Unfortunately, many students are unaware of the steps necessary to get a student loan. As a result, they are in a bind when it comes to getting quick cash to meet their immediate financial obligations.
If you are a student, you can apply for an instant loan through apps. You can get up to 5 lakh loans through our top 5 student loan apps in India.
Check out the best loan apps for students with a 14% to 36% interest rate per annum.
The Top 5 Student Loan Apps in India
| Loan Apps | Interest Rate | Tenure | Loan Amount |
| Navi | 12-30% per annum | 3 to 60 months | Rs. 10,000 to 5 lakh |
| Kreditbee | 0% to 29.95% p.a. | 2 months to 15 months. | Rs. 1,000 to 2 lakh |
| Slice Card | NIL | Up to 90 days (Interest-free) | Rs. 10,000 to 10 lakh |
| Uni Card | NIL | Up to 90 days (Interest-free) | Up to 5 lakh |
| Truecaller | 16% per annum | 3 months to 36 months | Rs. 10,000 to 5 lakh |
1. Navi
Paperless loans from Navi are available up to Rs. 5 lakh. After completing your KYC paperwork, a loan will be sent directly to your bank account.
A personal loan from Navi is processed instantly online. This loan doesn’t need any collateral. You can apply for Navi instant loan with minimum documents.
Features of Navi Loan
| Interest rate | 12-30% per annum |
| Loan Amount | From Rs. 10,000 to 5 lakh |
| Credit Score | Minimum 650 or above |
| Approval Process | Online |
| Loan Tenure | From 3 to 60 months |
| Eligibility Age | 18 to 65 years |
| Processing Fees | 2.5% of Loan Amount + GST Charge |
| Who Can Apply | Self-Employed/ Salaried Person/ Student |
2. Kreditbee
KreditBee is also another helpful app for quick student loans. Loans of up to Rs. 300,000 are available, with interest rates as high as 29.5% per year. If you are between the ages of 21 and 56, you are eligible to apply for one of these loans.
Kreditbee is fully digital that is easy to process without going anywhere. You must provide all supporting papers through the app to approve the loan.
Features of Kreditbee
| Interest rate | 0% to 29.95% per annum |
| Loan Amount | Rs. 1,000 to 2 lakh |
| Approval Process | Online |
| Loan Tenure | 2 months – 15 months. |
| Eligible For | Salaried / Self Employed / Student |
| Processing Fees | 1.5%-3% of Loan Amount |
3. Slice Card
The slice card and the slice super card are the same things. Slice cards met the credit card needs of those who were unable to get a credit card.
The Slice Super Card has a credit limit of up to Rs. 10 lakh. It implies you have the ability to spend money on your credit limit.
Their loans have maturities ranging from 30 to 90 days. SlicePay also charges 3% interest every month.
Features of Slice Card
| Basic Components | Card Details |
| Credit Limit | From Rs. 10,000 to 10 Lakh |
| Age Criteria | 18 years or above |
| Joining Fees | Zero |
| Annual Charges | Zero |
| Approval Process | Online |
| Rewards Points | 2% of every transaction |
| Interest-Free | Up to 90 days |
| Eligible | Self Employed/ Salaried/ Student/ Housewife |
4. Uni Card
Uni has created India’s first third-party payment card, which is supported by payment processor VISA Platinum. It is extremely beneficial to individuals who have problems making entire payments.
One of the greatest EMI cards is the Uni Pay 1/3 card. Pay your monthly bills in three installments and get 1% back after the last payment. Apply for a Uni 1/3rd card with unlimited access for life.
Features of Uni Card
| Basic Components | Card Details |
| Credit Limit | Up to 5 Lakh |
| Age Criteria | 18 years or above |
| Joining Fees | Zero |
| Annual Charges | Zero |
| Approval Process | Online |
| Rewards Points | 1% after full payment |
| Interest-Free | Up to 90 days |
| Eligible | Self Employed/ Salaried/ Student/ Housewife |
5. Truecaller
A well-known caller identification software, Truecaller, now offers lightning-fast personal loans in amounts ranging from Rs. 10,000 to 5 lakh.
You may get an instant decision on your loan application with Truecaller, even if you just need to provide some basic documents. This lender charges an annual interest rate that is equal to 16%.
Features of Truecaller
| Interest rate | 16% per annum |
| Loan Amount | From 10,000 to 5 lakh |
| Credit Score | Minimum 650 or above |
| Loan Tenure | From 3 months to 36 months |
| Eligibility Age | 18 years or above |
| Processing Fees | Charged Dynamically |
| Eligible For | Self-Employed/ Salaried Person / Students |
Also Read: How to get Emergency Loan Quickly
Benefits of Student Loan
Quick Cash: These loan apps give you instant loan approval within 24hr. If you are eligible, money will credit within 48 hours to your bank account.
Flexible Repayment: It’s easy to pay your loan through a flexible repayment option. Pay your loan EMI over a 3 to 36 term. Choose an EMI that meets your needs.
Basic Documents: Anyone can apply for a student loan with just a pan card and an Aadhaar card. This is enough to get the loan.
No Verification: Get a student loan without having to provide any verification. It’s a completely online process. You may apply for a loan from the comfort of your own home.
Also Read: Top 10 Business Loan apps in India
Documents Required for Student Loan
You will need basic documentation to get the student loan. Following documents:
- Pan Card
- Aadhaar Card
- Active Bank Account
Eligibility Criteria for Student Loan
Fulfill the basic eligibility criteria to get the student loan through apps.
- Good Cibil Score (700+)
- Not defaulter on past loan
- Indian Citizen
Also Read: Instant Personal Loan at 12,000 Salary
Pros and Cons of Student Loan Through Apps
The decision to take out a student loan should be made after careful consideration of its advantages and disadvantages. Let’s take a look at the advantages and disadvantages of each of these options so you can choose the one that seems most suited to your situation.
| Pros | Cons |
| It is a fully digital process. | You will require a 700+ Cibil Score. |
| Get an instant loan without going anywhere. | The loan amount is not higher. |
| The interest rate is too high up to 36% p.a. | |
| A flexible repayment facility is available. | If you cannot pay on time, bounce and other charges can ruin your life. |
| Instant approval if you have a Good Cibil Score. | Your credit score will be hampered if you cannot pay EMI on time. |
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