16 Best Loan App for Students 2024

There are many best loan apps in India but if you are a student you cannot get any loan from them. 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. Students can run out of funds to pay for their additional bills, sometimes they need money to purchase study materials, participate in competitions, etc.

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It can get awkward and embarrassing when borrowing money from your friends. Therefore you can use these Best Loan App for Students which offer personal loans for students as well these online student loan apps would save you time that you may spend in getting loan approval from banks which too for a small amount of money.

In this article, after checking many student loan apps we have shortlisted the Best Loan App 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 [2024]

1. KreditBee

This is another best loan app for students in which any student 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, and the number of documents required by the company is also comparatively less.

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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.

Install: Android

2. mPocket

If you are looking for the best pocket money loan for students in India, then mPocket is for you. It offers loans from as low as Rs 500 that can go up to Rs 20,000. mPocket is best for college-going students and young professionals. This app is open to 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 a payment slip and bank statement is required.

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The process is entirely online, and getting loans from mPokket is very simple and quick. This app is one of the best loan app for students if you have small expenses like tuition fees, trip funding, hostel fees, money to purchase books, etc.

Install: Android

3. Pocketly

As their motto suggests “Credit for Young India”, that’s what they do. This is one of the best loan app for students and you don’t have to pay any kind of annual fee or joining fees. With no hidden charges, this has become a popular choice amongst students who are looking to borrow some money from time to time. The credit by default starts at Rs. 600 but with good behavior i.e. timely repayment of the credit, one can increase their limit to up to Rs. 10,000.

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It has flexible EMI options and there’s no requirement for physical documents while signing up. Scanned copies of your document will just do fine. They have 24/7 support in case you have any queries or confusion regarding any of their services.

Check out: Website

4. BadaBro

BadaBro is one of the best instant loan apps for students in India. It claims to be designed for college students and salaried professionals. With instant loan approval and credit to your bank account, BadaBro has a customer base of over 100,000 people.

You will require your Aadhaar, PAN, and Employee ID (if applicable) and some other basic details to sign up and complete your profile. The process is completely digital and you will be ready to access the loan amount once your credit score is verified.

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Eligibility for this requires you to be a citizen of India, above 18 years of age, and have a valid Bank account, KYC valid address proof, PAN Card, and a valid employee ID. They provide a basic limit of Rs. 1000.

Check out: Website

5. PaySense

Paysense is one of the best loan app for students, which offers student loans with amounts ranging from Rs 5000 to Rs 5 lakh. An Indian citizen who is between the ages of 18 and 35 is eligible to apply for a loan through the app. Students can apply for loans through the app and be accepted into any reputable institution in India or beyond.

The app offers quick loan disbursement, ensuring that users can access funds promptly when needed. With loan amounts ranging between Rs 5000 to Rs 5 lakhs, it caters to varying financial needs. Particularly beneficial for students, the app provides student loans enabling admission to Indian or international colleges, facilitating educational aspirations. Moreover, it extends longer repayment tenures, offering flexibility and easing the burden of repayment. These features collectively make the app a convenient and supportive financial tool for individuals seeking timely assistance with their financial endeavors.

Check out: Website

6. IIFL loans

The greatest app for student loans is called IIFL Loans, and it’s the biggest non-banking lender in India. The company starts at little Rs 5000 for student loans. It has been a well-liked option for all kinds of loan demands because to its low interest rates, quick application processing, and simple documentation requirements. This is one of the best loan app for students.

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The app offers flexible EMIs, simplifying repayments for users. Its easy repayment method and low-interest rates ensure financial convenience and stability. Hassle-free documentation streamlines the application process. Notably, loans starting from Rs 5000 cater to diverse financial needs, making it inclusive. These features collectively establish it as an attractive and user-friendly platform for accessing financial assistance.

Check out : Website

How to apply for an instant loan?

Multiple vendors, websites, and applications claim to provide an instant loan within minutes or within the same hour after applying with almost no or zero paperwork. To avail yourself of this instant loan, you must submit some documents and complete your KYC.

This might vary from website to website on what kind of information they want to gather from you but on average, most of the websites will ask for your PAN, Aadhaar Number, and Basic KYC information as they also want to make this whole process seamless and hassle-free for you.

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You don’t even have to put up any collateral for this as it’s going to be a small amount in most cases. You don’t even have to make a trip to the bank and wait in endless lines for hours and hours.

Why use loan apps for students?

There are multiple reasons why students need an instant loan. For example – in case they are falling short on funds for their admission or exam fee or if they are falling short on rent. These random cases can happen to anyone at any time. In this dark hour, an instant student loan app can come to the rescue. An added bonus is that you don’t have to put up collateral or deposit a security fee to get the loan disbursed.

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The added bonus is that the students don’t have to visit the bank to access the amount as it would be transferred directly to their own account.

My Thoughts: Best Loan App for Students

All these best 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. Also, it is one of the best loan app for students.

Moreover, they are highly unlikely to have a monthly source of income from full-time jobs, which 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.

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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.