenging. In some cases, parents are unable to fund urgent money requirements of Students. While educational loans from banks are an option, they come with extensive paperwork and long processing times. This is the list of the top 5 best loan apps for students in India based on interest rates, loan amount, tenure, fees, and other features. These are the best instant loan apps for students as the offered credit limit is quite good for India.
| App Name/Feature | Loan Amount | Interest Rate | Tenure | APR | Processing Fees |
| StuCred | ₹1000 – ₹10,000 | 0% | 2-3 months | 72% | 6% per month |
| Slice Borrow | up to ₹5 Lakhs | Dynamic, 0% for 1st month | 12 months | Not specified | 3% |
| KreditBee | ₹1,300 to ₹50,000 | 18% to 30% yearly | 3-10 months | 70% max | 2.5% |
| mPokket | ₹500 to ₹30,000 | 0% to 4% per month | 2-4 months | 142% max | ₹50 to ₹200 + GST |
| MoneyTap | ₹3000 to ₹5 Lakhs | 13% per annum | 2-36 months | Not specified | 0.5% to 2.5% |
| Pocketly | ₹600 to ₹10,000 | 1% to 3% per month | 2-4 months | 12% to 36% | ₹20 to ₹120 + GST |
Table of Contents
StuCred
StuCred is a Highly Trustworthy app and one of the best online loan apps for students. StuCred is considered the most trustworthy and best loan app for students in India. Many students from popular colleges have used this app successfully. StuCred relies solely on UPI for bank transfers. The credit limit can go up or down based on repayment history.
Key Features:
- Loan Amount: ₹1000 – ₹10,000
- Tenure: 2-3 months
- Eligibility: College students
- Interest Rate: 0% (the 6% processing fee per month essentially covers interest)
- Processing Fee: 6% per month
- APR: 72%
- Allowed tenure extension in case of non-payment
- Rewards with direct bank transfer for timely repayments
Pros:
- Highest trustability
- Reward points
Cons:
- High processing fee and APR
- 0% interest rate is misleading
Slice Borrow
Slice provides instant student loans via its Slice Borrow feature. It is one of the best instant loan apps for students as it offers 0% interest loans for the first month irrespective of loan amount. The interest rate is also quite good as compared to other similar apps.
Key Features:
- Loan Amount: up to ₹5 Lakhs
- Tenure: up to 12 months
- Eligibility: Students
- Interest: Dynamic based on user, 0% for 1st month
- Processing Fee: 3% of the loan amount
Pros:
- Zero interest for the first month
- Option for early repayment
Cons:
- A penalty of 30% of outstanding principal or ₹3,000 for default
KreditBee
KreditBee is an instant personal loan app that promises to disburse funds into your bank account within 15-20 minutes after applying. It is also one of the best online loan apps for students as it offers a ‘Flexi Personal Loan’ specifically for students in their final years or pursuing higher education. So KreditBee offers quick student loans but compare all parameters before choosing the right loan app for your needs.
Key Features:
- Disbursal Time: 5 minutes
- Documents Needed: PAN Card and Aadhaar Card/Passport
- Loan Amount: ₹1,300 to ₹50,000
- Tenure: 3 to 10 months
- Eligibility: 21+ years of age, Indian national, steady monthly income, minimum family income of ₹25,000
- Interest Rate: 18% to 30% yearly
- Processing Fee: 2.5% of the loan amount, between ₹85 to ₹1,800 plus GST
- New User Fee: ₹200 plus GST
- Maximum APR: 70%
Pros:
- You can potentially save on processing fees by using KreditBee discount coupons or through their refer and earn program.
- KreditBee partners with leading NBFCs like Piramal Finance, Chola, IIFL, Northern Arc, PayU, and Mirae Asset for loan disbursal.
Cons:
- Students below 18 years cannot use KreditBee
- Some users have reported rude behavior from customer care. KreditBee may also call/message your contacts for recovery.
mPokket
mPokket is one of the best loan apps for students in India well known for its quick delivery. By keeping in mind college students, it ensures a less tenure loan program to free them from the burden of hefty loans.
Key features:
- Loan Disbursal Time – 2 to 5 mins
- Loan Amount Source – Bank Account or Paytm Wallet
- Loan Amount Range – ₹500 to ₹30,000 | Usually you can get up to ₹10,000 which can increase or decrease based on your loan repayment.
- Tenure – 2 to 4 months
- Required Documents – College ID, PAN card, and Aadhar card / Driving license / Voter ID
- Eligibility Criteria – 18+ age | College ID
- Interest – 0% to 4% per month
- Processing Fee – fixed in between ₹50 to ₹200 + GST
- Late Charge – ₹8/day after due date
- Refer & Earn – ₹75/referral
- APR – 142% max
Pros:
- Flexible loan amount
- Flexible repayment tenure
- User-friendly interface
- mPokket Cashback or mCoins can be obtained while repaying on time or early.
- Cashback can be redeemed against processing fees.
- ₹5000 is automatically credited to MyCash Rewards for new mPokket users. It can be redeemed in the shop section.
Cons:
- High interest rate which can go up to 48% p.a.
- Higher discounts are promised by the Shop section, yet fail to deliver.
- A high amount of time is needed to update your loan repayment status in CIBIL which can affect your score.
- Slow customer service
MoneyTap
MoneyTap provides instant student loans via its special feature. It is one of the best instant loan apps for students as students can borrow from Rs 3,000 up to Rs 5 lakh based on their eligibility. This allows them to take loans for tuition, hostel fees, laptops, etc. MoneyTap offers flexible repayment options of 2-5 years. Students can choose an EMI suitable to their budgets. The interest rate is also quite good as compared to other similar apps.
Key Features:
- Loan Amount: ₹3000 to ₹5 Lakhs
- Tenure: 2 months to 3 years
- Eligibility: Students
- Interest: 13% per annum
- Processing Fee: 0.5% to 2.5% of the total amount of the loan
Pros:
- Moneytap promises to disburse student loans within 24 hours of loan approval
- Compared to some traditional banks, MoneyTap offers competitive interest rates starting from 13.99% per annum on student loans
Cons:
- A minimum Credit Score of 650 is required for eligibility.
- MoneyTap provides student loans only up to Rs 5 lakhs. This may not be enough for students looking for higher amounts of loans for overseas studies.
Pocketly
Pocektly is found to be amongst the best apps for loans for students. Pocketly is best known for its opportunity to let its users close their loans anytime. If you do not have adequate funds to repay, you are allowed to only pay the minimum due amount or EMI and go on making it the best online loan app for students. Pocketly follows a pattern similar to mPokket as it also offers a low-tenure loan program.
Key features:
- Loan Disbursal Time – User-specific/ Dynamic
- Loan Amount Range – ₹600 to ₹10,000
- Tenure – 2 to 4 months
- Required Documents – PAN card and Aadhar card | Video KYC
- Eligibility Criteria – 18-30 age
- Interest – 1% to 3% per month
- Processing Fee – ₹20 to ₹120 + GST
- Refer & Earn – upto ₹500 Cashback / referral
- APR – 12% to 36%
Pros:
- Low processing fees and APR
- Less Interest comparatively
- Short term loan
- Flexible Loan Amount
- Quick and Easy
- No Physical Documentation
- Quick Loan Disbursal
Cons:
- Slow and unresponsive customer service
With several loan apps being available, students should focus on comparing their fees, interest rates, loan amounts, and repayment terms before selecting the best option. With findbestforyou, we have made it easy for you to find the best loan app for yourself. 😉 Sign up today to any of the apps and have instant access to funds. Enjoy and have a good day!
Featured Image by vectorjuice on Freepik
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