Students in the 18–22 age group often face the brunt of financial pressure. From semester fees and hostel accommodation to daily essentials like food and transport, managing expenses without a consistent income can be stressful. While many students rely on support from their families, it’s not always enough, especially when money gets credited at month-end or early next month. In such cases, students actively seek the best personal loan apps to cover their short-term financial needs.
Yes, student personal loan apps can be lifesavers. These platforms offer loan amounts starting as low as ₹1,000 and going up to ₹10 lakhs, all under RBI-regulated interest rates. On-time repayments can also help you build a strong CIBIL score, which is beneficial for future needs like higher education abroad or launching a startup.
7 Best Personal Loan Apps for Students (With 4.5+ Ratings)
StuCred
StuCred is one of the most trusted loan apps built exclusively for students. It is an ISO-certified, India-based company with over 1 million users. Unlike other apps, StuCred prioritizes student borrowers and offers interest-free credit options. Once your documentation is verified, you can start using the app whenever needed.
Pocketly
Pocketly is another ISO-certified company with 5 million+ users. It offers quick loans from ₹500 up to ₹10,000 with a short tenure. The entire process is online, and as you repay on time, your credit limit can increase up to ₹50,000.
Branch
Branch has over 10 million users and provides loan amounts between ₹500 to ₹2,00,000. The loan tenure ranges from 62 days to 12 months, with interest rates between 2%–4%. Branch is registered as an NBFC under RBI guidelines, ensuring complete regulatory compliance.
LazyPay
LazyPay is a multi-functional app ideal for students who also shop online. With 10 million+ users and partnerships with over 10 lakh merchants, it allows you to buy now and pay later. With easy documentation and fast setup, students can use it for food delivery, subscriptions, movie tickets, and travel bookings.
mPokket
mPokket offers loans specifically for working students. With over 1 crore downloads, this app provides amounts from ₹500 to ₹50,000. The process is entirely online and requires no physical documentation, making it extremely student-friendly.
KreditBee
KreditBee provides substantial loan amounts ranging from ₹6,000 to ₹10 lakhs. Funds are transferred directly to your bank account within 10 minutes. However, this app requires proof of a minimum monthly income of ₹10,000. With over 50 million users, the interest rates range from 12% to 28.5% p.a., and the processing fee can go up to 5.1% + GST. It has stricter eligibility criteria compared to other apps, but is highly trusted.
True Balance
True Balance offers one of the fastest disbursal processes with loan amounts from ₹5,000 to ₹2,00,000. The interest rate is 2.4% per month, and you can select a tenure between 6–12 months. Beyond loans, this app also supports UPI payments for services like mobile recharge, gas, and electricity bills.
Required Documents for Student Loan Applications
To apply for a student loan through these apps, you typically need:
- Personal details (Full Name, Address, etc.)
- Email ID and mobile number
- Aadhaar Card and PAN Card
- Must be at least 18 years old
- Bank account details
- Part-time job details (if applicable)
Loan Repayment: A Critical Responsibility
Once you’ve secured a loan, timely repayment is essential. Meeting your EMI deadlines not only maintains your credit score but also ensures you avoid mental stress or financial anxiety. If you consistently repay on time, your creditworthiness improves, increasing the chances of larger loans in the future.
Tips for Better Financial Management
To avoid unnecessary debt and stress:
- Create a monthly budget.
- Track every expense manually or using an app.
- Live within your means, and avoid impulse spending.
Important Things to Avoid
- Do not use the loan amount for online gaming or betting.
- Avoid buying expensive gadgets or unnecessary items.
- Never use your personal information for someone else’s loan.
- Don’t cover another person’s expenses with your loan.
Disclaimer
We are not responsible for anything from this application, so please take your own risk before applying for a loan. Fin Idea Market