Loan Apps for Students in India, In today’s fast-paced educational landscape, pursuing higher studies often comes with a hefty price tag. From tuition fees to living expenses, students face financial challenges that can be overwhelming. This is where student loan apps come to the rescue. In this article, we will explore the top 10 loan apps for students in India, offering financial support for their academic journey.
Why Do Students Need Loan Apps?
College and university expenses can put a strain on a student’s finances. Tuition fees, accommodation, books, and other miscellaneous costs can add up quickly. Loan apps offer students the financial flexibility they need to cover these expenses without burdening their families.
Factors to Consider When Choosing a Loan App
Selecting the right loan app is crucial to ensure manageable repayments and favorable terms. Here are some factors to consider:
Interest Rates
Different loan apps offer varying interest rates. Understanding these rates is essential to choose the most cost-effective option.
Repayment Terms
Loan repayment terms can vary significantly. It’s important to select an app with terms that align with your financial capabilities.
Loan Amount
Consider the maximum loan amount available through the app to ensure it meets your educational expenses.
Eligibility Criteria
Each loan app may have specific eligibility criteria. Make sure you meet these requirements before applying.
Top 10 Loan Apps for Students in India
Let’s dive into the top 10 loan apps that cater to the financial needs of students in India.
1. SBI Education Loan
The State Bank of India (SBI) offers education loans to students in India. While there isn’t a specific “SBI Education Loan App,” you can apply for SBI education loans online through their official website. SBI provides various educational loan schemes with attractive interest rates for pursuing higher education in India or abroad.
To apply for an education loan from SBI, you can visit their official website at SBI Education Loan. Here, you will find information about the different schemes and offers available, as well as the application process.
2. HDFC Credila
The HDFC Credila app is a mobile application offered by HDFC Credila Financial Services Private Limited. It is designed to provide services related to education loans. Users of this app can perform various tasks, including:
- Checking Loan Status: You can use the app to check the status of your education loan application or an existing loan [2].
- Initiating Disbursement: The app allows you to initiate the disbursement of funds for your education loan, which is a crucial step in financing your education [1].
- Uploading Documents: Users can conveniently upload necessary documents related to their education loan through the app [1].
- Discount Coupon Codes: The app provides the option to obtain discount coupon codes, which may be related to education expenses or loan offers [1].
To access your HDFC Credila loan account, you can use the app or visit the HDFC Credila website’s customer service section for account access [3].
Please note that the app is available for download on Android and iOS devices, making it accessible to a wide range of users.
3. Avanse Financial Services
Avanse Financial Services is a technologically advanced, education-focused Non-Banking Financial Company (NBFC) in India. Their mission is to provide seamless and affordable education financing to students. Here’s some key information about Avanse Financial Services:
Education Loans: Avanse offers education loans for students, helping them finance their higher education. These loans are available at competitive interest rates, and they can cover up to 100% of the financing needed for education.
To learn more about Avanse Financial Services and their education loan offerings, you can visit their official website here. Additionally, you can follow them on social media for updates and news about their services.
4. InCred
InCred is a new-age financial services platform that utilizes technology and data science across its range of offerings. They provide various financial services, including Personal Loans, Digital MSME Loans, SME Business Loans, and Education Loans. InCred aims to make lending quick and easy by leveraging technology and data-driven processes in the lending industry.
5. Prodigy Finance
Prodigly Finance is a UK-based financial institution that specializes in providing education loans for international students pursuing graduate degrees at universities around the world.
They offer loans without the need for collateral or a co-signer, making it accessible for students who may not have a local credit history or a financial guarantor. Prodigy Finance’s loans are designed to help cover tuition fees and living expenses for international students, enabling them to pursue their dream degrees at top schools.
6. Axis Bank Student Loan
Axis Bank offers student loans to support the educational needs of students in India. Here are key features and information about Axis Bank Student Loans:
- Loan Amount: Axis Bank provides education loans starting from as low as INR 50,000 with no upper limit, covering up to 100% of the total educational expenses.
- Eligibility: To be eligible for an Axis Bank Student Loan, applicants must meet certain criteria related to their course, institution, co-applicant, and more. Detailed eligibility requirements and required documents can be found on the Axis Bank website.
- Interest Rates: Axis Bank offers competitive interest rates on education loans. The exact rates may vary, so it’s advisable to check the bank’s website or contact them for the most current information.
- Loan Sub-Variants: The bank provides different sub-variants of education loans, including unsecured loans of up to Rs. 50 lakhs based on the co-applicant’s income. These loans are available for full-time domestic and international courses with a loan tenure of up to 10 years.
- EMI Calculator: Axis Bank offers an Education Loan EMI Calculator on its website. This tool can help applicants estimate their monthly loan repayment amounts based on the loan amount, tenure, and interest rate.
- Collateral: Axis Bank typically does not require collateral for education loans, making it more accessible for students.
7. Upwards
Upwards is an Indian personal loan app that provides instant loans to salaried individuals. The app offers loans ranging from Rs. 25,000 to Rs. 5,00,000 with low EMIs (Equated Monthly Installments). Upwards has gained popularity for its quick loan approval and disbursement process, making it a preferred choice for those in need of short-term loans.
The app eliminates the need for physical documents during the application process, simplifying the loan application experience for users.
8. Buddy Loan
Buddy Loan app is an online platform in India that offers personal loans to both salaried professionals and business owners. They provide loans with interest rates starting at 11.99% and claim to have no prepayment or hidden charges associated with their loans.
Borrowers can apply for instant personal loans ranging from Rs. 10,000 to Rs. 15 Lakhs using the Buddy Loan app, which is available for download on both the Google Play Store and the Apple App Store. Buddy Loan serves as a loan aggregator platform, partnering with various NBFC (Non-Banking Financial Company) lending partners that are RBI registered. This allows borrowers to access a wide pool of personal loan providers through a single platform.
9. Money View
Money View is a financial app that offers instant personal loans of up to Rs. 10 lakhs. These loans are unsecured, meaning there’s no need to provide collateral or security. The interest rates for Money View instant personal loans start at 1.33% per month, and the loan tenure can extend up to 5 years.
The application process is hassle-free and paperless, making it convenient for users to apply for loans from the comfort of their homes. Money View aims to provide quick financial solutions to individuals in need of funds for various purposes.
10. PaySense
PaySense app is a financial services platform in India that offers instant personal loans to individuals. They provide loans ranging from Rs 5,000 to Rs 5 lakhs for various purposes, including marriage, car purchase, two-wheeler purchase, home renovation, consumer durables, and more. PaySense is known for its quick loan approval process, often within a few hours, and it doesn’t require collateral. The interest rates for PaySense personal loans typically range from 1.4% to 2.3% per month.
How to Apply for a Student Loan via Mobile Apps
Now that you know the top options let’s explore how to apply for a student loan through these mobile apps.
Step 1: Download the App
Start by downloading the app of your chosen lender from your app store.
Step 2: Register and Verify
Create an account on the app and complete the verification process.
Step 3: Fill in Your Details
Provide your personal and academic information as required.
Step 4: Choose the Loan Amount
Select the loan amount you need and the repayment term that suits you.
Step 5: Submit Documents
Upload the necessary documents, including proof of admission and identity documents.
Step 6: Loan Approval and Disbursement
Wait for the lender’s approval. Once approved, the loan amount will be disbursed to your bank account.
Conclusion
Student loan apps have become a lifeline for students pursuing higher education in India. With the right app, you can secure the financial support you need without the hassle of traditional loans. Explore the options mentioned here and choose the one that best suits your needs.
FAQs
1. Are these loans only for Indian students? No, some apps cater to international students studying in India as well.
2. What is the typical interest rate for student loans through these apps? Interest rates can vary, but they are generally competitive, often lower than standard personal loan rates.
3. Do I need a co-signer or collateral for these loans? Most of these apps offer unsecured loans, meaning you don’t need a co-signer or collateral.
4. Can I use the loan for purposes other than tuition fees? While the primary purpose is education, some apps offer flexibility in how you use the funds.
5. How long does it take to get a loan approved through these apps? Approval times vary, but some apps offer quick approval processes, sometimes within a few days.
