Students are those groups of individuals who aren’t yet working full time to have enough savings, and mostly in India, children are dependent on their parents until they start working. A student can run out of funds to pay for their additional bills, sometimes they need money for purchasing study materials, participating in competitions etc. It can get awkward and embarrassing while borrowing money from your friends. The Best Loan App for Students instantly through these apps which offer personal loans, these would save your time that you would have otherwise spent in getting loan approval from banks that too for a small amount of money.
In this article, we have shortlisted the Best Loan Apps for Students. These would be helpful for those seeking financial support but are unable to get it from their families or friends.
Best Loan App for Students 2020
1. Cash Bean
This is one of the Best Loan App for Students. You can loan as much as Rs 60,000 from Cash Bean app with interest rates up to 33% per annum and 18% processing fee. CashBean is a product of P C Financial Services Private Limited which is registered under RBI. Hence it is a trustable source. The process of getting a loan is paperless and is fully digital, you also do not require any credit history to get a loan. To get a loan approved, you have to be an Indian resident, with a monthly source of income and of age 21-56 years.
You can loan up to Rs 2,00,000 from KreditBee. Interest rates on KreditBee can vary from 0%-29.95%. The process of acquiring a loan is entirely digital, the number of documents required by the company is also comparatively less. Hence the documentation part is quick and easy. You need to be an Indian resident aged 21 years or more, with a monthly source of income.
Using the Dhani app, you can loan ₹ 10,000 to ₹ 15 Lakhs, tenure ranging from 3 months to 36 months. Loans from Dhani have interest rates ranging from 1.2% to 3% per month, and Processing Fees range from min 1.5% to 6% only. You can also take medical insurance, you can also play games on the app.
mPokket offers loans from as low as Rs 500 that can go up to Rs 20,000. mPokket is best for college going students and young professionals. This app is open for all students across the country. All you need to get a loan from mPokket is your college ID card and address proof. For young professionals, ID and address proof, along with payment slip and bank statement is required.
The process is entirely online, and getting loans from mPokket is very simple and quick. This app is best if you have small expenses like tuition fees, trip funding, hostel fee, money to purchase books etc.
5. Money View Loans
You can borrow any amount ranging from Rs 10,000 to Rs 5,00,000. Monthly interest rates start from 1.33%. It is available in over 5000 locations in India. The app provides you with custom loan offers. The procedure is quick, and you can get your desired amount within 24hrs.
6. Bajaj Finserv
From Bajaj Finserv, you can get personal loans with EMI calculator, Fixed Deposit with FD calculator, doctor loans etc. The app is available in 14 different Indian languages, so that language does not become a barrier for anybody when trying to borrow money, and every detail is well understood by the borrower. The finance amount is a minimum of 30,000 to a maximum of 25 Lakhs with interest rate 2% per month.
7. ET Money
You may use ET Money to keep track of your expenditure, invest in different kinds of Mutual Funds, can help in planning retirement and pension via NPS. You can also secure your financial future through Term Life & Health Insurance, investing your savings in Fixed Deposits is also another option. The app also gives you your portfolio analysis to help you with ideas to improve returns and reduce the risk factor.
Kreditzy offers loan amounts ranging from Rs 1,000 to Rs 1,00,000. The maximum interest rate is 29.95% per annum. The application process is speedy and you can actually finish it in just 10 minutes. The process is entirely digital, and you do not require any credit history for its approval. One good part about it is that it is available across pan Indian, so there are no limitations based on your residence. To be eligible, you have to be an Indian resident of 21 years or more with a monthly income equal to or more than Rs 17,000.
You need to have a slice card which is a flagship product of the Slice app. You will get a credit limit from Rs 4,000 that can go up to Rs 1,00,000. You can get a virtual card for online transactions and a physical card for offline transactions. You can then repay your card spend over the next month with no extra cost or convert it into EMI. The eligibility criteria of Slice is that the consumer has to an Indian resident ageing 18years or more. You do not need to have a credit history to get loans from Slice.
You can borrow as much as Rs 50,000 from GotoCash. The processing fee can be of up to 16% of the loan amount in addition to 18% GST. All Indian residents from anywhere in India are eligible to get loans from GotoCash. There is no pre-payment penalty.
Personal loan apps are quick and accessible. The process is entirely digital, loan approval is quick, and you need very few documents to borrow money. Also, the eligibility criteria are not too complicated. My recommendation for the students would be to get loans from mPokket, simply because students, mostly the college-going ones, do not have a lot of expenditure.
Moreover, they are highly unlikely to have a monthly source of income from full-time jobs, mPokket in those cases is perfect for such people. It is easy to borrow money from them, you just have to have your college ID card and address proof to be able to get loans. There are also no geographical limitations and restrictions on people belonging to diverse places in India. Hence, anybody can easily get a loan from mPokket.
If you have any app suggestions that you think we should add to our list of Best Loan App for Students, please feel free to drop a comment, we are always open to new ideas and suggestions. If you like our content, please do bookmark our website and stay tuned.