7 best student loan apps that a student can rely on

Nidhi B

Higher education is crucial aspect of one’s life but many students' aspirations are hindered by the financial burden of high tuition fees and expenses. These expenses are very difficult to be met by the students at the end of every month like balancing travelling fee, exam fee and other things. Student loan apps area solution to these students which help them to have a balanced spending of money.

Source : The Economic Times

1 .CASHe

CASHe is one of the apps that provides loans to students. It mainly offers instant personal loans as well as  educational loans. . Students can avail their education loan, ranging from ₹15,000 to ₹4 lakhs online through their app or website, and can receive the loan transferred to their bank account with hassle-free steps. They also provide flexible EMI plans,, with a timeline starting from 9 days to 540 days. To be eligible for an education loan, the student must be a citizen of India, at least 18 years old, have a Facebook or LinkedIn profile, earn a minimum salary of ₹15,000 or more, and be a working professional or have a guardian with a stable source of income.

Source: Business Standard

2. Mpocket App

Mpocket is a student-friendly loan app that provides loans to students for their higher education. Students can obtain instant short-term personal loans ranging from ₹500 to ₹20,000, which can be repaid within a 4-month time period with interest rates of 0% to 4% per month. To be eligible for an instant loan from this app, the student must be at least 18 years old, have a valid college ID card, and address proof. Existing loans are not considered in the eligibility criteria for this app.

Source: Pinterest 

3. Kreditbee

Kreditbee is also one of the platforms that provides various types of loans, including personal loans for students to cover their educational expenses. Kreditbee offers personal loans ranging from ₹1,000 to ₹3 lakhs. They also have a plan called the Flexi Personal Loan, especially for those who want to pursue their master’s or higher education, where they provide loans starting from ₹1,000 to ₹80,000 with flexible repayment options ranging from 3 months to 10 months. This loan can be applied with a PAN card and address proof. The basic eligibility criteria for this loan are that the Individual should be at least 18 years old and have a guardian with a stable source of income.

Source: The Financial Express 

4. Slice Pay

This Slice Pay app is one of the apps that offers loans to students with no cost EMI. The app uses a feature called Mastercard to help in managing these loans. To start with, students must have downloaded the app version. Then, the basic requirements such as name, college ID, Aadhaar card details, and PAN card information should be entered. Slice Pay offers loans of up to ₹80,000 with a monthly interest rate of 3% for undergraduate and postgraduate students, which can be repaid back within 30 to 90 days. The loan amount will be transferred to the bank account via UPI.

Source: The Mobile Indian

5. KrazyBee

KrazyBee is one of India's largest student credit platforms, which mainly focuses on the buy now pay later concept with flexible monthly plan. They offer a student pay card which is the first ever student credit wallet which helps them make online payments and use it for college expenses. A loan for ₹1000 to   will be provided and there are three-, six-, nine-, and twelve-month EMI options available and repayment up to 12 months are given.

Source: Emmela Data and Analytics

6. Stucred

Stucred is another student loan providing app, where the student gets instant credit of up to Rs ranging from 1 thousand to 10 thousand. The student can get a loan anytime and anywhere using this app. They provide loans for students with 0% interest rate. The loan should be repaid within the time period of 90 days. The loan will be credited to the student's account within 2 working days. Basic documents such as your student ID card, Aadhaar card, are needed to avail the loan.

Source:  Stucred

7. Pocketly

Pocketely is referred to as one of the most flexible loan apps in India, which provides instant loans for students. Initially the app will provide a credit of 600 rupees, with its interest rates being low. They provide loans ranging from five hundred to 50 thousand rupees. Which the student has to repay within 2 months or 12 months. The interest rates on these loans are 1 to 3% per month. Pocketly has a user-friendly interface that makes it simple to apply for and manage loans.

Source: Entracker 

---