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Top 10 Student Loan Apps In India In 2023

Best student loan apps. 
Top 10 Student Loan Apps In India In 2023

Students may need extra money to meet college requirements such as fees, books, extracurricular activities, food, utilities, and more. Additionally, situations involving immediate and urgent money may become more common if your parents are unable to finance you. These are the times when student loan applications come to the rescue. They are quick to process, available at any time and reliable. The credit limit offered is also quite good for Indian students. However, there are also things you need to be careful about, as you know, "loan Liya hai toh chukana toh padega (with interest...)". We have for you the top 5 fast loan programs for students in India in 2023 based on interest rate, processing fees, credit score, eligibility, free EMI and many other factors.


1. StuCred:


StuCred is #1 on our list of best student loans because of its highest reliability. Students of many popular colleges in India have already used this app. Your credit limit will increase or decrease depending on your ability to repay the loan. Make sure you have a UPI ID as it only uses this method for bank transfer.  
  • Payment Disbursal Period- 1 to 5 mins
  • Needed Documents - PAN card | Aadhar card | College ID
  • Loan Amount Range - ₹1000 to ₹10,000
  •  LoanTenure - 2 to 3 months
  • Eligibility Criteria - College Student
  • Interest - 0%
  • Processing Fee - 6% per month (all inclusive)
  • APR ( annual percentage rate) - 7



Slice has a Slice Borrow section for instant loans. The interest here is relatively good. The reason it's #1 on the list is because it offers an interest-free loan for a month, regardless of the amountamount. 
  •  Payment Disbursal Period - Instant
  • Required Documents - PAN card | College ID
  • Loan Amount Range - upto ₹5 Lakh
  • Tenure - upto 12 months
  • Eligibility Criteria - Student
  • Interest - Dynamic / user-specific | 0% Interest if paid within a month
  • Processing Fee - 3% of loan amount | you might get a discount on it


 3. Pocketly:


One of the best things about Pocketly is that you can close the loan at any time. Also, if you don't have enough funds to repay, just pay the monthly installment (EMI) and move on. It will initially provide a credit of ₹600 to students. You can take it up to ₹10,000 by repaying on time and following Pocketly norms. Poshe follows a similar model to mPokket in that it is also a short-term loan program for students. 
Loan Disbursal Time - Dynamic / User-specific
Required Documents - PAN card and Aadhar card | Video KYC
  • Loan Amount Range - ₹600 to ₹10,000
  • Tenure - 2 to 4 months
  • Eligibility Criteria - 18-30 age
  • Interest - 1% to 3% per month
  • Processing Fee - ₹20 to ₹120 + GST
  • Refer & Earn - upto ₹500 Cashback / referral
  • APR - 12% to 36%


  4. mPokket:
mPokket delivers fast and most of the time. This is a shorter loan program aimed at college students because it is better for them to get out of debt early. Another interesting part here is mPokket Cashback (mCoins)! If you pay back on time or early, this program will reward you with Cash that can be redeemed for processing fees. Note that initially you can get a loan for a very limited amount ie. ₹500 or ₹1000.  
 mPokket also has a Shop section where you can buy branded coupons, restaurant coupons, mobile phones, electronics, etc.


It also rewards you with mPokket Cashback when you shop with it from affiliates like Amazon and Flipkart. In addition, you will automatically get ₹5,000 in MyCash Rewards when you register as a new mPokket user. This amount can be redeemed in the Shop section. 


  • Loan Disbursal Time - 2 to 5 mins
  • Loan Amount Source - Bank Account or Paytm Wallet
  • Required Documents - College ID, PAN card and Aadhar card / Driving license / Voter ID
  • Loan Amount Range - ₹500 to ₹30,000 | Usually you get upto ₹10,000 which can increase or decrease depending on your loan repayment activities.
  • Tenure - 2 to 4 months
  • Eligibility Criteria - 18+ age | College ID
  • Interest - 0% to 4% per month
  • Processing Fee - fixed in between ₹50 to ₹200 + GST
  • Late Charge - ₹8/day after due date
  • Refer & Earn - ₹75/referral
  • APR - 142% max


  5. KreditBee:


KreditBee is a fast personal loan application. It allows the loan to be paid into your bank account within about 15-20 minutes after submitting the application. There are 3 types of loans available, of which "Flex private loan" is intended for students who are in the middle or final stages and those who choose higher education.


  • Loan Disbursal Time - 5 mins | make a note that processing & onboarding fee will be deducted from your disbursed amount.
  • Required Documents - PAN card and Aadhar card / Passport
  • Loan Amount Range - ₹1300 to ₹50,000
  • Tenure - 3 to 10 months
  • Eligibility Criteria - 21+ age | Indian | monthly income source | ₹25,000 min family income
  • Interest - 18% to 30% per annum
  • Processing Fee - 2.5% of loan amount, fixed in between ₹85 to ₹1,800 + GST | save on it via KreditBee Coupons and Refer & Earn



 Sahukar's app is great for students looking for modest loans up to 5000. They set a monthly interest rate of 3 percent on the loan amount. To be eligible, you must be at least 18 years old and hold a valid student ID from an accredited institution or university. Loan processing takes 24 hours. You can repay the loan one to three months after the payment date. 

 Students get an instant loan of Rs. 100 and Rs. 5000. Duration can vary from one to three 


 7.Slice pay
 SlicePay offers student loans without EMIs. They use MasterCard to help with this. You have to provide your name, college you are attending, ID number and Aadhar and PAN details while downloading the application. SlicePay offers loans to undergraduate and postgraduate students up to Rs. 10,000. The duration of these loans is 30 to 90 days. In addition, SlicePay pays 3% interest per month. Money is sent quickly through a unified payment interface or to your bank account. 


 Slice payunctions 
  SlicePay India's student loan program allows users to borrow between ₹2000 and ₹10 lakh. Payments are free for three months.  


 This is one of the best programs for students looking for loans. You can borrow up to Rs.60,000 through the Cash Bean app. The interest is up to 33% per annum and the processing fee is 18%. RBI registered P and C Financial Services Private Limited creates CashBean. This makes it a reliable source. No credit history is required when applying for a loan, and the procedure is completely paperless and digital. To qualify for the loan, you must be a resident of India with a regular source of income and be between the ages of 21 and 56. 


  Features of CashBean:  
 With a repayment period of three to six months, this instant student loan offers loan amounts starting from Rs. 1,500 to Rs 60,000. Currently, the daily rate is 0.07 percent. The one-time processing fee is between Rs 90 and Rs 2000 + GST​​​​(18%). 


 9.The red carpet 

 Most people recommend asking their parents for help and checking with their friends and coworkers to see if they can provide additional financial support. However, people often get angry when they don't get the money they need. With RedCarpet Loan, a personal loan with a higher credit limit can be secured with an ATM or debit card, ensuring that no student or self-employed person loses out due to lack of funding. RedCarpet Features  

 The applicant does not want a fixed payment for their loan; instead, it asks for a line of credit. Only those who have received a personal loan from the company can get a Ruby card. Similar to a bank card, less than the loan amount is paid in cash. With this debit card, you can withdraw up to $1,000 with no additional fees. 



 One of the most popular quick loans for Indian students is BadaBro. The company that developed it was designed for students and professionals with permanent jobs. More than 100,000 people use BadaBro because it offers instant loans and deposits with funds in your bank account. You will need your Aadhaar, PAN, Job ID (if any) and other relevant details to register and complete your profile. Once your credit score is verified, you will receive the loan amount as the entire procedure is done online. 

  Features of BadaBro 
  •   Apply online and BadaBro will immediately credit your PayPal or bank account. You can earn rewards by telling your friends about BadaBro.
  • Complete your profile creation by uploading your PAN or Aadhaar ID, entering your employee ID or filling in a few short fields. Credit limits and authorization of online profiles are provided.