10 Apps To Get Educational Loans For Indian Students

Apps To Get Educational Loans For Indian Students-Life as a student is more interesting when you have adequate funds to take care of basic needs. But due to failing economies, Covid-19 lock down, high cost of college, students don’t really get to have enough funds. In this article, you will get to discover how you can escape the financial constraints faced by many students. You will get to know about the best apps to get educational loans for Indian students. Some frequently asked questions about loan apps have also been answered at the end of the article.

Best Apps To Get Educational Loans for Indian Students

#1   mPokket Instant Loan App

This loan app with over 2 million customers provides instant loan for both students and salary workers. Students can get to take care of their education expenses and other needs through loan obtained from mPokket App. The beauty of this loan app is that the interest rates are quite low and cash is made available within a short time of applying. It is one of the best loan app for Indian students. The loan application process is done on the smartphone making it quite fast and easy. Unlike the conventional bank where you have to visit the bank and go through a lot of stages before getting your loan approved and disbursed, mPokket loan is instant and stress-free.

What is unique about mPokket Instant Loan App?

• Loan is instant,
• Loan application process is very fast and easy
• Interest rates are quite low
• It is a paperless process that can be done from anywhere, all you need is your smartphone with the app downloaded in it.
• Collaterals are not required.
• Minimum loan obtainable is Rs. 500 while maximum loan is Rs. 20,000.

Requirements for Obtaining educational loan at mPokket

• You must be at least 18 years old
• College I.D card (for students)
• PAN card
• Bank Statement for the last 3 months, Payslip (for Salary workers)
• Aadhaar Card, Driving licence, Voter ID card, etc.
• KYC Documents.

How to apply for Educational Loan on mPokket

• Download the mPokket loan app on to your smartphone.
• Install the application.
• Go through the address verification process by providing relevant documents like passport, I.D card, Aadhaar card, etc.
• Apply for the loan. Your account will be credited in some minutes!

#2   Red Carpet Loan App

With Red carpet loan app, you can never be cash-stranded no matter the time of the day or your location. The app makes use of a quick and easy credit card which can be used on any ATM, POS or any online transaction. Red Carpet loan app is easy to use and highly secured too.

Basic Features of the Red carpet loan App

• Minimum loan amount obtainable is Rs. 500 while maximum obtainable loan is Rs. 50,000.
• The app has an in-built tracker that analyses and tracks your expenses.
• After applying for a loan, you can get to withdraw it in bits from the app. You don’t have to take all at once.
• When withdrawing Rs. 1000 or less from your debit card, there are no extra charges.

How to apply for Loan on Red Carpet Loan App

1. Download the App from Playstore on your smartphone.
2. Install the application successfully.
3. Upload your KYC documents.
4. Apply for card or personal loan.
5. Your account will be credited in a very short time.

 How to be Eligible for loan on Red Carpet

• You must be at least 18 years.
• You must be a bonafide student of recognized university.
• You must be an Indian Citizen.

#3   BadaBro Loan App

BadaBro, a loan app that offers instant loan to both students and salaried professionals. With BadaBro, you can always be sure of adequate money to fulfill your dreams or meet an urgent need.

Some Outstanding Features of BadaBro Loan App

• Payment is Instant: When you apply for loan on BadaBro App, your account gets credited in a very short time. So if you are in urgent need of cash, you can rely on BadaBro to be there for you.
• Customers get rewarded: At BadaBro, you are well-appreciated when you invite family and friends to download and use the loan app.
• Application process is swift: Once you are able to download and install the app successfully on your smartphone, the next steps takes just a short time and your application will be done.

How BadaBro Loan App works

• Download BadaBro loan app from playstore.
• Install successfully on your mobile device.
• Then create a profile for yourself.
• BadaBro verifies and approves the profile/credit limit.
• You choose the amount/Emi available.
• Your account/paytm gets credited.

Who is Eligible to use BadaBro?

• You must be 18 years and above.
• You must an Indian Citizen.
• You must have a valid bank account.
• Applicant should have a PAN card.
• Employee I.D card or student I.D card is required.
• You must present a KYC valid address proof.

#4   Pocketly Student Loan App

With over 62,000 customers, pocketly is that loan app that helps young professionals meet their needs and also overcome the month end financial crunch. Signing up on pocketly is quite easy and swift.

Some Outstanding Features of Pocketly

• Loan amount is Flexible: At pocketly, you can access loan between Rs. 600 and Rs. 10,000.
• No physical documents required: All you need do is to upload the scanned copies of your documents on the app and your account will be verified.
• No annual fees. No hidden charges. No joining fees.
• Loan application is fast and simple: Application for loan doesn’t take time unlike some other apps.

• EMIs are Flexible: Peradventure you cannot afford to pay on due date, there is absolutely nothing to worry about. You will be allowed to pay an amount above or equivalent to the minimum due monthly until you pay off everything.

• There is 24/7 Online Assistance: Pocketly has a dedicated support team that is always ready to help you resolve queries as fast as possible.

How to be Eligible for Pocketly Loan

• You should be at least 18 years old.
• You should have an Aadhaar Card for confirmation of identity and address.
• You should also have a pan card as a form of identification.
• A valid college ID card is also required.

How to use Pocketly

• Download the app from your playstore and install on your smartphone
• Input your phone number to create an account
• Verify your personal details
• Input your banking details
• Request for the loan
• Your account will be credited in a very short time.

#5   StuCred Loan App

This loan app has a sole mission of making students financially independent. The app offers instant loan to Indian students at zero interests.

Features of StuCred Loan App

• Sucred provides instant cash loan to students at zero interest!
• Signing up on the app is quite easy and fast.

How StuCred Works?

1. Sign up: Create a profile on StuCred by filling your personal details, college details and KYC.
2. Link VPA (Virtual Payment Address). You will need this when you want to access the loan and repay the loan.
3. You can then go ahead to borrow money at zero interest.
4. If loans are re-payed on time, you will build your credit score while increasing your credit limit.                                          

#6   Sahukar Loan App

Sahukar is an on-line loan platform that offers personal loans to students. Students can access loan between Rs. 500 and  Rs. 5000 to meet their short-term financial goals. Repayment duration could 30 days, 60 days or 90 days.

Unique Features of Sahukar Loan App

• Loan is easy to access: You can easily get personal loan as a student on Sahukar and pay back when the money is available.
• Instant disbursement: It takes only a very short time for your loan request to be processed. Then your bank account or paytm gets credited.
• Reward for referrals: When you invite family and friends to download and use Sahukar app, you will be rewarded.

How Sahukar Loan App Works?

1. Download Sahukar loan app from playstore and install on your smartphone
2. Log on to Sahukar with your phone number
3. Complete your profile
4. Request for a loan by selecting an amount and duration
5. Your bank account or paytm will be credited in a short time.

Final Words

The brains behind; apps to get educational loans for Indian students ,had very good intentions. Even though a lot of unscrupulous issues now happen with loan apps, this shouldn’t stop you from solving your financial challenges as a student. My advice for you is to look very well before leaping. Make very deep research about the loan app before subscribing for it. I wish you the very best in your academic pursuit.

FREQUENTLY ASKED QUESTIONS

How safe are loan apps?

When you download a loan app from google play store, your chances of falling for fraud are highly reduced. But whatever loan app you want to install, you must check if such has been approved by regulatory bodies in India like RBI for getting loans.

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Can Loan Apps access my gallery?

The answer is yes. This is why you should use a trusted and verified loan app. Some of these illegal loan apps take photos of their customers and start sending unscrupulous  messages to their contacts.

What is the minimum interest rate of loan apps for students?

This varies and largely depends on your eligibility and lender’s policy. Generally, interest rate is between 0 and 36%.

Are loan companies allowed to threaten you?

Even if you have defaulted in loan repayment, the loan company does not have any right to threaten, harass or embarrass you publicly.

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Is loan default an offence in India?

Loan default is a civil offence and not a criminal offence. So you cannot be sent to jail for defaulting a loan. A borrower even after default has certain rights which the bank must respect.