Students often encounter financial difficulties when trying to cover their educational costs. Whether it is for tuition fees, accommodation, pursuit of higher education, accommodation, travel expenses, coaching, or food, they need to opt for personal loans.
In this matter, student loan apps can prove to be very useful.
These apps have become popular in India as a result of the growing demand for education and personal financing among students. They provide an accessible and convenient way for students to apply for loans and cover various educational expenses such as
Several loan apps are currently available in India, but not all of them align with students’ unique needs. Student loan apps are a wonderful option because they provide quick funds and a straightforward loan approval process. Moreover, in some cases, they don’t necessitate collateral and can be secured even without a credit history.
Today, numerous student loan apps in India help students get the financial assistance they require. In this article, I will discuss the top 10 best student loan apps currently available.
10 Best Loan Apps for Students in India
Let us now go through my picks for the ten best loan apps for Indian students today.
1. mPokket
mPokket is one of the fastest loan apps that provides quick loans to students whenever they are short of pocket money or urgently require a cash loan in an emergency. It also offers four-month, short-term personal loans up to a maximum amount of ₹45,000, which is directly credited to your bank account. Students nationwide can use a legitimate college ID and address proof to avail of this loan easily.
- Education loan: ₹500 – ₹30,000
- Student age: 18 years and above
- Repayment period: 61 days – 120 days
- Interest rate: 1% – 4% per month
2. Pocketly
Pocketly offers instant personal loans to college students and salaried individuals who don’t have enough pocket money or require some quick cash. It offers instant loan amounts from ranging ₹500 to ₹10,000. The app has a flexible repayment tenure of 61 to 90 days. Its interest rates range from 1% to 3% per month. Also, a relatively low processing fee of ₹20 to ₹120 + GST is applicable.
- Education loan: ₹500 – ₹50,000
- Student age: 18 years – 30 years
- Repayment period: 2 months – 12 months
- Interest rate: 1% – 3% per month
3. PaySense
PaySense is a popular loan app meant for all needs, including education. Loans from PaySense have enabled thousands of students to pursue their dreams sans financial constraints. Apart from ensuring quick loan approval and disbursal, PaySense has decreed that educational loans below ₹4 lakhs won’t require any collateral, security, or third-party guarantee.
- Education…