5 Best Personal Loan Apps For Students [Updated List]

Best Personal Loan Apps For Students

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Are you looking for the best personal loan apps for students? However, paperwork may be a hassle for you. Well, worry not! There are available applications, which provides loan for Under-graduation, Post-graduation students for their basic expenses.

Best Personal Loan Apps For Students

Here’s the list of best personal loan apps for students.

1. KrazyBee

KrazyBee

KrazyBee aims to provide a pan India instant credit facility to the borrowers for the long term. This is an RBI registered Non-Banking Financial Institution that offers a helping hand.

Why KrazyBee?

  • Offers easy financing at your doorstep
  • EMIs are easy to pay
  • Down payment is low
  • Process in minimal time
  • Have branded partnerships

Eligibility

You should be 18 years or above. You must have enrolled in a full-time degree/non-diploma course in a recognized university or college.

Documents Required

You need to have your college ID proof and any acceptable address proof (Aadhar card, Voter ID, Passport, Driving license).

Download: Android/iOS

2. mPokket

mPokket

mPokket provides not only student loans but also salaried loans. If you are a young salaried professional; who is out of money then this application is your companion. It can fulfill your basic needs such as medical emergencies, household expenses, traveling, shopping, bills, and more. It saves both your time and energy. However, the correspondence courses are not covered under it.

Why mPokket?

  • Instant loan for college students and salaried professionals.
  • The flexible loan starts from Rs. 500 to Rs. 20,000.
  • Can avail the loan via bank account or Paytm without collateral or guarantors.
  • Tenure up to 3 months with a minimum interest rate of 3.5%/month.
  • Completely online and paperless
  • On-time payment gives you a good CIBIL score

Eligibility

  • Students should be 18 years or above. You must have enrolled in a full-time degree/non-diploma course in a recognized university or college.
  • Salaried Professionals must be full-time employees having a salary account.

Documents Required

  • For Students- you must have a college ID card and any acceptable address proof (Aadhar card, Voter ID, Passport, Driving license).
  • For Salaried Professionals- Attach your salary slip as proof including bank details and any acceptable address proof (Aadhar card, Voter ID, Passport, Driving license).

Download: Android

3. Slice

Slice

SlicePay makes payment easy by its way of proving credit card facility. This virtual credit card offers fast and simplified payments. The application assists college students to bear expenses excluding college fees like grocery, accommodation, stationery, etc. An application that lets you convert monthly bills into EMIs at some grace period.

Why SlicePay?

  • Designed for college students
  • Credit limits up to Rs. 60,000
  • Collateral free lending
  • Offers no-cost EMIs up to a tenure of 6 months with an interest rate of 6%-8%
  • Repayment up to 12 months including interest rate ranging from 12%-15%
  • No annual charges
  • Categories expenses for better tracking and control spend

Eligibility

You should be 18 years or above. You must have enrolled in a full-time degree/non-diploma course in a recognized university or college.

Documents Required

To complete the KYC process you should have a college ID and any accepted address proof (Aadhar card, Voter ID, Passport, Driving license).

Download: Android/iOS

4. BadaBro

BadaBro

BadaBro provides instant lending to full-time college students. The Line of Credit has easy repayment except for penalty on scheduled payments. This application includes processing fees and GST.

Why BadaBro?

  • Lending from Rs. 500 to Rs. 10,000
  • 24×7 accessibility
  • Easy and flexible EMIs from 30 days to 90 days
  • Interest rate 1%-6% per month(depending on risk profile)

Eligibility

You should be 18 years or above. You must have enrolled in a full-time degree/non-diploma course in a recognized university or college. Apply at least 3 months from the graduation date.

Documents Required

You should have a college ID and any accepted address proof (Aadhar card, Voter ID, Passport, Driving license). Besides this, you should have the latest mark sheet or money receipt issued from your college.

Download: Android

5. Sahukar

Sahukar

So what if your pocket money is over; you still have a choice and that is Sahukar. This application lends you personal loan/pocket money for your financial needs including education and living expenses. It is a registered legal NBFC approved by RBI.

Why Sahukar?

  • An easy loan from Rs. 500 to Rs. 5,000
  • Can take loan via Paytm or bank account
  • Repayment duration 60 days to 91 days with an interest rate of 3%/month

Download: Android

Conclusion

Nonetheless, taking a loan is not the only thing but repayment is equally important. Now, with these best personal loan apps for students, you can manage your crucial expense without disturbing your studies and parents.

Which is the best loan app for students?

mPokket is the best loan app for students.

Is it better to get a student loan or personal loan?

Taking a student loan is better than personal loan because student loan carry much lower interest rate than personal loan.

Where can a student get a personal loan?

You can apply for student loan by downloading the KrazyBee application on your smartphone.

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