Best Loan Apps For Students In India
Are you a student in India in need of financial assistance? Look no further than our list of the top loan apps designed specifically for students. Read to know!
Students generally have a lot of expenses they have to meet. This can be hard to do, especially when they have no real sources of income. Students need to pay ever-increasing tuition fees for higher education programmes, figure out their living expenses and accommodation that include food, transport, etc. and purchase textbooks, equipment and supplies they need for their courses.
Even with parental support, all the expenses add up and could be too much to handle. Beyond applying for financial assistance at their college or university, students also have the option of getting an education loan. Such loans allow students to pay off their debt while generally having larger moratorium periods and lower and flexible interest rates.
This makes it easier for the students to repay the loan once their education is complete and they have a job. Nowadays, the availability of several loan apps in India makes it easier for students to apply for a loan. These apps require less documentation and cut the need to go to bank branches. Here are some of the best loan apps for students in India.
IIFL LoansThis app from IIFL Finance, one of India’s largest non-banking finance companies, provides gold, personal or business loans starting from as low as Rs 5,000. IIFL Finance personal loans are affordable, have low interest rates, and the application can be processed in less than five minutes with a hassle-free documentation process. The EMIs on personal loans are flexible, allowing easier repayment to students who can download the app and easily apply for a loan.
SlicePaySlicePay provides student loans. To apply, students must submit their personal information, including their name, college, ID, and details of their Aadhar and PAN. Loans are offered to both undergraduate and graduate students, up to a limit of Rs 10,000 with repayment terms between 30 and 90 days. A 3% monthly interest fee is charged, and funds are transferred quickly through the Unified Payments Interface or bank account.
PaySensePaySense is another app that offers student and education loans of Rs 5,000-5,00,000. To be eligible for an education loan, the student must have admission at a reputable institute abroad or in India. They must be between the ages of 18 and 35 and must be a resident of India. PaySense offer quick approvals and disbursals.
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PokketThe mPokket app offers student loans from Rs 500 to Rs 30,000, mainly targeting college students and recent graduates. The application is available to all students across the country and only a college ID and proof of address are required to apply. Otherwise, you need to provide additional documentation, including a payment receipt, bank statement, and proof of identification and residency. mPokket allows students to obtain loans quickly, with instant loans available within two minutes. The repayment period is between 61 and 120 days, with interest rates varying between 1% and 6% per month.
PocketlyPocketly offers loans up to Rs 50,000. The interest rates range from 1% to 3% per month depending on the loan amounts. It also provides several features such as top-up loans, credit building, rising credit limits, and others.
Loan apps can be used if the student needs urgent form of credit. Since a student requires a lot of assistance with respect to finances, they could use such apps from time to time.
Students should check the website of the Reserve Bank of India for a list of companies that are regulated by it and approved for services such as offering loans in the country. This list is also updated regularly, so they must ensure that even the entities listed above are part of the RBI list.
A personal loan is an ideal alternative for borrowers who don’t want student loans. Compared to a normal student loan, a personal loan is simpler to apply for and gives more flexibility in terms of usage and repayment.
IIFL Finance is authorized by the Reserve Bank of India and follows a completely online process to approve personal loans. The application can be completed on its website within minutes. After verification of the loan application form and supporting documents, IIFL Finance transfers the money directly into the borrower’s account within 24 hours.
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