Best Loan Apps for Students in India for 2024 As education costs continue to rise, students often face financial constraints when pursuing their academic dreams. To bridge this gap, several loan apps in India now cater specifically to students, offering quick and easy access to funds for tuition fees, course materials, and living expenses. In this article, we will explore the best loan apps for students in India that provide hassle-free loans with flexible repayment options.
1. Mpower Financing: Best for International Students
Mpower Financing is one of the top loan apps designed specifically for students pursuing higher education, both in India and abroad. With flexible repayment options and no collateral requirements, it’s ideal for students looking to fund their education.
Key Features:
- Loan amounts up to ₹50,00,000.
- Interest rates starting at 10.99% per annum.
- No co-signer or collateral required.
- Loans available for both Indian and international students.
Pros:
- No collateral or co-signer needed.
- Offers loans for international education.
- Flexible repayment options.
Cons:
- Interest rates can be high compared to traditional student loans.
2. Credenc: Best for Indian Students in Top Colleges
Credenc provides loans to students studying at top colleges in India. With a streamlined application process and quick disbursal, Credenc is a go-to option for students pursuing professional courses such as engineering, medicine, and management.
Key Features:
- Loan amounts up to ₹10,00,000.
- Interest rates starting at 9.99% per annum.
- Quick loan approval and disbursal.
- No collateral required for select colleges.
Pros:
- Instant approval for students in top colleges.
- No collateral required for high-ranking institutes.
- Competitive interest rates.
Cons:
- Limited to students from specific colleges.
3. Avanse: Best for Education Loans with Flexible Repayment
Avanse offers student loans with customizable repayment options. Whether you’re pursuing higher education in India or abroad, Avanse provides funding for tuition fees, living expenses, and other academic costs.
Key Features:
- Loan amounts starting from ₹1,00,000.
- Interest rates starting at 11.75% per annum.
- Flexible repayment tenure up to 10 years.
- Coverage for tuition fees, accommodation, travel, and more.
Pros:
- Covers a wide range of educational expenses.
- Flexible repayment options tailored to students’ needs.
- Available for both Indian and international education.
Cons:
- Processing fees may apply.
4. Propelld: Best for Vocational Courses
Propelld is a student loan app that focuses on providing loans for vocational and skill development courses. If you’re looking to upskill or enroll in a short-term course, Propelld offers tailored loans with low-interest rates.
Key Features:
- Loan amounts up to ₹5,00,000.
- Interest rates starting at 12.00% per annum.
- Flexible repayment options available.
- No collateral required.
Pros:
- Specializes in vocational and skill-based courses.
- Quick loan approval.
- Flexible repayment options.
Cons:
- Higher interest rates for short-term courses.
-
5. InCred: Best for Easy Application Process
InCred is known for its hassle-free loan application process, making it easier for students to fund their education without extensive paperwork. InCred offers loans for higher education in both India and abroad.
Key Features:
- Loan amounts from ₹50,000 to ₹40,00,000.
- Interest rates starting at 9.75% per annum.
- Quick and easy online application.
- Flexible repayment options with tenure up to 10 years.
Pros:
- Fast and straightforward application process.
- No collateral required for smaller loan amounts.
- Loans available for a wide range of courses and institutions.
Cons:
- Processing fees may be higher compared to other apps.
Factors to Consider When Choosing a Loan App for Students
When selecting a loan app, students should consider the following factors:
- Interest Rates: Lower interest rates mean lower EMIs, which can help reduce financial pressure during studies.
- Repayment Flexibility: Some apps offer the option to start repaying after completing the course, while others require monthly payments during the study period.
- Loan Amount: Ensure the app provides enough funds to cover tuition fees, living expenses, and other academic costs.
- Eligibility: Some apps may only offer loans to students attending specific colleges or pursuing certain courses.
How to Apply for a Student Loan through an App
Here’s a step-by-step guide to applying for a student loan using these apps:
- Download the app from Google Play Store or the Apple App Store.
- Register using your details such as mobile number, email ID, and Aadhaar card.
- Complete the KYC process by submitting documents like Aadhaar card, PAN card, and admission proof.
- Fill out the loan application form with the required loan amount and course details.
- Submit the application and wait for approval, which can happen within minutes or a few hours.
- Receive the loan amount directly into your bank account once approved.
FAQs on Student Loan Apps in India
1. Can I get a student loan without a co-signer?
Yes, many loan apps like Mpower Financing and Credenc do not require a co-signer or collateral.
2. Are these loan apps safe to use?
Yes, most of these apps are RBI-registered and follow strict data protection guidelines, making them safe and secure.
3. How quickly can I get a student loan through an app?
Loan disbursal can take anywhere from a few minutes to a few days, depending on the app and the documentation process.
4. Can I repay the loan after completing my education?
Yes, many apps offer flexible repayment options, including the ability to start repaying after completing your studies.
5. Do these loan apps cover international education?
Yes, apps like Mpower Financing, Avanse, and InCred offer loans for students pursuing education abroad.
6. What is the maximum loan amount I can get?
The loan amount varies by app, with most offering between ₹1,00,000 and ₹50,00,000, depending on the course and institution.
Latest Loan App:
Swift Second Loan App Review – Is It the Right Choice for Quick Personal Loans?
Swift Seconds Loan App Download: A Step-by-Step Guide for Fast Loans