A majority of students don’t know how to obtain loans for students in India. Due to this, they are in a bind in getting urgent funds to meet their financial needs. If you’re a student who needs funds immediately to purchase study materials or fees or for any other reason, take a look at and download one of these student loan applications.
They could help you save time and help you avoid embarrassing situations like borrowing money from fellow students and family members or not catching up on something important in college.
1. Cash Bean
Cash Bean is among the top student loan apps available in India. It’s available for smartphones running Android. Cash Bean offers instant loans that can be as high as Rs.60,000. They charge the processing and service charge, which is 18 percent of the amount of the loan.
The application for loans is entirely paperless. You’ll need to prove a source of income to get the loan. In addition, you’ll be charged a 33 percent annual interest rate on a loan. They can process the loan swiftly and typically within the timeframe of 48 hours. To be considered eligible for the loan, you must be between 21 and 56 years old.
Another great app for student loans is KreditBee. They provide a maximum of Rs.200,000 in loans and offer interest rates as high as 29.5 percent per year. The loans are available when you’re within the age range of 21 to 56 years old. They also offer a digital application procedure.
It is necessary to upload all of your documents using the app to facilitate loan processing. This app is available on smartphones running Android and iPhones.
mPocket is among the most popular apps for students who need instant loans. You can borrow anything between Rs.500 up to Rs.20,000 as a loan through mPockett. The prerequisites to get these loans are you have a student ID and Your Permanent Account Number (PAN) card.
It is necessary to upload photos of these documents using the application when you apply for a loan. MPokket provides loans for students at least 18 years old and seeking a degree from a college from any institution.Interest rates start with 3.5 percent, based upon the sum.
Pocketly is well-known for providing the most rapid loans to students. They charge a rate of between one and 3-per-month (12 percent to 36 percent per year), dependent on the size and length of the loan. Pocket gives a maximum amount limit of Rs.50,000 for loans for students.
It is available to phones running Android via Google Play. You may also apply for additional loans if you pay your monthly installments regularly and in time. The money is credited to your Paytm account or bank account or regular bank account.
5. Red Carpet
The name implies that the app is essentially an open floor for students who want a small loan. Red Carpet gives loans ranging between Rs.1,000 to Rs.6,000 in only one instance, which is why it is ideal for those who need very little cash and do not want to take on massive loans.
You have the option of repaying the loan within three, six, or 12 months following the repayment or the date of disbursement. The loan funds are transferred to your bank account or Paytm account.
Another excellent student loan application that is available in India can be found at KrazyBee. They provide loans for students with a minimum amount of Rs.1,000 with a maximum amount of Rs.10,000.
It is possible to use this application to get small amounts of money in an emergency because KrazyBee is extremely fast in its processing time. In general, you will get the funds in your Paytm account, bank account wallet, or bank account within 24 hours of submitting your application if the application is approved.
You can choose to repay the loan in as little as 12 months following your date of payment. The application is accessible via Google Play for Android phone users.
Sahukar can also be a great application if you’re seeking small loans of between Rs.5,000. They offer an annual interest fee of 3 percent monthly on the loan amount.
To be eligible, you must be at least 18 years old age and possess an official student ID issued by a reputable college or university. They will process their request within 24hrs. You can choose to repay the loan in one or three installments after the date of disbursement.
Before we conclude, here are some words of caution. When you’re a student at college, it is possible to be a little naive about your cash. Of course, there are plenty of reasons to invest in expensive gadgets such as the most recent smartphones, bicycles, laptops, or trendy clothes.
So, take advantage of loans cautiously and repay promptly. In the event of late or unpaid repayments, it could affect your credit score overall to fall even before you begin earning.