Education is a form of investment in the lives of students. Not only students but adults are also continuing education with their businesses or jobs in India’s Major cities like Delhi, Pune, Bangalore, Hyderabad, Chennai, Mumbai. But, with the increasing inflation and sky-roaring education prices, students require financial security and freedom to support their education investment. Families look for education loans to carry out their education goals by preparing a financial plan. In the digital era, smartphone apps are creating ease for students, from studies to financial assistance. Students and parents are continuously searching for mobile loan apps with pan card or without that can assist them in fulfilling their career goals- short term or long term and small amounts or big amounts. Banking & Finance app development companies are building robust student loan apps.
The article will enlist the top 7 student loan apps that students can use to loosen up the burden of finance.
Students loan are common
Student loans are common for students studying with foreign students. For example, in the USA, 43 million Americans have some form of student loan. Further performing the calculations, 1 in 8 Americans have student loan debt as identified by the May 2021 census. And, students from the age of 25-34 hold loans later supplemented by 35 to 49 years of age.
Indians go for higher studies in the foreign countries in large numbers. It is the second-largest exporter of students in the whole world, meaning that a lot of students need financial assistance. But they require mobile apps that can assist their needs. Looking at the same Banking & Finance app development companies are delivering loan apps for them. Before heading towards the best loan apps in India, let us understand the terminology involved in student loans.
Understanding the terminology of student loan
The above stat clearly suggests that so many students apply for loans but what exactly is a student loan?
Student loan definition
A student loan is an activity of borrowing a loan from banks or other institutes for college tuition, books, and supplies. Specifically, students take college loans when the prices of studying are high, visible in the cases of studying in foreign countries. Student loans are generally of two types: Federal and Private.
Types of student loans
In the federal loans, the government provides loans to students. The interest rates for the loans are significantly cheaper than third parties like banks and financial institutions. Once the student has graduated, they have to start the repayment process of the loan.
Whereas, Private loans are linked to entities like banks and financial institutions. The interest rate for the loan is more than the federal loans. Different institutions have different terms and conditions, so it is requested to the students that they carefully read all the documents.
Grace period
In student loans, the grace period is the period in which students have flexibility in paying loans after getting graduated. This time period is generally provided to provide a time period where students can find a job and start the repayment process.
Now that we can understand some important terminologies related to a student loan, we are ready to dive into the student loan apps. Here is the list of the top 7 student loan mobile apps in India.
10 Top Instant Student Loan Apps in India
India is no doubt sending more and more students abroad. But not every student has a strong financial background which is why they require a loan to study abroad. With the ease of mobile apps are the top 10 student loan mobile apps that students can use to avail of loans.
KreditBee
The loan rates of this app are high, reaching a maximum of nearly 30%. But, KreditBee offers a large number of loans up to 2,00,000, which is a massive amount for students assisting in their education. Students can submit their documents digitally, and the app is available on iOS and Android platforms targeting the majority of the students.
Key Features
- Founded in: 2015
- Minimum Loan Amount: ₹1,000
- Maximum Loan Amount: ₹2,00,000
- Paying Terms: 62 days to 15 months
- Interest rates range from 0% to 29.95% per annum
- A processing fee of 0% to 7% is charged
- App rating- 4.1/5
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mPokket
One of the popular apps in 2022, mPokket, is assisting a number of students with their education expenses. mPokket offers loans up to 20,000 for the students after the submission of identity proofs like ID cards and PAN cards. A student loan can only be applied if a student is studying in an institution and the interest rates are low, as much as 3.5 percent to 8.5 percent.
Key Features
- mPokket instant loan app for students In India offers instant loans of Rs. 500 to Rs. 30,000 in 2 minutes.
- You will get a reward for making repayments on time
- Flexible repayment tenure of 61 to 120 days.
- The interest rate ranges between 1% to 6% per month.
- The processing fee ranges from Rs. 34 to Rs. 203 plus 18% GST.
App Name | mPokket |
Minimum Loan Amount | ₹500 |
Maximum Loan Amount | ₹30,000 |
Downloads in Play Store | 1 crore+ |
Ratings in Play Store | 4 lakh+ reviews with 4.2-star ratings |
Company Name | mPokket Financial Services Private Limited |
Company Location | Kolkata, West Bengal |
Eligibility to get a loan from mPokket Student Loan App
- You have attained the age of 18., College ID card for Students., PAN Card.
- Last 3 months Bank Statement, Salary Slip/Joining Letter for Salaried Professionals., KYC Details.
- Aadhaar Card, Driving licence, Voter ID card, etc.
mPokket Customer Care Support
From Monday to Saturday, you can call customer service at 033- 6645 2400 between 10:00 a.m. to 7:00 p.m.
Email Support: [email protected]
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Pocketly
As the name suggests, the mobile app Pocketly is helpful for students studying in college institutions. The interest rate of the app varies from 12 % to 36% per year, depending on the size of the loan. The amount offered by the app is 50,000, and the app is only available in the Android play stores. But, as the students pay loans on time, they increase their level, making them eligible for more loans.
Key Features
- This loan for students app offers instant loan amounts from ranging Rs. 500 to Rs. 10,000.
- Flexible repayment tenure of 61 to 90 days.
- Interest rates start from 1% to 3% per month.
- Processing fees of Rs. 20 to Rs. 120 + GST is applicable.
- Increase your credit limit by paying on time.
- Extension or restructuring of loans, as well as refinancing of loans
App Name | Pocketly |
Minimum Loan Amount | ₹500 |
Maximum Loan Amount | ₹10,000 |
Downloads in Play Store | 1 lakh+ |
Ratings in Play Store | 8k reviews 4-star ratings |
Company Name | Pocketly Infotech Private Limited |
Company Location | Bengaluru, Karnataka |
Pocketly Customer Care Support
Email support: [email protected]
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BadaBro
Indians can get the meaning of the name. The app BadaBro acts as a big brother to the students. Students at least the age of 18 years are eligible to take up loans of 10,000 rupees for their college expenses. They can make the repayments in 30 to 90 days after taking the loan.
Key Features
- Instant personal loan up to Rs. 10,000 disbursed to your Bank/Paytm Account under this best app for student loan.
- Flexible repayment tenure of 61 to 90 days.
- Interest rates range between 1% to 6% per month.
- The processing fee ranges from Rs. 34 to Rs. 203 + 18% GST.
- Request online, and BadaBro credits your Bank/Paytm account instantly.
- Online Profile approval and credit limits assigned.
- Upload your Aadhaar/PAN, Employee ID, or complete a few simple fields to finish creating your profile.
App Name | BadaBro |
Minimum Loan Amount | ₹500 |
Maximum Loan Amount | ₹1,00,000 |
Downloads in Play Store | 1 lakh+ |
Ratings in Play Store | 14k+ reviews with 4.2-star ratings |
Company Name | Badabro Giga Venture Private Limited |
BadaBro App Customer Care Support
Customer care number: 7003090000
Email support: [email protected]
Download From Play Store Download Apple App Store
Sahukar
Students do need a small loan app for their day-to-day expenses, and Sahukar is a perfect fit for them. The interest rate is 3% monthly which is very student-friendly. The minimum age for a student loan is 18 years, but students have to submit their Student ID of the college they are studying in. The loan is processed in 24 hours, and the repayment is after three months of the time period.
Key Features
- Instant loan for students ranging from Rs. 100 to Rs. 5,000.
- Tenure ranging from 1 month, 2 months and 3 months.
- Downloads in play store: More than 5 lakh, Ratings in play store: 10 thousand reviews
- Get as many loans as you need and pay them back whenever you choose.
- Your Paytm or bank account will be credited immediately. Anywhere, at any time.
- No physical documentation, verification
- Get extra Sahukar Cash and a no-interest loan. There are also attractive coupons.
- App is not available on Play Store So download the APK from Official Website: https://www.thesahukar.com/wp-content/uploads/2021/10/sahukar.apk
Sahukar Customer Care Support
Customer care number: 8282828822
Email support: www.thesahukar.com
Red Carpet
If you are searching for smaller amounts, the Red Carpet is a perfect fit. It provides loans ranging from 1000 rupees to 6000 depending on your needs.
Key Features
- Instead of paying a lump sum amount up front, the application includes a credit line for its personal loan.
- There are no additional costs when withdrawing funds from this debit card up to ₹1,000.
- Get instant credit with RedCarpet Ruby Card
- Timely pay your dues and boost your credit score.
App Name | RedCarpet |
Minimum Loan Amount | ₹500 |
Maximum Loan Amount | ₹50,000 |
Downloads in Play Store | 10 lakhs+ |
Ratings in Play Store | 46k+ reviews with 3.6-star ratings |
Company Name | Redcarpet Tech Private Limited |
Company Location | New Delhi |
RedCarpet App Customer care
Customer care team – 011-71156232
Email support – [email protected] /[email protected]
Download From Play Store Download Apple App Store
SlicePay
SlicePay lets you borrow money on EMIs without any interest rate. Although, the apps record your verification information. Students can borrow up to 10000 Rs making it easier for them to carry out their study expenses. Students have the repayment sight up to 90 days, providing you funds directly in your mentioned bank accounts.
Key Features
- SlicePay student loan app India offers a credit limit from Rs. 2,000 to Rs. 10 Lakhs.
- You can divide your bills over 3 months for free.
- Get up to 2% cashback on every slice card transaction.
- You can also transfer money from the slice card to your bank account or Paytm account instantly.
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Cash Bean
Let us start with Cash Bean, which itself has an explanatory name. It is one of the best student loan apps for Android mobiles. The interest rate of the loan is a bit high, but it offers a hefty amount of 60,000 instantly to the students having urgent loan requests. The students just need to display that they or their parents have a regular income. Within 48 hours, students get access to the loan, but the person requesting the loan must be between 21 to 56 years of age.
Key Features
- This instant student loan app offers loan amounts from Rs. 1,500 to Rs. 60,000
- Tenure from 3 to 6 months.
- Interest rate starts from 0.07% per day.
- One time processing fee ranges from Rs. 90 to Rs. 2,000 + 18% GST.
- Rating 4.3/5
- Founded in: 2018
RBI cancels registration certificate of P C Financial Services operating ‘Cashbean’ app.
Read more at:
https://economictimes.indiatimes.com/industry/banking/finance/banking/rbi-cancels-registration-certificate-of-p-c-financial-services-operating-cashbean-app/articleshow/89804359.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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Bajaj Finserv
The mentioned loan is not really a mobile app, but with the use of Bajaj Finserv’s card and app, students can take a variety of items on EMIs. Digital gadgets for the purpose of the study are a major asset for students, and the Bajaj Finserv app will let them purchase on No cost EMI.
Key Features
- You can apply for personal loan
- Get EMI Card, pay bills and shop for the latest electronics and home appliances with the Bajaj Finserv app
- you can get Educational and Professional Courses on easy EMI plan through the Bajaj Finserv EMI Network.
- you can divide your child’s tuition fees into easy-to-manage instalments, starting at Rs. 1,999, and repay your loan over a tenor of 9 to 24 months.
- low-interest rates, flexible repayment options, and good customer service
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Uni Credit card
The Uni Card system is like Bajaj Finance cards and not exactly an app. But, students can use it to take loans, and the card allows a split of payment in three parts over a 3 months period. There are a number of EMI plans for loans, and the card is free to join, but students have to be 18 years old with required verification documents.
Key Features
- you can spend anywhere and pay 1/3rd of your bill in 3 parts in 3 months without any extra charges.
- No, you cannot withdraw cash from any ATM using a UNI card.
- No joining fee and no annual charges for UNI Beta customers
- Get 1% rewards & enjoy 6,9,12,18+ months EMI plans.
- Backed by Visa, Uni Pay 1/3rd Card is accepted at 99% of the places across the country
- Easy Card controls on app, One-click Card lock, 24×7 Customer support
- Flexible repayment options, Bill reminders.
Download From Play Store Download Apple App Store
Popular Loan Apps in India you consider
- StuCred – Student Loan App
- Tala – Instant Loans
- PaySense: Personal Loan App
- EarlySalary
- CASHe Personal Loan App
- MoneyTap
- Dhani
- Nira
- Credy
- FlexSalary
- MoneyView
- PayMe India
- SmartCoin
- StashFin
- HomeCredit
- ZestMoney
- IDFC First Bank
- LoanTap
- Fullerton India
- LazyPay
- IndiaLends
- RupeeLend
- AnyTimeLoan
- Indialends
- Huey Tech
- RupeeRedee
- Stashfin
Ending words
Students require loans to successfully complete their education. And, there are a number of Banking & Finance mobile app development companies building mobile apps for student loans. The above list provides student loan apps you need to try in 2022. But, make sure that you take care of your spending and take loans for special purposes. It is not wise to unnecessarily take loans and later not be able to repay them. Happy education time.
FAQ Instant Student Loan Apps in India
Which is the best loan app in India for students?
mPokket, KrazyBee, KreditBee, Sahukar, SlicePay, Pocketly, Unicard, and BadaBro are the best Instant Student Loan Apps in India.
What is the minimum and maximum loan amount can be availed by student?
Loan starts from Rs 100 to 10Lacs.
What is the lowest interest rate of loan apps for students?
It depends on provider but generally range between 0% to 36%