Top 15 Best Instant Loan Apps For students in India

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Best Instant Loan Apps For students in India

Getting a loan is an exhausting and time-consuming process, but above all else, it’s a service that banks provide only to working and salaried professionals, thus not leaving a lot of options for students that are yet to finish their studies. However, there are a few apps willing to lend money to students too, understanding that students can’t do much more than small part-time jobs with the limited time and the lack of degrees. We bring to you, a list of the top 15 apps that give loans to students, in under 24 hours. These are Best Instant Loan Apps For students in India

Types of loans for Students in India

In India, there are several types of loans available for students, including:

  1. Education Loans: These loans are specifically designed for students who are pursuing higher education and require financial assistance to cover tuition fees, hostel expenses, and other expenses related to their education.
  2. Personal Loans: These loans are not specifically designed for students, but can be used for any purpose, including education expenses. They are usually unsecured loans and have a higher interest rate.
  3. Scholarships: These are financial awards that are given to students based on merit or financial need. They do not have to be repaid.
  4. Study Loans: This is a type of personal loan for students who want to study abroad. They are typically unsecured loans and have a higher interest rate.
  5. Government-Sponsored Loans: Some government- sponsored loans are available for students from lower-income families, minorities, and women.

It’s important to note that the loan options, interest rate, and terms and conditions vary depending on the bank and the student’s personal circumstances.

With no further delay, let’s begin! and discuss the best Instant Loan Apps For students in India

1. mPokket

This app is the most widely used, and the one willing to lend the most money, in the market. With more than 1 crore downloads on the app store, this app is incredibly popular for its quick transactions. In 2 minutes, you can get a cash loan and have it transferred to your bank account, or Paytm account. The minimum loan amount is Rs. 500, with a maximum loan amount of Rs. 30,000. The repayment is expected in four months. Furthermore, the app also gives you rewards if the repayment is made on time.

The documents required to get a loan from this platform are: College ID for students, PAN card, Last 3 months’ bank statement, Salary slip/Joining letter for Salaried professionals, KYC details, Aadhaar card, Driving license, Voter ID, etc.

You must be 18+ to be eligible for a loan. You can apply here

2. RedCarpet

With this app, students can get instant loans for any kind of transaction. The platform provides the money interest-free, and a 1 month return policy for transactions between Rs. 1000 to Rs. 6000. It is also possible to apply for the EMI option, in which you can choose your return plan on 3, 6, 9, or 12-month plan.

This app has a minimum loan limit of Rs. 500, and a maximum loan amount of Rs. 50,000.

Furthermore, you can also get a credit card if you have taken a personal loan. Similar to a debit card, the app will release money under the taken loan amount. Lastly, the company includes a tracking system in the RedCarpet app to ensure the safety of their users at all times, and to allow you to track your expenses.

The documents required to get a loan from this platform are: Personal ID, College ID, Address Proof and others.

You must be 18+ to be eligible for a loan. You must also be studying in a college in a big city. Apply here

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3. Pocketly

This company is renowned for being the quickest loan providers in the market. They charge between 1 to 3 percent as interest depending on the loan amount and term. The minimum loan amount for Pocketly is Rs. 500, with a maximum loan amount of Rs. 10,000. 

Furthermore, this app also gives you credit, which can increase if you pay back your loans on time. Lastly, you can also apply for top-up loans to be able to make payments at regular intervals.

Documents required to get a loan from this platform are: Aadhaar Card (for verification of your address and identity), PAN card, and  a valid college ID.

You must be 18+ to be eligible for a loan. Click here to visit them

4. BadaBro

BadaBro is widely popular among the students and the salaried professionals. The app provides instant loans and transfers the money in your bank account shortly after you’re qualified for a loan. It has a minimum loan amount of Rs. 500, and a maximum loan amount of Rs. 1,00,000.

The app offers a ton of advantages like, giving you rewards every time you recommend the app to someone else, and only asking for the most basic of details before providing you with a loan.

The documents required to get a loan from this platform are: Aadhaar Card/PAN card, a valid college ID, and a bank statement for the last 6 months.

Candidate must be 18+ to be eligible for a loan. Click here to visit them

5. StuCred

StuCred is familiar with the struggles of a college student, which is why they make the entire process of giving a loan quick and easy, as fast as 30 seconds after all the details are provided and approved, and even provide you with the option of asking for an extension if you feel like you need more time to pay off the loan. With this app, you can start building your credit score from the early age of only 18.

It has a minimum loan amount of Rs. 500, and a maximum loan amount of Rs. 10,000. You can get instant cash with a 0% interest rate with the app too.

The documents required to get a loan from this platform are: College details (college name, college ID, email ID), and your government ID (PAN card, Aadhaar Card, etc.)

You must be 18+ to be eligible for a loan. Click here to visit them

6. CASHe

CASHe is an instant personal loan app that offers short-term loans to young professionals in India. It uses a unique algorithm to assess the creditworthiness of potential borrowers based on their social media profiles, educational qualifications, and employment history. The application process is quick and easy, and loans can be approved within minutes. CASHe offers loan amounts ranging from Rs. 10,000 to Rs. 2,00,000 with flexible repayment options of 15 to 90 days. The app also has a feature that enables users to pre-close their loan at no extra charge. However, it is important to note that the app has a high-interest rate compared to traditional personal loans. Click here to visit them

7. EarlySalary

EarlySalary is an instant loan app that provides short-term loans to salaried individuals in India. The app is designed to provide quick financial assistance in case of unexpected expenses or emergencies. EarlySalary uses a proprietary algorithm to assess the creditworthiness of potential borrowers based on their salary, credit score, and employment history. The application process is simple and straightforward, and loans can be approved within minutes. The app offers loan amounts ranging from Rs. 8,000 to Rs. 2,00,000 with flexible repayment options of 7 to 30 days. EarlySalary also offers an option to apply for a loan with a co-applicant, which increases the chances of getting approved. However, it is important to note that the app has a high-interest rate compared to traditional personal loans. Click here to visit them

8. FlexSalary

FlexSalary is an instant loan app that provides short-term loans to salaried individuals in India. The app is designed to help users manage unexpected expenses or emergencies by providing quick access to funds. FlexSalary uses a proprietary algorithm to assess the creditworthiness of potential borrowers based on their salary, credit score, and employment history. The application process is simple and easy, and loans can be approved within minutes. The app offers loan amounts ranging from Rs. 5,000 to Rs. 2,00,000 with flexible repayment options of 7 to 30 days. FlexSalary also offers an option to pre-close the loan without any extra charges, which provides more flexibility to users. However, it is important to note that the app has a high-interest rate compared to traditional personal loans. Click here to visit them

9. MoneyTap

MoneyTap is an instant loan app that provides personal loans to salaried and self-employed individuals in India. The app utilizes a proprietary algorithm to assess the creditworthiness of potential borrowers based on their salary, credit score, and employment history. The application process is simple, and loans can be approved within minutes. MoneyTap offers loan amounts ranging from Rs. 3,000 to Rs. 5,00,000 with flexible repayment options of 2 to 36 months. The app also provides a feature called “MoneyTap Credit Line” which is a revolving credit line where users can borrow and repay multiple times, as long as the credit line is not exhausted. MoneyTap also offers low-interest rate compared to traditional personal loans, but it is important to review the terms and conditions of the loan before making a decision. Click here to visit them

10. LoanTap

LoanTap is an instant loan app that provides personal loans to salaried and self-employed individuals in India. The app uses a proprietary algorithm to assess the creditworthiness of potential borrowers based on their salary, credit score, and employment history. The application process is simple and easy, and loans can be approved within minutes. LoanTap offers various types of loan such as personal loans, salary advance loans, and credit card takeover loans with loan amounts ranging from Rs. 50,000 to Rs. 20,00,000 and flexible repayment options of 12 to 60 months. The app also provides a feature called “EMI-free loan” which allows borrowers to make periodic interest-only payments and pay the principal amount at the end of the loan tenure. However, it is important to review the terms and conditions of the loan before making a decision. Click here to visit them

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11. PayMe

PayMe India is an instant loan app that provides personal loans to salaried and self-employed individuals in India. The app uses a proprietary algorithm to assess the creditworthiness of potential borrowers based on their salary, credit score, and employment history. The application process is quick and easy, and loans can be approved within minutes. PayMe India offers loan amounts ranging from Rs. 5,000 to Rs. 5,00,000 with flexible repayment options of 3 to 36 months. The app also provides a feature called “Flexi-EMI” which allows borrowers to choose the number of EMIs as per their convenience and pay only the interest component in the initial months, and the principal component in the later months. However, it is important to review the terms and conditions of the loan before making a decision. Click here to visit them

12. SlicePay

SlicePay is an instant loan app that provides credit to college students and young professionals in India. The app uses a proprietary algorithm to assess the creditworthiness of potential borrowers based on their educational qualifications, social media profiles, and employment history. The application process is simple and easy, and loans can be approved within minutes. SlicePay offers credit limits ranging from Rs. 2,000 to Rs. 1,00,000 with flexible repayment options of 15 to 90 days. The app also provides a feature called “Buy Now Pay Later” which allows borrowers to buy products from partnered merchants and pay for them in easy EMIs. However, it is important to review the terms and conditions of the loan before making a decision. Click here to visit them

13. ZestMoney

ZestMoney is an instant loan app that provides credit to individuals in India. The app uses a proprietary algorithm to assess the creditworthiness of potential borrowers based on their salary, credit score, and employment history. The application process is simple and easy, and loans can be approved within minutes. ZestMoney offers credit limits ranging from Rs. 3,000 to Rs. 2,00,000 with flexible repayment options of 3 to 12 months. The app also provides a feature called “ZestMoney EMI” which allows borrowers to buy products from partnered merchants and pay for them in easy EMIs. Additionally, ZestMoney also offers credit score assessments and credit-building tools to help users improve their creditworthiness. However, it is important to review the terms and conditions of the loan before making a decision. Click here to visit them

14. LendBox

LendBox is a peer-to-peer lending platform that connects borrowers and investors in India. The platform uses a proprietary algorithm to assess the creditworthiness of potential borrowers based on their salary, credit score, and employment history. The application process is simple and easy, and loans can be approved within minutes. LendBox offers loan amounts ranging from Rs. 50,000 to Rs. 50,00,000 with flexible repayment options of 12 to 36 months. The platform also provides a feature called “Auto Invest” which allows investors to automatically invest in loans based on their pre-set criteria. LendBox’s interest rates are often lower than traditional personal loans, but it is important to review the terms and conditions of the loan before making a decision. Click here to visit them

15. CreditVidya

CreditVidya is a financial technology company that uses alternative data and analytics to provide credit to individuals who have limited or no credit history in India. The platform uses a proprietary algorithm to assess the creditworthiness of potential borrowers based on their digital footprints, such as social media profiles, mobile usage, and e-commerce transactions. The application process is simple and easy, and loans can be approved within minutes. CreditVidya offers loan amounts ranging from Rs. 10,000 to Rs. 2,00,000 with flexible repayment options of 3 to 12 months. The platform also provides a feature called “CreditVidya Score” which allows borrowers to monitor their credit score and improve their creditworthiness. However, it is important to review the terms and conditions of the loan before making a decision. Click here to visit them

When applying for a loan as a student, it’s important to consider the following things:

  1. Interest rate: Compare interest rates from different lenders to find the one with the lowest rate.
  2. Repayment terms: Consider the length of time you have to repay the loan and whether you will be able to make the payments on time.
  3. Fees: Be aware of any fees associated with the loan, such as origination fees or prepayment penalties.
  4. Collateral: Some loans may require collateral, such as a property or other assets. Make sure you understand the implications of putting up collateral.
  5. Co-signer: Some lenders may require a co-signer, usually parents, on the loan. Make sure you understand the responsibilities of a co-signer and the impact it may have on their credit.
  6. Eligibility Criteria: Check if the lender have any eligibility criteria like minimum income, credit score or other factors.
  7. Flexibility: Some loans may offer flexible repayment options, such as deferment or forbearance, which can be helpful if you experience financial hardship.
  8. Research: Research the lender and read reviews from other customers to get an idea of their reputation and service quality.

It’s important to read and understand the terms and conditions of the loan before signing the loan agreement. It’s always better to take professional help if you are unsure about any aspect of the loan.

Conclusion

Hope you have read whole article above and must have found best Instant Loan Apps. But keep in mind that all these apps will need your KYC. Also you need to fulfill the the required conditions given by them. You can comment your thoughts below or if forgot any app then you can also suggest in the comment section.

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