Best Loan Apps for Students in India 2024

As a student, managing expenses can be challenging sometimes. Whether it’s your school, college, or tuition fees, pursuing higher education, travel costs, accommodation, food, or any other expenses,  money should not be a barrier to studies. For financial support, there are some of the best loan apps available for students to facilitate quick loan approvals at lower interest rates. It can be a personal or educational loan applied by students or their families. Students can repay the loan, once they complete their studies and get a job. Discover the best Loan App for Students that offer convenience, lower interest rates, and other features.

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Best Student Loan Apps in India

There are a lot of platforms for students to get personal or education loans. In this article, we will discuss some of the best loan apps for students in India that do not require much documentation and need to visit the bank again and again.

1. CASHe

CASHe provides a student loans, supporting the student’s decision to pursue the higher education of their choice to advance their careers. This loan pays for all the expenses related to education, whether studying in any city or abroad. Submit an application to secure financial assistance for your degree, whether it is MBBS or any other course, so you can focus on your future and not money.

Here are some best features of CASHe:

• Efficient application process
• Loans ranging from ₹15,000 to ₹4,00,000
• Easy digital document submission
• Adjustable EMI plans

2. KreditBee

KreditBee provides instant personal loans from Rs. 1000 to ₹5 lakh without asking for much documentation. Applying for a loan on KreditBee is now very easy. It only takes approximately 10 minutes to sign up at their site and receive cash if one qualifies. Users just need a photograph, PAN, Aadhar, or passport to apply. Once the formalities are done, the money goes straight into the user’s bank account without any delay.

Highlighted KreditBee features:

• Lower interest rates
• Fast online process and money credited to your bank in 10 minutes
• Easy EMI options
• A completely paperless process with no physical documents needed.
• Safe, secure, and transparent loan application
• There is no need for collateral.

3. mPokket

mPokket app in India allows students with affordable loans to pursue their dreams. It offers low interest rates and flexible repayment options to ease the financial burden of education expenses. Allowing students the freedom to manage day-to-day study activities without relying on their families. You can borrow money easily by signing up with your mobile number, completing your KYC process with PAN or Aadhar and submitting proof that you are a student.

Some of the key features of mPokket:

• Instant loan up to Rs. 45,000
• Quick approval in 10 minutes
• Fully digital process; no need for collateral
• No paperwork hassle, minimal documentation
• Instant transfer of money to your bank account
• Option to extend the loan if needed
• Earn rewards for repaying on time.
• Flexible repayment options.

4. Money tap

Introducing Money Tap, a proudly made-in-India application offering low-interest loans aimed at ensuring that students access higher education. You can borrow from Rs. 3000 to 5 lakh and the interest rate can be as low as 1.25% per month. Along with the app you can also get Money Tap card that can be used as credit or debit card.” Moreover, it is easy to download, approve, and pay back, making it suitable for your educational tour.

Key highlights of Money Tap:

• Borrow up to ₹5 lakh with interest only on what you use.
• Instant bank transfers
• No collateral is required.
• Repay over 3 to 36 months.
• Simple download process
• Quick loan approval
• Easy repayment options

5. PaySense

Today, there are more funds available for higher education, especially through student loans, making it possible for students to pursue their academic goals without any financial problems. PaySense loans are available for all the students who needs financial support in education. All it takes is confirming if you qualify, selecting the personal loan plan and amount you need, filling out KYC documents, and get the money.

Essential features of PaySense:

• Personal loans are instantly from ₹5,000 to ₹5 lakh
• Fast approval and money in your account
• Upload KYC documents and sign digitally; no paperwork
• Manageable EMI plans
• Get a loan easily with just a few documents.
• Available even if you don’t have a credit history.

6. Pocketly

Pocketly offers loans at a minimum 2-3% yearly rate of interest that assures clarity in borrowing selection and budget formation. They lend for varying financial requirements without necessitating collateral or signatures. Pocketly simplifies this process by reducing it to three months without any complexities in addition to repayment terms, which are too long. This makes off-time payments possible and easy to manage.

Key features of Pocketly

• low interest rates for student loans.
• Borrow money based on your needs.
• Easier for students as there is no need for collateral or a co-signer.
• It helps you borrow wisely without taking on extra debt.
• Provides clear terms upfront to help you plan your finances effectively.

7. StuCred

StuCred empowers all college students financially while complying with RBI rules. It provides immediate, interest-free loans to students all over the country. To get started, just follow the verification steps, after which it gets connected to the student’s bank accounts, allowing them to borrow money at any given time they want with no additional charges or fees.

Features of StuCred app

• Stress-free experience
• Simple for anyone to use.
• Flexible repayment plans.
• Available all the time.
• Meets all your financial requirements.

Benefits of Using Student Loan Apps

Student loan apps help to reduce the financial burden on students so they can focus more on their studies. It is online, so one can easily apply from anywhere at any time. There is no more hassle in getting an education or personal loan. Approval takes a few minutes, and the money is directly credited to your bank account. Grab the opportunity and let money not hinder your education. Following are some more benefits of using student loans:

No Collateral Required:

You can get personal and education loans easily without any valuable assets as security.

Convenient Process:

You can apply for loans easily anytime, anywhere by using your smartphone or computer. It will save you time and effort.

Quick money transfer:

Once your loan is approved, you receive the money directly in your bank account. This helps you manage urgent financial needs.

Flexible Repayment Plans:

You have the option to choose repayment plans that fit your financial situation. This flexibility makes it easier to manage your payments.

Minimal Documentation:

The documentation process is simple, and you don’t need to deal with a lot of paperwork. This makes borrowing hassle-free and straightforward for students.

RBI Approved Loan Apps in India

Below mentioned are some of the best loan apps for students in India in 2024. All of these apps are RBI-approved, convenient, flexible, and reliable. Discover the best options that fulfil their commitments to users.

1. Agline loan app
2. AmazonPay
3. Bajaj Finserv
4. Buddy Loan
5. CASHe
6. Dhani
7. Fibe instant personal loan
8. Flexibones Technologies
9. Home Credit
10. IDFC FIRST bank
11. IndiaLends
12. KreditBee
13. Lazy Pay
14. Money Tap
15. Money View
16. mPokket
17. Navi
18. NIRA
19. PaySense
20. Pocketly
21. SmartCoin
22. Stashfin
23. TATA Capital Loan
24. True Balance
25. Upwards

Why Choose RBI-Approved Loan Apps?

During a rise in digital loan applications, you must select only those who are approved by the RBI to avoid any risks. It is the responsibility of the RBI to regulate Indian banks and fintech companies so that they adhere to rules that would protect those who need loans from any form of exploitation. Approving apps means they can effectively control money matters using their phones. Consequently, they can prevent any of their personal information from being stolen if it is given out falsely for another purpose by strangers posing as financial stakeholders. This lets them know what is best among the many choices available online today when borrowing money on mobile phone app platforms.

Safety

RBI rules ensure your safety by preventing unfair lenders and hidden fees. Using RBI-approved loan apps protects your personal information and lets you borrow money worry-free.

Transparency

Many loan apps charge additional fees or hidden charges, to avoid such charges choose RBI approved apps to know the interest rate and processing fees before getting the loan.

Customer support

In case you ever have any issue regarding a loan bank transfer, verified apps always provide you with good customer support that helps you to solve all kinds of queries.

Accessibility

The Loan apps authorized by RBI are simple to use. You just need to download the app, sign in, upload your documents, and get approval without any paperwork.

Conclusion

Selecting the right loan app can reduce the pressure on students who decide to get a higher education. Legal and RBI-approved loan apps like CASHe, mPokket, Money Tap, etc. are beneficial for students as they guarantee fast approvals, reduced paperwork, and comfortable repayment options. Such apps ensure transparency, security, and reasonableness to help students stay on track with their academic ambitions without stressing too much over their education expenses. Thus, with the help of such trustworthy resources, students get the opportunity to get the required funds and manage financial problems more effectively to achieve better academic performance.

FAQs

Q1. What is an urgent loan app for students?

Ans. Urgent loan apps for students are instant financial services that help provide quick and easy funds to students.

Q2. How can you get an instant 30,000 loan for students? 

Ans. You can apply to online loan apps if you want an instant 30,000 loan.

Q3. Which app instantly gives students loans?

Ans. CASHe, mPokket, KreditBee, StuCred, and Pocketly are some of the instant loan apps for students.