Best Student Loan App | Student loan apps

Top 7 Student loan apps in India 2024 (Instant Loans)

What is Loan apps ?

Loan apps are mobile applications that allow you to borrow money from lenders directly through your phone. They typically offer a faster and more convenient borrowing experience than traditional banks, with some apps even providing instant loan approvals and disbursements.

What is Student Loan Apps?


Student loan apps are mobile applications that allow students to borrow money for educational expenses. These apps typically offer quick and easy application processes, with minimal documentation required. They often cater to students with limited credit history or traditional banking options.

Here’s a breakdown of their key features:

  • Convenience: Apply for loans directly from your smartphone, often with instant approval decisions.
  • Smaller loan amounts: Focus on short-term borrowing for specific needs like textbooks, housing deposits, or emergencies, rather than covering entire tuition fees.
  • Flexible repayment terms: Choose repayment schedules that fit your budget, often within a few months to a year.
  • Potentially higher interest rates: Compared to traditional student loans, interest rates on app-based loans can be higher, so it’s crucial to compare options carefully.

Think of student loan apps as a financial bridge for immediate needs, not a long-term solution for major education expenses.

Here are some additional things to keep in mind:

  • Eligibility requirements: These apps often have specific eligibility criteria, such as age, enrollment status, and minimum credit score.
  • Fees and charges: Be aware of any processing fees, late payment penalties, or other charges associated with the loan.
  • Building credit: Responsible borrowing and repayment through these apps can help build your credit history, which can be beneficial in the future.

Instant Student Loan Apps in India in 2024: RBI Registration, Authentication, and Low Interest Rates

Here are 7 Top popular instant student loan apps in India that are RBI registered:

Apps NaneDownload LinkUSE Referral Code
Win a Special Bonus

Direct Bank Account
StuCredClick Here – DownloadCode: RAQ13JX
Earn up to Rs. 100
Slice BorrowClick Here – Download
PocketlyClick Here – DownloadEarn Rs. 25
MoneyviewClick Here – DownloadCode: SUBH5QM6
Receive Rs. 200 Direct Bank Account
KreditBeeClick Here – DownloadCode: SUBCRETQY
True BalanceClick Here – Download
mPokketClick Here – Download

1. Top Student Loan App: StuCred (Highest Trustability)

FeatureDetails
Rank1st
Reason for RankHighest Trustability
User BaseUsed by students from popular Indian colleges
Credit LimitDynamically adjusts based on loan repayment performance
Bank Transfer MethodUPI only

Loan Details:

FeatureDetails
Loan Disbursal Time1-5 minutes
Required DocumentsPAN card, Aadhar card, College ID
Loan Amount Range₹1,000 – ₹10,000
Tenure2-3 months
Eligibility CriteriaCollege Student
Interest0% (effective interest rate varies)
Processing Fee6% per month (all-inclusive)
APR (Effective Interest Rate)72%

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2. Slice Borrow: Instant Student Loans with Zero-Interest Option

Key Features:

FeatureDetails
Loan TypeStudent Instant Loan
Interest RateDynamic/user-specific, 0% for 1st month
Processing Fee3% of loan amount (discounts may apply)
Loan Disbursal TimeInstant
Required DocumentsPAN card, College ID
Loan Amount RangeUp to ₹5 Lakh
TenureUp to 12 months
Eligibility CriteriaStudent

Loan Features and Potential Drawbacks

FeatureDescriptionPotential Impact
Dynamic Interest RatesRates adjust based on your individual credit profile.Uncertainty about future loan costs, potentially leading to higher expenses than anticipated.
Processing FeeA fixed fee charged regardless of loan amount.Increased upfront cost, especially for smaller loans, reducing the net borrowing amount.
Default PenaltyHigh penalty (30% of outstanding amount or ₹3000, whichever is lower) for missed payments.Significant financial burden in case of payment delays, potentially impacting credit score and future borrowing options.

3. Pocketly: Flexible Loan Options for Students

Key Features:

FeatureDetails
Early ClosureClose your loan anytime without penalty.
Flexible RepaymentPay minimum EMIs and extend your tenure if needed.
Credit BuildingStart with ₹600 credit limit, increase to ₹10,000 through timely repayments.
Low-tenure LoansSimilar to mPokket, offering short-term loans for students.

Loan Details:

ParameterInformation
Disbursal TimeDynamic/User-specific
Required DocumentsPAN card & Aadhar card
Loan Amount Range₹600 to ₹10,000
Tenure2 to 4 months
Eligibility Criteria18-30 years old
Interest Rate1% to 3% per month
Processing Fee₹20 to ₹120 + GST
Refer & EarnUpto ₹500 Cashback/referral
APR12% to 36%

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4. Moneyview: Flexible Loan Options for Students

Moneyviewis a popular Indian fintech platform that offers a variety of financial products, including personal loans for students. Here’s how Moneyviewcan be a good option for students looking for flexible loan options:

FeatureDescription
Flexible Loan AmountsBorrow any amount between Rs. 5,000 to Rs. 10 lakhs, depending on your eligibility and needs.
Flexible Repayment TenuresChoose a repayment tenure that suits your financial situation, ranging from 6 months to 5 years.
Competitive Interest RatesMoneyview offers competitive interest rates starting at 1.33% per month (16% Annually*).
Instant Approval and DisbursalGet your loan approved and disbursed within minutes if you have a good credit score and meet the eligibility criteria.
Minimal DocumentationNo need for cumbersome paperwork. Just upload a few basic documents online.
Pre-approved Loan LimitGet a pre-approved loan limit based on your profile, allowing you to easily withdraw funds whenever needed.
Flexible Interest PaymentOnly pay interest on the amount you utilize, not the entire loan amount.
Easy PrepaymentPrepay your loan anytime without any penalty charges.
Mobile AppManage your loan account conveniently through the Moneyview mobile app.

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5. KreditBee Flexi Personal Loan – Ideal for Students

Details:

FeatureDetails
Loan TypeFlexi Personal Loan
Target AudienceStudents in mid/last stages of graduation or pursuing higher education
Loan Disbursement TimeApproximately 15-20 minutes after application
Loan Amount Range₹1,300 to ₹50,000
Tenure3 to 10 months
Interest Rate18% to 30% per annum
Annual Percentage Rate (APR)Up to 70%
Processing Fee2.5% of loan amount, fixed between ₹85 to ₹1,800 + GST (Save with KreditBee Coupons and Refer & Earn)
Onboarding Fee (New Users)₹200 + GST
Required DocumentsPAN card and Aadhar card/Passport
Eligibility Criteria21+ years old

6. True Balance: Flexible Loan Options for Students in India

True Balance is a popular fintech platform in India offering financial services, including instant personal loans, potentially suitable for students. Here’s how True Balance might appeal to students seeking flexible loan options:

FeatureDescription
Flexible Loan AmountsBorrow between Rs. 1,000 and Rs. 1 lakh, depending on your eligibility and needs. Ideal for smaller expenses or emergency situations.
Flexible Repayment TenuresChoose repayment tenures between 3 and 12 months, manageable within your student budget.
Instant Approval and DisbursalQuick approvals and disbursal within minutes, perfect for urgent needs.
Minimum DocumentationNo extensive paperwork needed. Just upload PAN card and Aadhaar card.
Pre-Approved Loan LimitCheck your pre-approved limit through the app, offering access to funds when needed.
Mobile AppManage your loan account conveniently through the True Balance mobile app.

7. mPokket: Quick Loans for Students

Details:

FeatureDescription
Loan Approval SpeedFast and efficient, typically within 2-5 minutes.
Loan TenureShort-term, ranging from 2 to 4 months, ideal for managing immediate needs.
Loan AmountFlexible, starting at ₹500 and reaching up to ₹30,000 based on your credit history and repayment behavior.
Interest RateCompetitive, ranging from 0% to 4% per month (142% APR max).
Processing FeeFixed between ₹50 and ₹200 + GST.
EligibilityOpen to students aged 18+ with a valid college ID.
Loan DisbursementDirect to your bank account or Paytm wallet.
Required DocumentsCollege ID, PAN card, and one of Aadhaar card, driving license, or voter ID.

App NameAPRInterest Rate (per month)Processing Fee (of loan amount)Rewards (for timely repayments)Trust Score (out of 10)
StuCred72%0%6%Lucky Cash (bank transfer)8
Slice BorrowUncertain (maybe up to 40%)Uncertain (0% if paid within 1 month)3%Free Interest for a month7
PocketlyUp to 36%1-3%₹20-₹120 + GSTRefer & Earn (up to ₹500 Cashback)5
MoneyviewVariable (starting at 16% annually)1.33%VariesNot specified6
KreditBeeUp to 70%1.5-2.5%2.5%KreditBee Coupons6
True BalanceUp to 36%Up to 3%VariesNot specified6
mPokketUp to 142%0-4%₹50-₹200 + GSTmPokket Cashback5

7 Top Student Loan App You Should Try

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