Best Loan Apps for Students: So finally you’re getting into college. Congratulations to you! The very thought of going to college and pursuing higher studies might sound overwhelming but the joy does not last longer. As you come to face the reality check of paying the hefty college fees, the happiness fades away. Although the onset of the college year is meant for celebration it’s also the time when one has to consider how to pay the college fees.
With soaring inflation and rising prices of things, quality education comes with a heavy price tag. Affording the price of quality education is beyond the limits of a common man owning to having no alternative left they have to avail of education loans. The education loan although are a blessing in disguise for those seeking quality education but just as a coin has two sides, so has the loans. The education loans come with their perks and cons. Whilst repaying education loans and that too with your first job salary might sound gruesome to some but the education loan aids you in paying for education easily.
Here’s the solution to your worry, choosing the best loan app for students with low interest is an ingenious and smartest way of clearing off the debt loan. Knowing the role played by education loans in shaping a student’s career several finance companies and banks now offer student loans with low interest to facilitate students of all financial backgrounds. To make opting for loans a hassle-free task several financing companies and banks have come up with apps that allow students to avail of a loan with the click of a button. Is availing of a student loan without getting drowned in debt possible? Are student loans reliable? Which are the best app for loan for students? These are some quintessential questions that cross a student’s mind while availing student loan. The simple answer to this question is yes, availing of student loans is secure and does not drown you in debt. Also, several banks and loan apps in the market offer secure ways to avail of a student loan. To better explain it here’s a guide to everything that you need to know about student loans and how to avail them.
Why Opt For Student Loan For Education?
Trust us nothing feels worse than being stuck with the feeling of being unable to pursue a course due to financial crisis. Debts and financial crisis are like a swamp that not only disrupt your plans but also causes emotional stress that if not rescued from timely engulf you. A financial crisis is like a snowball the amount keeps on increasing with each delay. A student loan is a saviour during the times of this crisis. The loans not only enable students to pursue a course of their choice but also help them to shape their future without having to worry about college fees and expenses Knowing the situation of the common man there are several companies which offer the best student loan app that provide loans with the option of students paying them back with their salary. The facility to pay through their salary enables students to avail themselves of education loans without burdening their families.
So here we have enlisted for you a few reasons why you should consider opting to finance your education through student loans
- Single EMI payment- Getting loans and borrowing money to finance a college education creates the hassle of keeping track of the EMIs’ s and debts owned. Missing out on payment of an EMI and delaying money repayment not only causes the levying of heavy penalties but also adversely impacts your relationship with the lender.
To avoid this glitch considering the best instant loan app for students enables you to pay only a single EMI per month thus making the process easier.
- Lower rate of interest- The interest charged on student loans is much lower in comparison to the interest paid on the other loans. For such scenarios availing of a student loan is the best choice for funding further studies.
Why pay more when you can have the loan at a lesser interest rate? Psst…an advice before applying for a student loan check the interest rates offered by the various lenders and select the one who offers a minimal interest rate.
- Fixed Repayment Tenure-The best aspect of a student loan is that it comes with a fixed repayment tenure. Usually, the lenders offer the repayment of the loans within a tenure of 1-5 years. Prior knowledge of the amount one has to repay to a lender in a month helps in better planning of the finances thus making the repayment of the loan a hassle-free process. Some companies also allow students to repay the loans when they get placed and start earning.
Benefits Of the Best Student Loan App
Why opt for student loans through loan over other financing services? A question that crosses the minds of those unaware of the benefits of student loan apps. What sets student loan apps apart from other financial solutions is their multifaceted benefits and features. Here are some of the primary benefits offered by the best loan apps for students with low interest.
- Timely approval- Getting approval for student loans is way easier in comparison to getting approval for other loans. Usually, the loan apps approve the student loan application promptly after verification of the supporting documents.
- Online Application The best part of the student loan app is the feasibility of an online application. Many loan apps for the convenience of the borrowers allow them to apply for a student loan from their official applications and sites.
- Quick Disbursal- One of the quintessential features of the student loan app is that the loan is quickly disbursed into the account as soon as it gets approved by the finance company.
- No Security or collateral– While applying for other loans you might have come across the issue of submission of a security which serves as a guarantee for the loan taken. Getting a student loan saves you from this hassle as you do not have to submit collateral or security against the loan taken.
- Flexibility- A key benefit of opting for a student loan app is that it gives the flexibility of returning the loan between the fixed timespan of 1- 5 years as per your repayment ability. Another aspect is that you can opt for a loan amount to clear off your debts.
- Prepayments- Student loan apps enable you to make prepayments of the loan amount during the repayment tenure. However, you might be charged a nominal fee for the prepayment of the loan by the app but the method helps in paying off the loan at the earliest.
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Who can avail of student loans?
Availing student loans is now an easy task. To be eligible for a student loan one needs to just be able to fulfil the eligibility criteria. Here are some of the common eligibility criteria required by the best student loan app for sanctioning loans:
- Applicant should be a full-time college student
- Applicant should be above 18 years
- Applicant must have valid college ID and Aadhar card
- Applicants must have a valid PAN card
- For working professionals seeking part-time courses they need to have valid salary proof and employment certificate.
Top 10 Student Loan Apps in India 2023 (Instant Loans)
The market has several available banks that offer student loan apps. The loans offered by the banks are given out based on the requirements and needs. Here are some best apps for student loan options that you can consider opting for:
1. mPokket – Instant Loan App
mPokket is considered the best instant loan app for students in India. The app offers education loans ranging from Rs 500 to Rs 20,000. Whether you are a fresher or a graduate looking for further studies mPokket serves as a reliable and economical way of availing the student loan. The students can avail of loans through mPokket by submitting legitimate college ID and address proof. For professionals seeking to avail of further studies, they need to show salary slips, bank statements, ID proof and address proof.
- Instant loan disbursement
- Easy to avail of any loan amount ranging from Rs 500-Rs 30,000
- Longer repayment tenure ranging from 61 to 120 days
- Low-interest rate ranging from 1%-6%
- Affordable processing fees ranging from Rs 34- Rs 203( with 18% GST)
|Interest Rate||Begins at 3.5%|
|Loan Amount||Begins at Rs. 500, no maximum limit|
SlicePay is listed among the best loan apps for students. The app offers a no-fee Visa card to working professionals, freelancers and unpaid interns to fund their studies and make purchases. The app offers easy availing of student loans ranging up to 10 lakhs.
- Instant Visa card and loan disbursement
- Offers loans for credit limits ranging from Rs 2000- Rs 10 lakhs
- Loan repayment can be divided over 3 months’ bill for free
- Every slice card transaction gets a cashback reward of 2%
- Easy to transfer money from a slice card to a bank account and Paytm wallet
- Loans can be paid between 30-90 days of tenure
- SlicePay loans offer 3% interest per month
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BadaBro has emerged as a top 10 student loan app that offers loans to not just college students but also to salaried professionals. To qualify for Badabro’s loan scheme the applicant needs to be above 18 years old and working professionals should have proof of income.
- Instant loan disbursement of up to Rs 10,000
- Loan disbursed to a bank account or Paytm account/wallet
- Flexible loan repayment tenure ranging from 61-90 days
- Low interest rates ranging from 1%-6% per month
- Low processing fee
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KrazyBee is the best app for loan for students in India. The app not only sanctions loans to students but also allows students to purchase anything online. KrazyBee allows students to be admitted to any institution that they have enlisted.
- The app sanctions loans ranging between Rs 1000- Rs 10.000
- Multiple offices in Mumbai, Hyderabad, Bangalore, Pune, Mysore and Vellore
- Through KrazyBee students can purchase any e-commerce website
- Students can spend around Rs 2000 each month
- The app offers easy EMI payment over 3,6,9 and 12-month duration
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CashBean is amongst the best loan apps for students with low interest. The app offers loans up to Rs 60,000 and also has high-interest rates of 33% and a processing fee of 18%. CashBean was created by P&C Financial Services Private Limited which is registered with RBI. It is a reliable source that offers loans without the requirement of credit history. Applying for a loan through the app is a paperless and digital process.
- Easy 3 to 6-month loan payback time
- The app sanctions loans ranging between Rs 1500- Rs 60.000
- The app offers a daily interest rate of 0.07%
- One-time processing fees ranging from Rs 90 to Rs 2000
Paysense is the best loan app for students offering student loans ranging from Rs 5000- Rs 5 lakh. To get a loan from the app one needs to be between the ages of 18 and 35 and must be a citizen of India. By applying for a loan through the app the students can gain admission to any reputed institute in India or abroad.
- Quick loan disbursement
- The app sanctions loans ranging between Rs 5000- Rs 5 lakhs
- The student loan allows students to be admitted to Indian or international college
- Longer repayment tenure
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7. IIFL loans
IIFL loans is the best app for loan for students and it is also India’s largest non-banking finance company. The company offers student loans for as low as Rs 5000. With low interest rates, fast application processing and easy documentation it has emerged as a popular choice for all types of loan needs.
- Flexible EMI
- Easy repayment method
- Low interest rates
- Hassle-free documentation
- Offers loans as low as Rs 5000
RedCarpet is the best instant loan app for students that enables them to get funding for education without influencing their credit history.
RedCarpet allows students to get a loan with a greater credit limit. Also, the app offers a debit card to those taking a personal loan or student loan.
- RedCarpet does not take flat payment sums for loans rather it asks for credit line
- It offers a ruby card to those taking a personal or education loan
- The loan amount is disbursed in cash to the ruby card for easy withdrawal
- Ruby card allows students to withdraw up to $1000 without any transaction fee
- Spending tracker that monitors spending and also helps monitor card account
Sahukar is the best student loan app offering lower loan amounts of Rs100-Rs 5000. The app imposes a monthly interest rate of 3% on the loan amount. The app takes 24 hours to process a loan. The app offers a longer loan repayment tenure.
- 24 Hours loan processing time
- Easy loan repayment within 3 monts
- Low monthly interest rate of 3%
- Offers loans from Rs 100-Rs 5000
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KreditBee has emerged amongst the top 10 student loan apps that offer instant loan disbursement. The app offers loans up to Rs 3 lakhs. The loans are sanctioned to anyone between the age of 21-56. The app offers a digital application for the loans.
- Digital loan application
- Instant loan disbursement
- Loan sanctioned up to Rs 3 lakhs
- Longer repayment tenure ranges from 62 days to 15 months
- Loans offered with an annual interest rate of 29.95%
- Low processing fee of up to 7%
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With rising inflation education has become a costly affair for the common man. Student loans serve as an easy method for funding education. The rise of the best instant loan app for students has made the loan application a hassle-free task. These loan apps not only offer low interest lows but also disburse them easily. So did our post help you? Share with us your thoughts in the comments below.