Best Student Loan Apps

In this article, we will talk about the best student loan apps. There are many apps for students which provide them with loans. Students require a loan to buy books, enter competitions, etc. as they run out of money trying to cover additional expenses. Let’s learn and discuss the apps that provide loans to students.

Best Loan Apps For Students

There are many apps for students which provide them with loans. This is simple for students to obtain the funds which they want to pay for college. Let us discuss the best loan apps for students.

mPokket

mPokket is an instant student loan app for spending money in India if you’re seeking it which provides loans in amounts ranging from 500 to 20,000 rupees. College students and graduates benefit most from the market app. All students around the country have access to this application.

Only a college ID and proof of address are needed to apply for a loan with mPokket. Young professionals require a payment receipt, a bank statement, and an evidence of identification and residency. In this app, the time to repay the loan is 61 to 120 days. Every month the rate of interest increases from 1% to 6%.

KreditBee

KreditBee is another useful app for instant student loans. Loans up to Rs. 300,000 may be obtained, with interest rates as high as 29.5% per year. You can apply for these loans between 21 and 56. They also offer a digital application form which may be completed. For the loan approval, you must upload all of your supporting documentation through the app.

The borrowed amount ranges from 100 to 3,00,000 rupees. The duration for the repayment of the loan is 62 days to 15 months. The annual rate of interest is from 0% to 29.95%. The processing cost for anything maybe 0% to 7%.

KrazyBee

KrazyBee is one of the most popular loans for student online applications in India which enables college students in certain Indian areas to purchase anything online with a flexible monthly payment schedule. Anybody who is enrolled at one of the institutions mentioned by KrazyBee and up to the age of 18, can make a purchase.

A loan for a college student may cost Rs. 1,000 to Rs. 10,000. KrazyBee offices are located in Mumbai, Hyderabad, Bangalore, Pune, Mysore, and Vellore. You can browse your preferred eCommerce store and use it to make purchases from KrazyBee’s website. You can spend most of 2,000 every month. EMI payment options are available for three, six, nine, and twelve months.

Sahukar

The Sahukar app is a fantastic app for students looking for modest loans up to 5,000. A monthly interest rate of 3% is imposed on the loan amount. You must be at least 18 years old and have a legitimate student ID from an accredited institution or university. This takes 24 hours to process the loan. You can repay the loan within one to three months following the payout date. Students are eligible for an instant loan between Rs. 100 and Rs. 5000.

Slice Pay

SlicePay is an app that offers loans to students with no-cost EMIs. The details regarding your name, the college you attend, your ID card number, Aadhar, and PAN must be provided when you download the app. SlicePay offers loans to students in undergraduate and graduate programs up to Rs. 10,000. Their loan terms are between 30 and 90 days. SlicePay costs 3% interest each month. The funds will be sent swiftly through the Unified Payments Interface or to your bank account. This app allows students to borrow amounts ranging from 2,000 to 10 lakhs of rupees.

FAQs Related to Best Student Loan Apps

Which loan app is best for students?

mPokket is the best loan app for students. This is based on the notion of student pocket money and the amount of your loan is delivered to your bank account or Paytm wallet after your application is accepted.

Can I get student loan easily? 

Education loans are easily available.

Can I take two education loans?

Yes, you can get two education loans.

Conclusion

In conclusion, an education loan offers a lower interest rate as compared to a personal loan. If you are qualified for a government-subsidized loan then you will have to pay even lower interest rates. Education loans generally offer a longer repayment tenure which can be up to 20 years.