Going for higher education in a new city or country is an exciting and intimidating process. When pursuing their higher education, students face several challenges—a new culture, new people, rigorous courses, and financial requirements.
These could include more than just paying for the tuition – books, rent, travel, food, stationery, and more. Finding financing options and managing these expenses can be difficult. Luckily, several loan apps are available to streamline the process.
In this article, we will explore some of the top loan apps for students, their benefits, and how to choose one that best suits your requirements.
What are the Best Loan Apps for Students in India?
1. Tata Capital Loan App & Wealth
The Tata Capital Loan App & Wealth is one of the top student loan apps in India. This instant personal loan app empowers you to manage all your wealth management needs under one roof—apply for loans, track loan repayments, monitor your investments and manage all your finances seamlessly on this app. Get loans from Rs 5,000 to Rs 10,00,000 at attractive interest rates, at flexible repayment tenures and with an easy, hassle-free process.
2. SlicePay
SlicePay is one of the leading providers of student loans. It offers loans of up to Rs. 10,000 to both graduate and undergraduate students, has an interest rate of 3%, and a repayment tenure between 30 and 90 days. To apply, you will need to submit your personal information, college ID, and PAN and Aadhaar details. The app transfers funds quickly through bank transfers or Unified Payments Interface (UPI).
3. PaySense
PaySense offers student loans between Rs 5,000 and Rs. 5,00,000. To apply, you need to be enrolled in a reputed college or university abroad or in India and must be between the ages of 18 and 35. The app offers easy and seamless approvals and quick loan disbursals.
4. mPokket
mPokket is another app that allows students to access funds for their daily needs. It offers loans between Rs. 300 and Rs. 30,000 for college students and recent graduates. The application process is simple, requiring only your college ID and proof of address. The app offers instant loan disbursals and has a repayment tenure between 61 and 120 days. Interest rates vary from 1% to 6%.
5. Pocketly
Pocketly offers student loans of up to Rs. 50,000, with interest rates varying between 1% and 3%, depending on the loan amount. It also offers additional features, like credit-building features, rising credit limits, top-up loans, and more.
6. StuCred
StuCred strives to provide students with sustainable and easily accessible loans. It is also one of the only apps offering 0% interest rates. You must be a resident of India to apply for a loan with StuCred. Its goals include financial independence and improving students’ credit scores.
7. CashBean
CashBean allows students to avail of loans of up to Rs. 60,000 with a 33% annual interest rate. Registered with the RBI, it is a secure and trustworthy app offering a digital application process. You do not need to present credit histories when applying for loans. However, you must be a resident of India, between 21 and 56 years old, and have a regular source of income.
8. KreditBee
KreditBee has a 100% online application process and provides students with loans from Rs. 1,000 to Rs. 5,00,000. Interest rates range between 17% to 29.95%. KreditBee requires minimal documentation, flexible repayment tenures, and quick loan disbursals. To apply, you must be an Indian citizen, be above the age of 21, and have a monthly income of at least Rs. 10,000.
9. Sahukar
Sahukar offers students with loans of up to Rs. 5,000. It has interest rates of 3% and has flexible repayment tenures. To apply for a loan with Sahukar, students must be above the age of 18 and present a student ID from an accredited university or college.
10. BadaBro
One of the leading loan apps in India for students is BadaBro. It offers immediate loan disbursals, rewards features, and more. To apply, students will need to present their credit scores, Adhaar card, PAN card, employment ID, and other information.
What are Some Benefits of Using Student Loan Apps?
Student loan apps come with several benefits. This includes quick access to funds, less paperwork, flexible repayment options, and an easy digital process.
Additionally, most apps have lower interest rates and are easier to use, making them a convenient option when you need funds for your higher education. They make education more accessible for students and allow you to establish a credit history early on through repaying student debts. Quick access to funds.
How to Choose the Right Loan Apps in India for Students?
Some factors to consider before choosing a loan app include:
1. Loan amount
The loan amount you choose should cover the costs of any items you may need. This could include laptops, books, rent, travel, and more. It is essential to account for all your expenses and conduct research online to compare different loan offerings.
2. Interest rates
The interest rates for education loans vary depending on the financial institution. This could be a simple or compound interest rate. Finding a financial institution that offers competitive interest rates and flexible tenures can make the repayment process easier.
3. Tax benefits
People who take out student loans can often claim tax deductions. The deduction is based on the loan’s interest portion and is valid for 8 years from the start of the EMI. To maximise tax benefits, try to repay loans within the 8-year window.
Comparison Table for Best Student Loan Apps in India
Student Loan App
Loan Amount
Rating
Tata Capital Loan App & Wealth
Rs 5,000- Rs 10,00,000
4.3
SlicePay
Up to Rs 10,000
4.5
PaySense
Rs 5,000 to Rs 5,00,000
3.0
mPockket
Rs 300 to Rs 30,000
4.4
Pocketly
Up to Rs 50,000
4.2
StuCred
Ra 1,000 to Rs 15,000
4.6
CashBean
Up to Rs 60,000
Not Available
KreditBee
Rs 1,000 to Rs 5,00,000
4.5
Sahukar
Up to Rs 5,000
Not Available
BadaBro
Not Available
Not Available
Note – The above details may change as per respective company policies. For latest update check the relevant product sites.
Wrapping up
If you are looking to start your educational journey but require funding, the above student loan apps can help you pay for school supplies, travel, gadgets, and more. Consulting with experts can also help you find the right loan options for your higher-education journey.Tata Capital’s education loans offer high loan amounts, attractive and competitive interest rates, easy disbursals, and allow you to apply with a guardian. To apply for educational loan with Tata Capital and receive guidance from our experts.
The best loan for a student will depend on the individual student’s fund requirements, the reason for the loan and repayment capacity. As a student, you can apply for a loan quickly on the Tata Capital Loan App & Wealth to benefit from flexible repayment tenures, attractive interest rates, and a hassle-free loan application process.
Which app is safe for student loans?
The safest app for student loans is the Tata Capital Loan App & Wealth. In addition to being extremely safe and secure, this app also offers attractive interest rates, flexible loan tenures and a quick and easy loan application process.
Do you need any collateral for availing a personal loan through app?
No, you don’t need any collateral to avail of a personal loan through an app. Consider applying for a personal loan on the Tata Capital Loan App & Wealth to benefit from competitive interest rates, high loan amounts and flexible repayment tenures.
What student loan is best?
The best student loan varies with individual student loan requirements, the reason for the loan, and repayment capacity. As a student, you can apply for a loan quickly on the Tata Capital Loan App & Wealth to benefit from attractive interest rates, flexible repayment tenures, and an easy loan application process.
22 January 2025
6 mins read
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