Being a student comes with its own set of challenges, and one of the biggest is managing finances. From tuition fees to daily expenses, it can get overwhelming. Thankfully, there are loan platform specifically designed for students, offering quick, easy, and hassle-free loans.
With just a few taps on your phone, you can get the money you need instantly. No long processes, no complicated paperwork, just fast financial help when you need it. In this blog, we’ll explore the best loan apps for students. Let’s get started.
Why Do Students Need Loan Apps?
Students often struggle to make ends meet, especially when traditional banks demand high credit scores and long processing times.
Loan platform step in to fill this gap by offering student-specific loans that are easy to apply for, quick to disburse, and flexible to repay.
Whether you need help covering your tuition fees, buying study materials, or managing everyday expenses, student loan apps can be a convenient solution.
What Features Make a Loan App Great for Students?
When choosing a loan platform, students should look for key features like:
- Quick Approval and Disbursement: Instant access to funds when you need them most.
- Low-Interest Rates: Affordable repayment options that fit a student’s budget.
- Flexible Repayment Terms: Apps that let you repay after graduation or in easy installments.
- Simple Documentation: Minimal paperwork to make the process easier for students.
- Student-Focused Benefits: Special discounts or educational loan offers.
List of Best Loan Apps for Students in India
Managing finances as a student can be challenging, especially with academic fees and daily expenses piling up. Luckily, there are several loan platform designed specifically to help students.
These apps offer instant access to loans with flexible repayment options and minimal paperwork. This blog will explore the best loan apps for students in India, their features, pros and cons, and more.
1. KrazyBee
KrazyBee is one of the most popular student loan apps in India, offering easy loans for educational purposes. With quick approvals and flexible repayment options, this app is perfect for students who need financial help to cover their tuition fees or buy study materials.
KrazyBee’s user-friendly interface makes it simple to apply for a loan and manage repayments. The app is particularly beneficial for students without a credit history, as it doesn’t require one for loan approval.
Loan Amount: Upto ₹10 lakhs
Interest Rate: Ranging from 12% to 33% per annum
Repayment Tenure: 3 to 48 months
Eligibility Criteria:
- Indian citizen
- Age above 21 years
- Minimum monthly personal income of ₹10,000
- Minimum monthly household income of ₹25,000
- Possess government-approved valid identity proof and address proof
- Aadhaar-linked mobile number
Documents Required:
- Address Proof
- PAN card
- Photograph
- Bank statement (if required for higher amounts)
Pros:
- Fast approval and disbursement
- No credit history required
- Specially designed for students
- Flexible repayment options
- Easy-to-use app interface
Cons:
- Higher interest rates compared to traditional loans
- Penalties for late payments
Suggested Read: Fintech Companies in Bangalore
2. mPokket
mPokket offers small, instant loans for students and young professionals to meet their day-to-day expenses. The application process is quick, and students can receive money directly into their bank accounts.
With its easy interface and focus on students, mPokket is ideal for those who need urgent cash for personal expenses or emergencies.
Loan Amount: ₹1000 to ₹45,000
Interest Rate: Starts at 24% per annum
Repayment Tenure: 4 months
Eligibility Criteria:
- Must be an Indian citizen between 18 to 50 years old.
- Minimum monthly income should be ₹9,000 with a stable source of income.
Documents Required:
- Aadhaar card
- PAN card
- Address proof
- Income proof
- College ID card
Pros:
- Fast disbursement, within minutes
- No credit score needed
- Minimal paperwork
- Ideal for small, short-term loans
- Simple and user-friendly app
Cons:
- High interest rates for short tenures
- Short repayment periods
3. Eduvanz
Eduvanz is a loan app focusing on educational loans for students, offering financing for tuition fees, study materials, and more. The app provides loans without requiring any collateral, making it accessible for students from different backgrounds.
Eduvanz also offers competitive interest rates and flexible repayment plans, making it easier for students to manage their finances while focusing on their studies.
Loan Amount: ₹10,000 to ₹5 lakh
Interest Rate: 15 to 45% per annum
Repayment Tenure: 60 months
Documents Required:
- Aadhaar card
- PAN card
- Bank statement
- Utility Bills
Pros:
- No collateral required
- Competitive interest rates
- Long repayment periods
- Designed specifically for educational loans
- Easy application process
Cons:
- Limited to educational loans only
- Longer approval process compared to some apps
4. RedCarpet
RedCarpet offers instant loans to students and provides credit cards for small purchases and bill payments. It has a fast approval process, and students can get credit within minutes of applying.
The app’s unique feature is its prepaid card, which allows students to make online and offline purchases without worrying about cash flow. RedCarpet is ideal for students who need a flexible loan to cover daily expenses.
Loan Amount: ₹500 to ₹60,000
Interest Rate: Starts at 8.15% per annum
Repayment Tenure: 1 to 6 months
Documents Required:
- Aadhaar card
- PAN card
- College ID card
- Bank account details
Pros:
- Instant loan approval
- Prepaid card for easy spending
- Flexible loan amounts
- No guarantor needed
- User-friendly interface
Cons:
- High interest rates for short tenures
- Penalty for late payments
5. BadaBro
BadaBro provides small personal loans for students with a simple, hassle-free process. The app is great for students who need money quickly for expenses like books, groceries, or travel.
With its easy application process, BadaBro offers loans to students without a long wait for approval. It’s a reliable option for students who want quick, short-term loans.
Loan Amount: ₹500 to ₹100,000
Interest Rate: 0% to 3% per month
Repayment Tenure: 7 to 30 days
Eligibility Criteria:
- Age above 18+ years
- Must be Indian Citizen
Documents Required:
- KYC valid Address Proof
- PAN card
- Valid bank account
Pros:
- Instant loan disbursement
- No credit history required
- Simple and quick application process
- Designed for students
- Flexible repayment terms
Cons:
- High interest rates
- Limited loan amount
6. Slice
Slice is a unique credit line app that offers students access to credit for everyday expenses. With a credit limit that can go up to ₹10 lakh, Slice offers flexibility and ease of use.
Students can use the Slice card for online and offline purchases, making it a popular option for those who want to build their credit score while studying. Slice also offers several student discounts and rewards.
Loan Amount: ₹2,000 to ₹10,000
Interest Rate: Starts at 3% per month
Repayment Tenure: 1 to 3 months
Documents Required:
- Aadhaar card
- PAN card
- College ID card
- Bank account details
Pros:
- No annual fees
- Flexible credit line
- Quick and easy approval
- Exclusive student offers
- Can be used for both online and offline purchases
Cons:
- Interest charges if not repaid within the due date
- Higher interest rates for larger credit amounts
7. LazyPay
LazyPay is a Buy Now, Pay Later app that allows students to make purchases and pay for them later. It’s perfect for students who want to shop online, pay bills, or book tickets without paying upfront.
LazyPay offers instant loans with flexible repayment terms, making it a convenient option for students.
Loan Amount: ₹1000 to ₹1 lakh
Interest Rate: Starts at 18% to 25% per annum
Repayment Tenure: 3 months to 24 months
Eligibility Criteria:
- Must be between 22-55 years old
- Citizen of India
Documents Required:
- Bank account number & IFSC
- PAN card
- Net Banking
Pros:
- Instant loan approval
- Flexible repayment terms
- No paperwork required
- Low-interest rates for short-term loans
- Easy tracking of payments and spending
Cons:
- Penalties for late payments
- Not suitable for larger loans
8. SmartCoin
SmartCoin is a micro-loan app offering small loans to students and young professionals. The app provides instant loans starting from ₹1,000, which is perfect for students who need urgent cash for daily expenses.
With flexible repayment options and fast disbursement, SmartCoin is a convenient solution for managing short-term financial needs.
Loan Amount: ₹1,000 to ₹5 lakh
Interest Rate: Starts at 1.5% per mmonth
Repayment Tenure: 2 to 24 months
Documents Required:
- Aadhaar card
- PAN card
- Bank statement
Pros:
- Quick loan approval and disbursement
- No paperwork required
- Small loan amounts for daily expenses
- Flexible repayment options
- User-friendly interface
Cons:
- High-interest rates
- Short repayment tenure
9. EarlySalary
EarlySalary is designed for young professionals but also benefits students by offering salary advances. With its fast loan approval process and flexible repayment options, EarlySalary allows students to cover their expenses with ease.
The app offers both small and large loans, making it a versatile option for students with part-time jobs or internships.
Loan Amount: ₹8,000 to ₹5 lakh
Interest Rate: Starts at 16% per annum
Repayment Tenure: Upto 1 year
Documents Required:
- Aadhaar card
- PAN card
- Bank account details
Pros:
- Fast approval process
- No credit score required for small loans
- Flexible EMI options
- Long repayment tenure
- Easy-to-use app
Cons:
- Higher interest rates for larger loans
- Requires steady income for larger amounts
10. FlexSalary
FlexSalary offers flexible loans for students, young professionals, and freelancers. It provides quick access to funds with minimal paperwork and no fixed EMIs, allowing students to repay at their own convenience.
The app is ideal for those who want flexibility in loan repayment without the stress of rigid terms.
Loan Amount: ₹4,000 to ₹3 lakh
Interest Rate: Starts at 18% to 36.5% per annum
Repayment Tenure: Upto 36 months
Pros:
- Flexible repayment options
- No prepayment penalties
- Quick loan approval
- Multiple small loans option
- Easy interface
Cons:
- High-interest rates
- Only suitable for short-term needs
Comparison Table of Loan Apps
| Loan App | Loan Amount | Interest Rate | Repayment Tenure |
| KrazyBee | ₹10,000 to ₹10 lakh | 12% to 33% per annum | 3 to 48 months |
| mPokket | ₹1,000 to ₹45,000 | Starts at 24% per annum | 4 months |
| Eduvanz | ₹10,000 to ₹5 lakh | 15% to 45% per annum | Up to 60 months |
| RedCarpet | ₹500 to ₹60,000 | Starts at 8.15% per annum | 1 to 6 months |
| BadaBro | ₹500 to ₹1 lakh | 0% to 3% per month | 7 to 30 days |
| Slice | ₹2,000 to ₹10,000 | Starts at 3% per month | 1 to 3 months |
| LazyPay | ₹1,000 to ₹1 lakh | 18% to 25% per annum | 3 to 24 months |
| SmartCoin | ₹1,000 to ₹5 lakh | Starts at 1.5% per month | 2 to 24 months |
| EarlySalary | ₹8,000 to ₹5 lakh | Starts at 16% per annum | Up to 12 months |
| FlexSalary | ₹4,000 to ₹3 lakh | 18% to 36.5% per annum | Up to 36 months |
How to Choose the Best Loan App for You
Choosing the right loan app depends on your financial needs. Here are some tips to help you decide:
- Loan Amount: Determine how much money you need and choose an app that offers that loan size.
- Repayment Options: Look for apps with flexible repayment options that won’t add stress to your budget.
- Interest Rates: Compare interest rates to ensure you’re getting the best deal.
- Purpose: If you’re looking for an education-specific loan, apps like Eduvanz and Bajaj Finserv are great choices.
Conclusion
Managing money as a student can be difficult, but these loan apps make it much easier. Whether you need to pay for tuition, buy books, or cover daily expenses, apps like KrazyBee, mPokket, and Eduvanz can give you quick financial help. Each app has its own benefits, some offer low-interest loans, flexible repayments, or special options for education loans.
It’s important to choose the app that works best for your needs and allows you to repay comfortably. Always remember to borrow only what you need and pay back on time. With the right app, you can take care of your finances and focus more on your studies!
FAQs
Q1: Can I get a loan if I don’t have a credit score?
Yes, many apps like KrazyBee and mPokket offer loans without needing a credit score.
Q2: Are there any hidden fees in loan apps?
Most apps are transparent, but always check the terms and conditions before applying.
Q3: How fast can I get a loan?
Most apps provide instant approvals and disburse loans within 24 hours.
Q4: Can I repay the loan after graduation?
Yes, apps like Eduvanz offer repayment plans that allow you to start repaying after completing your course.
Q5: Do I need a guarantor for student loans?
It depends on the app—some like Bajaj Finserv may require a guarantor, while others like mPokket do not.
