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.
- 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
- 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
- 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%
- 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
- 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.
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
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.
- 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.