Top 6 Best Student Loan Apps in India (Quick Loan)

India is the second-most populous country in the world, with more than 1.3 billion people. There is a lot of competition for students trying to get into universities and colleges in India. One way to make these expensive fees easier to handle is by using student loan apps.

We will cover some of the top 6 best student loan apps that are available in India. Some of these apps are specifically designed for students from certain backgrounds such as sports or arts and others are meant for those who have low credit scores or financial problems.

Top 6 Best Student Loan Apps in India

1. Slice Credit Card (Slice Pay)

The terms “slice card” and “slice super card” refer to the same thing. For those who have been unsuccessful in applying for a credit card in the past, Slice cards may be the answer.

The maximum credit limit on the Slice Super Card is 10 Lakh. It signifies that you are inside your credit limit and may make a purchase.

Features of Slice Pay

  • Users of SlicePay India’s student loan app may borrow sums ranging from 2,000 to 10 lakh rupees.
  • Payments may be carried out over three months for free.
  • You may earn up to 2% cash back on every transaction with your Slice card.
  • Furthermore, you may instantly transfer money from your Slice card to your bank or Paytm accounts.
Basic Components Card Details
Credit LimitFrom Rs. 10,000 to 10 Lakh
Age Criteria18 years or above
Joining FeesZero
Annual ChargesZero
Approval ProcessOnline
Rewards Points2% of every transaction
Interest-FreeUp to 90 days
EligibleSelf Employed/ Salaried/ Student/ Housewife
Also Read: Choose Credit Cards for Interenational Student

2. mPokket- Popular Loan App

mPokket has a very diverse range of loans it offers to students. mPocket provides everything from Rs.500 to Rs.20,000 for their instant loans, which you can use for anything from saving cash for an upcoming trip to traveling the world in style.

This is a loan to students who are studying at institutes in India and need money for living expenses. Its eligibility criteria depend on the student’s Permanent Account Number (PAN) card.

mPokket offers loans to people 18 and older who are intending to go to college.

They charge low-interest rates to all customers, depending on how much they have saved.

Features of mPocket

  • The program simplifies the process of getting a student loan.
  • Instant loans in India may be obtained in as little as two minutes and cost anything from Rs. 500 to Rs. 30,000.
  • Between 61 and 120 days are given for repayment.
  • The interest rate changes monthly between 1% and 6%.
  • There is a transaction cost of between Rs. 34 and Rs. 203, plus GST (currently 18%).
Interest rate2% to 6% per month
Loan AmountUP to 30,000
Loan Tenure61 days to 120 days
Eligibility Age18 years 
Income RequiredRs. 9,000/- Per month
Registration FeesZero
Eligible ForSelf-Employed/Salaried Person

3. RedCarpet App

One of the most difficult parts of being a student is buying school supplies and textbooks that are out of reach for the average college student. The RedCarpet platform has made it possible for students to receive instant loans from friends, family, and even strangers. 

This app provides a small loan of up to 6,000 INR within the period of 1 month. 

You are also able to pay your EMI over a 3, 6, 9, and 12-month period.

This app is a new way of managing life with less stress. The app is made with an in-built tracker to ensure the safety and security of its users at all times. It also offers a Platinum Mastercard that can be used for a range of functions like online transactions, travel & more.

Features Of RedCarpet

  • The application does not require a single lump amount payment, but rather a credit line.
  • Ruby cards are restricted to customers who have taken out a personal loan from the company. The loan proceeds are dispersed subtly, much like a debit card.
  • With this debit card, you may make cash withdrawals of up to Rs. 1,000 without incurring any fees.
  • The official RedCarpet app for the company has a built-in budget manager. With this feature, you can easily track your spending, analyze your habits, and check your whole card account 24/7, 365 days a year.
Also Read: 7 best pay later apps for students

4. KreditBee

KreditBee is a unique platform that offers student loans to people of all ages. They have a very quick approval process and they only charge interest rates of 15-29.5% per annum. 

KreditBee can be used for anything including buying a car, getting out of debt, and even paying off your tuition fees.

These lenders offer loans from as low as Rs. 5,000 to Rs. 2,00,000 at competitive rates and with flexible repayment options.

The loans are available for those in the age group of 21 years to 56 years, who want to start or grow their businesses in today’s modern era. This can be done by applying for a loan online and by filling out a digital application.

Features of KreditBee

  • Borrowing amounts ranging from 1000 to 3,000,000 rupees are allowed.
  • The time ranges from 62 days to 15 months.
  • The yearly interest rate range is 0% to 29.95%.
  • Processing fees might range between 0% and 7%.
Loan amountFrom Rs. 1,000 – Rs 3 Lakh
Loan tenure62 days – 15 months
Interest rate0% – 29.95%. p.a.
Processing feeRs. 60 to Rs 2,000 + GST
Age21 – 45 years 
Cibil Score Required
Eligible ForSalaried/ Self Employed/ Student 
Also Read: Student Credit Card in India

5. Pocketly

If you want to borrow money, check out Pocketly. They are known for offering high-quality service by providing loans at an astonishingly fast speed.

They charge an interest rate of 1-3% per month based on the amount and the loan tenure.

A loan product in the form of a digital app is available for students, offering up to Rs. 50,000 as a maximum loan amount and based on Android smartphones.

With our top-up loans, you can easily fund your Paytm account or get a bank transfer.

Features Of Pocketly

  • If you pay your payments on time, your credit limit will increase.
  • Upload user verification, underwriting, and KYC papers.
  • Increase your credit score to get a higher loan.
  • Get Up to Rs. 50,000 in loans.
  • Loan refinancing, loan extensions, and loan restructuring

6. CashBean -Best Loan app

The CashBean student loan app is a highly reputable service for students in India. This app is also available for Android-based smartphones and is widely trusted by international students looking to study in the region.

CashBean offers easy-access loans of up to Rs.60,000 with surprisingly low-interest rates. There is a processing and service fee of 18% on the loan amount.

You’ll have to show some source of income to even apply for an advance loan with the company. The interest rate per annum is 33%.

They need to process your loan quickly and efficiently. If you are between the ages of 21-56.

Features of CashBean

  • This fast loan for students app offers loan sums between Rs. 1,500 and Rs. 60,000, with a repayment period of three to six months.
  • Presently, a daily interest rate of 0.07% is being offered.
  • Depending on the total amount being processed, you should expect to pay between Rs 90 and Rs 2,000 Plus GST (18%).
Loan amountFrom Rs. 1,500 – Rs 60,000
Loan tenure3 – 6 months
Interest rate25.55% p.a.
Processing feeRs. 90 to Rs 2,000 + GST
Age18 – 56 years 
Cibil Score Not required
Eligible ForSalaried/ Self Employed/ Student 
Also Read: Student Credit Card in India

Wrapped UP

As a college student, you may be careful with your spending, but that doesn’t mean you should be careless with your money. Young people make mistakes when it comes to money and they often fall victim to scams.

Having access to a wide array of technology is important. Purchasing items such as laptops, smartphones, and bikes helps people who work in tech-based jobs stay up to date with the newest technologies.

So, this was the list of the top 6 best student loan apps for students in India. These apps offer instant personal loans within a few hours.