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India is evolving, and with it, so are Indians’ beliefs, practices, conventions, and habits. Everyone needs money, and getting a loan is no longer stigmatised.
Everyone is looking for loans for many reasons during this difficult moment in Covid-19.
Additionally, a lot of students have been taking out loans through the best loan apps in India for a variety of reasons, such as purchasing expensive study materials, purchasing new smartphones and computers for their studies, paying tuition fees, booking trips, and more.
It’s simple for students to obtain the funds they require to pay for college thanks to student personal loan applications.
With these student loan applications, you may apply for a loan online and have the funds delivered directly to your bank account.
In this article, we’ve prepared a list of the most popular loan applications in India. You’ll learn about the best instant personal loan apps in India in 2022 from this article.
Why Should Students Use Loane App?
We can’t always rely on our parents to provide the funds we require because they might not have enough and occasionally we have to make payments for extra classes, coaching, field trips, or other expenses. A student loan app is useful in situations like this. Student loan applications can frequently assist you in receiving the funds swiftly and with minimum red tape.
You won’t have to wait for your parents to receive the money you require or add to their worry by using the money to pay for other things or purchase study materials.
These student loan apps are simple to use. They are provided by companies that are aware of the variety of needs that students have, so their interest rates are fair and their repayment terms are convenient.
Benefits and Features Of Student Loan App
There are lots of benefits of student loan apps.
- An online lending app for students allows anyone who is a student or earns an income to obtain a fast loan.
- A student using a personal loan app for students must be above 18 and have a current college ID card in order to quickly obtain a student loan.
- You might be able to refinance, modify, or extend your loan with some lenders.
- These loans may aid in your ability to obtain more credit if you repay them on time.
- You immediately receive the money in your wallet or bank account.
List Of Best Student Loan App For Students
| S NO. | APP NAME | DOWNLOAD LINK |
| 1. | mPokket | Click Here |
| 2. | KreditBee | Click Here |
| 3. | KrazyBee | Click Here |
| 4. | Sahukar | Click Here |
| 5. | StuCred | Click Here |
| 6. | Slice Pay | Click Here |
| 7. | Cash Bean | Click Here |
| 8. | RedCarpet | Click Here |
| 9. | BadaBro | Click Here |
| 10. | Pocketly | Click Here |
1. mPokket
mPokket is the first application on our list. You may quickly borrow a modest sum of money using this app and deposit it into your bank account or Paytm wallet.
The borrowing limit is initially set at a particular amount, but with prudent use, it can be raised over time. By introducing your friends to this app, you can also earn Mcoins as prizes. You will be qualified for cashback on the fees and interest on your loan when you use Mcoins.
It is simple to apply for a loan. Simply register on mpokket using your real name, phone number, and email address.
Then, submit images of your student ID and Aadhaar card. At this point, you may choose how much money you want to borrow and how long you want to repay it for.
If you’re searching for some quick cash, this could be a lifeline for you guys because the total interest payable starts at just 3.5 percent.
| 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 |
Features of mPokket :
- This app allows students to quickly obtain loans. Instant loans in India are available in as little as two minutes and range from 500 to 30,000 rupees.
- You have between 61 and 120 days to repay it.
- The monthly interest rate fluctuates between 1% and 6% each month.
- The processing fee ranges from Rs. 34 to Rs. 203 plus GST (18%).
2. KreditBee
With the fast loan app KreditBee, you can receive up to a one lakh rupee loan that is deposited into your bank account.
The interest rates in KreditBee are between two and three percent each month, which is pretty typical.
You can borrow money with this app for a number of specific months, such as two months. Applying for a loan is done entirely online.
You must meet all of these requirements in order to qualify for a loan: first, you must be 18 years or older; second, you must have a reliable source of income.
Your address proof (either your Aadhaar, voter ID, or passport), as well as your identity proof, are the only documents needed to apply for an instant personal loan (PAN ID).
In some circumstances, it may be necessary to provide your basic employment information, like your Company Name, a photo of your Office ID Card, your Workplace E-mail ID, etc.
After providing the necessary documentation, your account will be validated within a short period of time;
however, if all your documents need to be manually checked, this procedure may take up to 24 hours. You can now quickly apply for the loan based on your needs after it has been validated.
Features Of KreditBee :
- Amounts ranging from 1 to 3,000,000 rupees may be borrowed.
- The time frame is between 62 days and 15 months.
- A year’s worth of interest rates might range from 0% to 29.95%.
- A charge for processing exists and can be anything between 0% and 7%.
3. KrazyBee
KrazyBee is an app that was created just for college students, so if you need some quick cash for textbooks, semester fees, or other e-commerce site purchases, KrazyBee will always be available for you.
Applying for a loan is a straightforward process that only requires a few documents. Verify your address documentation and upload your college identification card with a short, crisp video of yourself.
After two days of document verification by KrazyBee, you may quickly apply for the loan.
One drawback of this app is that it only functions in a select number of cities.
Here is a list of all the cities that the app currently supports: Ahmedabad, Aurangabad, Bangalore, Bhopal, Chennai, Coimbatore, Davengere, Guntur, Hosur, Hubli/Dharawada, Hyderabad, Indore, Jabalpur, Kanchipuram, Kolhapur/Sangli, Mangalore, Manipal, Mumbai, Mysuru, Nagpur
Features Of KrazyBee :
- With this loan for students in India app, you can either browse the product catalogue of KrazyBee on your browser or app and place an order for the item just like you would with any other eCommerce store, or you can browse your preferred eCommerce store and use it to make purchases from KrazyBee’s website.
- The most you can spend each month is Rs. 2,000.
- Three, six, nine, and twelve month EMI payment plans are available.
4. Sahukar
It takes time to find a bank loan. Students can quickly apply for a loan through Sahukar and receive their money back within 24 hours.
Sahukar provides immediate finance with competitive interest rates, from locating loans for the purchase of school supplies to covering study abroad fees.
This software provides fast loans without any paperwork ranging from Rs. 500 to 5,000.
You have 90 days to pay back your loan, and there is a monthly interest charge of 3%. Downloading the Sahukar app, signing up, and following the loan agreement are all that are required.
At the convenience of your bank account, you can receive your money right away. Additionally, the app offers some exciting referral bonuses that you can redeem for cash or discounts.
Features Of Sahukar :
- Students are eligible for an immediate loan of between Rs.100 to 5000 rupees.
- The duration can range from one to three months.
5. Slice Pay
If you’re seeking for an app that allows for easy EMI payments and is interest-free, let me introduce you to SlicePay.
The registration process is quite simple; just input your information accurately, and then confirm your address.
After the verification process is complete, you will receive some credit points in your SlicePay account. You can utilise these credit points to obtain an instant loan.
Due to a partnership between SlicePay and Mastercard, you can use your physical card both online and offline after receiving one from SlicePay.
Let’s move right into the topic of interest-free loans. The regulations are fairly straightforward, just pay back the money you borrowed from SlicePay by the fifth of each month to avoid paying any further fees.
One drawback of this app is that it is only available in a small number of cities, including Bangalore, Chennai, Delhi, Hyderabad, Kancheepuram, Mumbai, Pune, Thiruvallur, and Vellore.
Therefore, if you are from one of these cities, you are eligible to utilise this wonderful app.
Features Of Slice Pay :
- SlicePay India’s student loan app allows users to borrow amounts ranging from 2,000 to 10 lakhs of rupees.
- It is free to spread out payments over three months.
- You can receive up to 2% cashback on each slice card purchase.
- In addition, you can transfer funds instantly from your Slice card to your bank or Paytm accounts.
6. Cash Bean
For Indian students, the Cash Bean student loan app is a very reliable resource. International students wishing to study in the area rely on this app, which is readily available for Android-based smartphones.
Surprisingly low-interest loans up to Rs. 60,000 are readily available from Cash Bean. A processing and service fee of 18% of the loan amount is charged.
To even submit an application for an advance loan with the business, you must provide proof of your income. 33 percent is the annual interest rate.
Features Of Cash Bean:
- With a three to six month repayment schedule, this quick student loan app offers loan amounts ranging from Rs. 1,500 to Rs. 60,000.
- At the moment, the daily interest rate is 0.07 percent.
- The one-time processing fee ranges from Rs. 90 to Rs. 2,000 plus GST (18%).
7. Red Carpet
One of the greatest apps is RedCarpet, which also stands out from the competition in a big way. This app has some very incredible features, which we’ll go over shortly. Let me first explain to you how to register and submit a loan application.
Simple steps are taken to register: provide accurate information about yourself, have your documents verified, and then you can easily apply for a loan by selecting how long you will pay the money back.
Red Carpet’s biggest feature is the inclusion of a card (the Ruby Card), which functions much like a credit card and can be used for purchases.
Okay, one more thing. If you’d like, you can also transfer the borrowed money to your Ruby Card, bank account, Paytm wallet, or other wallet.
You can also find some incredible deals from your preferred online retailer, such as Amazon, Flipkart, etc., on RedCarpet.
| 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 |
Features Of Red Carpet :
- The application does not request a lump sum payment for its loan; rather, it requests a credit line.
- Only those who have obtained a personal loan from the business are eligible to receive the Ruby card. Like a debit card, the cash is disbursed under the loan amount.
- You can withdraw up to ₹1,000 without paying any additional fees while using this debit card.
- A spending tracker is included in the RedCarpet app from the corporation. This makes it simple to monitor your spending, examine it, and view your entire card account every day of the year.
8. BadaBro
One of the top rapid loan apps for students in India is called BadaBro, and its developers say it was created with salaried workers and college students in mind. Over 100,000 people use BadaBro, which offers rapid loan approval and credit to your bank account.
To register and finish your profile, you will need your Aadhaar, PAN, and Employee ID (if applicable), in addition to some other basic information. Once your credit score has been validated, you can access the loan amount because the entire process is digital.
You must be an Indian citizen, be older than 18, own a valid bank account, a valid KYC address proof, a valid PAN Card, and a valid employee ID in order to be eligible for this. They offer a fundamental cap of Rs. 1000.
| 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 |
Features Of BadaBro :
- Request online, and BadaBro will promptly reimburse your PayPal or bank account.
- You can earn rewards by telling your friends about BadaBro.
- To complete the creation of your profile, upload your PAN or Aadhaar, enter your employee ID, or fill out a few short blanks.
9. Pocketly
Visit Pocketly if you wish to borrow money. They are renowned for delivering loans in an incredibly short amount of time while providing high-quality service.
Depending on the amount and the length of the loan, they charge an interest rate of 1-3 percent every month. Students can access a loan product in the form of a digital app that is based on Android smartphones and has a maximum loan amount of 50,000 rupees.
You can effortlessly fund your Paytm account or receive a bank transfer with our top-up 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 |
Features Of Pocketly :
- Your credit limit will rise as long as you pay your bills on time.
- Upload Documents for User Verification, KYC, and Underwriting.
- Gain Credit Amounts between 500 and 10,000.
- Loan refinancing, loan extensions, or loan restructuring.
10. StuCred
An app called StuCred was created specifically with college-bound students in mind. You can obtain a quick loan from StuCred at any moment, seven days a week.
You can quickly apply for a loan after completing your ID verification by providing your address proof and student identification card.
As of right now, we can’t reveal all the names of the colleges where StuCred is now in use, but you can give it a try. If your college is on the list, you can use the app without any problems.
| App Name | StuCred |
| Minimum Loan Amount | ₹500 |
| Maximum Loan Amount | ₹10,000 |
| Downloads in Play Store | 5 lakh+ |
| Ratings in Play Store | 8k reviews 4.3-star ratings |
| Company Name | Kreon Finnancial Services Limited |
| Company Location | Chennai, Tamil Nadu |
Features Of StuCred :
- You can upload secure papers to be promptly reviewed with this app.
- Through StuCreds Student Loans, which have an interest rate of 0%, Indian students can obtain immediate cash.
- The entire process is quick and simple thanks to the app. You must request an extension if you need additional time.
- Stuart allows you to begin improving your credit score while you are still in school. Your life will be significantly impacted by this major financial score.
How To Apply For Instant Personal Loan?
Numerous businesses, websites, and applications claim they can approve your application for an immediate loan with little to no paperwork—or none at all—within minutes or the same hour.
You must submit some supporting documentation and complete a Know Your Customer (KYC) form in order to be approved for this fast loan.
What kind of information they seek to gather from you will depend on the website.
However, because most websites also want to make this procedure simple and straightforward for you, they typically ask for your PAN, Aadhaar Number, and some basic KYC information.
Conclusion
Before I go on, let me give you a warning. As a college student, you could be a little careless with your money.
Additionally, there would be several incentives to spend money on expensive items like the newest laptops, bikes, telephones, or even fashionable clothing.
Therefore, be cautious when taking out loans and make your payments on schedule. Even before you start earning money, late or missed payments can lower your credit score.
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