10+ Best loan apps for students in India


The world of finance has undergone a significant transformation in recent years with the advent of technology. One of the most convenient ways to access credit and loans is through the use of loan apps.

These apps offer a quick and easy way to apply for and receive loans for students, often without the need for a physical visit to a bank or other financial institution.

In this article, we will take a look at some of the best loan apps for students in India currently available on the market, highlighting their key features and benefits.

What are loan apps?

A loan app is a mobile app of any bank that allows users to apply for and receive loans directly from their smartphones. These apps generally provide an online platform for users to submit loan applications, which are processed once they are approved by the app’s authority.

If the loan is approved, the money can be deposited directly into the user’s bank account, often within minutes, without the need to visit a bank or other financial institution in person.

Best loan apps for students in India

Why do students need loan apps?

Students may need to avail of loans using loan apps for various reasons, such as:

  1. To cover the cost of tuition fees and other education-related expenses.
  2. To meet their daily living expenses, such as rent, food, and transportation.
  3. To pay for unexpected expenses, such as medical bills or car repairs.
  4. To finance a project, start a business, or to pursue a passion or hobby.
  5. To consolidate existing debts or improve their credit score.

And this list will go on. The point is if you are a student, you may have experienced a lack of funds at some point and felt uncomfortable asking for help from friends.

In such situations, money lending apps can provide a solution and allow you to access loans quickly and easily without feeling embarrassed.

There are many money lending apps available in the market that are safe to use and offer instant approval. We are listing out the best loan apps available in the market that are safe to use and offer instant approval.

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Documents required to avail of the loan

  • Marksheet, college ID, or letter of admission
  • PAN card/Aadhar card/Voter ID
  • Photograph(Selfie)
  • Some apps ask to record video too
  • Bank account details
  • KYC form

Eligibility Criteria for online loan apps

  • The income requirements may vary from one app to another. (We have added eligibility wherever required)
  • Both students and self-employed individuals can avail of loans from online loan apps
  • To be eligible, you must be a citizen of India.
  • The program is open to full-time college students who are 18 years of age or older.
  • To participate, you will need to provide proof of your identity and address like an Aadhaar card/Voter ID/Driving License/Bank passbook, etc
  • You must have a valid college ID card.
  • You must have an active bank account.

Here are the 8 Best loan apps

Serial No.NameStar Rating
1Bajaj Finserv4.1⭐
6Lazy pay4.4⭐

Bajaj Finserv

Bajaj Finserv loan app for students
Bajaj Finserv

Founded in 2007, Bajaj Finserv is India’s most diversified Nonbanking financial services company which focuses primarily on lending, asset management, wealth management, and insurance.

They are one of the best loan apps for students in India to get education loans. They also offer zero-interest EMI cards which can be used to finance purchases.

The loan amount and Interest details:

Loan AmountUpto Rs.25 lakhs
Interest rate12% to 34%
Repayment duration12 to 84 months


  • Personal loans of up to Rs. 25 lakhs can be borrowed with Bajaj Finserv without pledging any collateral.
  • The application and documentation process is simple with minimal paperwork.
  • The loans are instantly approved and disbursed within just 24 hours.
  • Personal loans are offered where the borrower can reduce the instalment up to 45% by paying the interest-only EMIs.

Points to note down:

  • The Bajaj Finserv app allows you to get no-cost EMIs on certain purchases.
  • It is recommended that you read sample loan agreements and calculations.


Founded in 2015, KreditBee was primarily built for the young population to support their financial emergencies.


They offer two types of loans: The first one is the ‘Flexi personal loan’ which is a small-sized loan that is good enough for emergencies or smaller expenses of students. The second one is the personal loan for the earning population.

The loan amount and Interest details:

Loan AmountRs.1000 upto Rs. 3 lakhs.
Interest rate1.02% to 2.09% p.m.
Repayment duration2 to 15 months


  • The entire loan application process from beginning to end is done online.
  • Depending on the type of loan chosen, the borrower can get a loan starting from as low as Rs.1000 upto Rs. 3 lakhs.
  • They provide 24×7 help and support
  • The rate of interest generally starts at 1.02% to 2.09% and it varies based on the borrower’s credit history.
  • The repayment duration depends on the type of loan availed and often starts at 2 months where it can go upto 15 months.
  • The loan app offers a convenient and straightforward process for completing necessary documentation.
  • The app allows for quick loan disbursal, with funds typically available within 10 minutes of approval.

Additional Eligibility:

  • Be a citizen of India.
  • Be between the ages of 21 and 45 years old.
  • Have a monthly income of at least ₹10,000.

Things to consider:

  • KreditBee offers loans without requiring a CIBIL score, which is typically required by banks and NBFCs.
  • For short-term loans, the app offers a repayment period ranging from 2 to 6 months.



With mPokket, students can easily apply for a loan online and receive the funds directly into their bank account. The loans offered by mPokket have a short duration, typically lasting up to 3 months.

This loan app is ideal for students who need a quick and easy source of funds for unexpected expenses or emergencies.

The loan helps students pay for books and supplies, cover unexpected expenses, or simply have some extra cash on hand for a rainy day.

Loan AmountUpto Rs.30,000
Interest rate0% to 48% p.a.
Repayment duration2-4 months


  • mPokket app has flexibility and simplicity
  • Allows students to apply for a loan of up to Rs.30,000
  • The loan application process is quick and straightforward, with no need for lengthy paperwork or a credit check
  • You don’t need collateral to get the loan
  • Users are provided with a dedicated support system that quickly solves any queries

Eligibility Criteria:

  • You need to record your selfie video
  • If you are earning some money while studying you need to show your bank statements

Things to consider:

  • The interest rate may vary and the app may charge different rates by considering your repaying capacity.
  • The app may charge a processing fee of Rs. 50 to Rs. 200 plus 18% GST, depending on the loan amount. The maximum APR for loans offered through the app is 48%.



Pocketly is one of the best loan apps that provides small loans to users in need of quick financial assistance. The maximum credit amount offered by Pocketly is Rs. 10,000, making it an ideal option for those looking to borrow small amounts of money that can be easily repaid within a short period of time.

Loan AmountRs. 600 – Rs. 10,000
Interest rate1 to 3% per month
Repayment duration3 months tenure


  • One of the key features of Pocketly is its instant loan service
  • Offers loan amount of Rs. 600 – Rs. 10,000
  • It allows fast and easy signup
  • Ensures that its users get a flexible EMI
  • You will be provided 24/7 online live support.
  • Allows users to receive money directly into their bank account as soon as they have completed a minimal KYC process.
  • Pocketly is also known for its clean and simple user interface, which makes it easy for users to navigate and interact with the app.
  • The onboarding process has also been kept simple, allowing users to start using Pocketly quickly and easily.

Additional eligibility:

  • You need to submit bank details
  • They also ask you to record a selfie video

Things to consider:

  • There are processing fees associated with the loans offered by Pocketly, ranging from ₹10 to ₹150.
  • GST (Goods and Services Tax) may also apply to the loan amount, depending on the specific loan taken.
  • These fees and taxes should be taken into account when considering the overall cost of a Pocketly loan.


BadaBro loan app

The loans offered by BadaBro(Currently Closed) are designed to meet the financial needs of these individuals, providing them with quick and easy access to the funds they need.

Loan Amount Rs.500 to Rs.10,000
Interest rate1% to 5% per month.
Repayment duration3-9 months

One of the key features of BadaBro is its instant loan service, which allows users to receive the money they borrow directly into their bank account or Paytm wallet. Now let’s discuss some more benefits of this app.


  • The app offers a range of benefits to users, including quick and hassle-free processing
  • Instant loan service allows users to receive the money they borrow directly into their Paytm wallet
  • It also offers a refer and earn feature, which allows users to earn rewards by referring their friends and family to the app.
  • The 24/7 access to money feature allows users to access their funds at any time
  • It offers flexible EMI options, with repayment periods ranging from 60-90 days

Additional eligibility:

  • Your bank statement for the last 3 month

Things to consider:

  • You have to first check the eligibility by entering your phone number
  • You need to pay additional charges like processing fees and bank account bounce charges

Lazy pay

LazyPay powered by PayU offers personal loans to the ones wishing for instant credit. LazyPay disburses above 1 million loans every month.

Lazy pay
Lazy pay

LazyPay is an Indian personal loan app that comes with a pay-later option. It is widely accepted across more than 25,000 platforms. It is known for its convenience and accessibility.

The loan amount and Interest details:

Loan AmountRs. 3000 to Rs. 5 lakh
Interest rate18-25% p.a
Repayment duration3 to 24 months


  • The EMIs are pocket-friendly. An instant personal loan of up to Rs. 3 Lakh at 18-25 % interest p.a can be availed through an easy digital process with minimal documentation.
  • Repayment tenures are flexible ranging from 3 months to 24 months.
  • The minimum amount to be borrowed is Rs. 3,000
  • Quick disbursement of loan funds.
  • A transparent application process with minimal paperwork.
  • Offers a flexible and easy-to-use repayment process.
  • Affordable monthly instalments (EMIs).
  • The ability to easily determine your loan eligibility in a matter of seconds.

Additional eligibility:

To be eligible for a LazyPay loan, the applicant must meet the following criteria:

  1. They must be at least 18 years old.
  2. They must have completed the necessary KYC (Know your customer) process.

Things to consider:

  • You have to first check the eligibility by entering your phone number
  • You need to pay additional charges like processing fees and bank account bounce charges



Known for its quick approvals, Paysense is one of the best instant loan apps which has recently merged with Lazypay.

The app is known for its fast approval process and competitive interest rates, making it a convenient option for individuals in need of short-term financial assistance

Loan AmountRs. 5000 to Rs. 5 lakh
Interest rate1.4 to 2.33 % p.m
Repayment duration3 to 24 months


  • Personal loans ranging from Rs 5000 to Rs. 5 lakhs can be availed.
  • The interest rate varies from 1.4 to 2.33 %.
  • Truly justifying the minimal documentation process, it facilitates the verification process where documents are picked up from home directly and need not be sent by courier or digital media.
  • Affordable EMI plans to make the repayment of the loan easy and hassle-free.
  • In case of availing one more loan, the process would be even simpler with just one click as the documentation would have already been recorded earlier.

Additional eligibility:

To be eligible for a loan from Paysense, the only requirement is that the applicant must meet the criteria that have been previously outlined. There are no additional eligibility requirements beyond this.

Things to consider:

  • You need to pay 3% of the loan you take as a processing fee
  • You receive the loan amount directly from your bank. No cash will be given
  • You will get a fixed interest rate


Earlier known as EarlySalary, Fibe has rebranded itself to make it to the top 5 in the list of money lending apps.

Fibe best loan app for students

The app allows users to easily apply for loans and has provided over 3.5 million loans to date. In total, Fibe has disbursed over ₹8,000 crores in loans to its customers. The app has a wide range of corporate tie-ups with over 1,000 companies and has over 5 lakhs of happy customers.

Loan AmountRs. 5000 to Rs. 5 lakh
Interest rate1.4 to 2.33 % p.m
Repayment duration6 to 36 months


  • Fibe helps with instant loans upto Rs. 5 lakhs that are easily approved with minimal documentation.
  • The repayment tenure is up to 36 months, and there is also a low-cost EMI option on various shopping and travelling platforms like Make My Trip, Amazon, Flipkart, etc.
  • Fibe also provides educational loans to students for which it has recently partnered with educational institutions under its new venture which would be a great help to students worrying about financial constraints.
  • A paperless documentation process, 24*7 availability, and loan disbursal within 10 minutes are some of the features that make Fibe so popular.


  • The only downside is that the credit rating required is higher for loan approvals.

Additional eligibilities:

  • Your CIBIL score should be 600 or above.

Things to consider:

  • They charge for late payments of 3%
  • Repayment Instrument Reject Charges is Rs. 250
  • Stamp Duty charges are Rs.100 – Rs.200



Navi is a digital app that provides simple, affordable, and accessible financial products and services to its users. With Navi, users can easily apply for personal loans, insurance, and mutual funds to manage their personal finances directly from their smartphones.

Loan Amountup to 20 Lakhs
Interest rate9.9% p.a.
Repayment duration3 months to 6 years


  • Navi offers loans with interest rates starting from 9.99% per annum to 45% per annum.  The repayment period is from 3 months to 6 years.
  • The amount borrowed can be up to Rs 20 lakh.
  • No processing fees for loans of above Rs. 50,000.
  • The entire loan sanction process is paperless as PAN and Aadhaar numbers are used in the application process.
  • The loan can be sanctioned in as little as 10 minutes and is credited instantly to the applicant’s bank account.
  • The income of the borrower should be at least Rs 15,000 to be eligible for application.

Additional eligibility: No such additional eligibility. But you can log in using your phone number to check if there is any.

Things to consider:

  • Check the latest interest rate before taking the loan
  • Also, consider if there are any additional processing fees



With the tagline of ‘baat ban Jaye chutki mein‘, RapidRupee helps in overcoming financial gaps by providing instant loans within 30 minutes.

It offers flexibility in repayment options and loan duration, up to 12 months. Also, there are no hidden fees or commissions.

The process of applying is easy where just the required documents and photo needs to be uploaded and that’s it.

Loan Amount1,000 to 60,000
Interest rate12% p.a.
Repayment duration3 months to 12 months


  • Loan amount: Rs. 1,000 to Rs. 60,000.
  • The minimum income of the borrower should be at least Rs. 1,000.
  • Low interest rates with only a 1% Interest rate per month make it more enticing.
  • The processing fee is just Rs. 349.
  • The repayment period is 3 to 12 months.
  • You can receive the loan as quickly as 30 minutes
  • The affordable easy-on-pocket interest rate makes the app perfectly suitable for young professionals during cash crunch times.

Additional eligibility:

To be eligible for the loan, individuals must be between the ages of 22 and 59 years old and have a minimum monthly income of Rs. 10,000.

Things to consider:

  • No credit score is required. Even first-time borrowers with no credit score can also apply for a loan
  • The maximum Annual Percentage Rate (APR) which includes the interest rate plus fees is 35.9%.

Rise of loan apps and their convenience

Human wants are limitless. As our country grows, our standard of living rises too. Like everyone else, we also wish to have expensive products that once seemed unaffordable.

Like there was a time when middle-class people could only dream of having an iPhone and a car but now that ship has sailed.

With digital globalization transforming the world, the banking and payment system has seen a revolutionary change in the last decade.

There were times when we were afraid to take loans and before wishing to buy something expensive we used to ponder over the fact that ‘Will taking a loan be a wise decision?’

Earlier getting the loan amount sanctioned used to involve lots of paperwork processes and it was a time-consuming process to get the amount reflected in the account.

But now taking a loan is no longer a taboo. People no longer find it a big deal to get a loan for an emergency or any aspirations, be it for a house, a vehicle, for education, or whatever. These days getting a loan is far easier and hassle-free.

To further add spark to the dreams of today’s ambitious population, not just banks but many fintech startups have started to offer instant loan facilities.

Why loan apps are important for students in India

  1. Loan apps help students to get money quickly, who may not have a regular source of income
  2. They help students during their financial emergencies or unexpected expenses without having to rely on friends or family.
  3. Loan apps offer competitive interest rates and flexible repayment options and this makes it easier for students to manage their financial problems.
  4. They act as the best alternative to traditional bank loans.
  5. Loan apps also help students build a credit history and improve their credit scores, which may help them in the long term.
  6. Some loan apps offer additional services such as budgeting tools, EMI calculators, and other financial planning advice to help students manage their finances.

Why are loan apps getting popular?

We are used to following the conventional process of waiting in a bank, seeing if we are eligible for the loan or not, enquiring about the process, waiting period, interest rate, etc.

These days these loan apps offer all those benefits of conventional banking systems on the mobile app. You can easily get customized loans, low-interest rate loans, and online credit cards with simple clicks. Loan apps also offer 24*7 loan services so there are no Sunday or government holidays like offline banks

How loan apps for students differ from traditional borrowing methods

There are several key ways in which loan apps are way ahead of traditional loan borrowing methods:

  • Easy to get approval: Loan apps provide a convenient way to apply for and receive loans.
    • With a few taps on a smartphone, you can instantly submit your loan application and receive a decision within minutes.
    • Whereas in the case of traditional borrowing methods, you need to visit a bank physically and talk to the manager to proceed with things further.
  • Speed and efficiency: Loan apps are generally much faster and more efficient than traditional borrowing methods.
    • Once a loan application is submitted, it is typically processed and approved within minutes without much hassle.
    • Once approved, the funds are deposited into your bank account quickly.
    • On the other side, traditional borrowing methods can take days and require a lot of paperwork to get the approval for loan sanction
  • Eligibility: Loan apps often have more flexible eligibility requirements than traditional borrowing methods.
    • Many loan apps do not require a credit check, and some may even accept applicants with poor credit histories.
    • Whereas, traditional borrowing methods typically have strict eligibility requirements.
  • Interest rates: One downside of Loan apps is, they offer higher interest rates than traditional borrowing methods.
    • Because the risk to the lender is higher, loan apps charge higher interest rates to compensate for this risk.
    • In contrast, traditional borrowing methods may have lower interest rates, especially for borrowers with good credit.
  • Repayment terms: Loan apps may have different repayment terms than traditional borrowing methods.
    • Some loan apps may require repayments within a short period of time, such as a few weeks or months.
    • Whereas traditional borrowing methods may have longer repayment terms, such as several years.

Remember You cannot use a loan app to borrow more money than you can afford to repay, as this can put you in financial danger


These are some of the best loan apps which are very helpful for students with a friendly customer support system. Every app has its own eligibility criteria. Make sure to go through the policies, the interest rates, the repayment period, and other terms and conditions before applying for the loan.

Also, be aware that not all apps are created equal- some may have hidden fees or higher interest rates than others. By doing your homework ahead of time, you can be sure that you get the best deal on your next loan. Have you used a loan app in the past? If so, what was your experience like? Let us know in the comments below!

Frequently asked questions

Are loan apps for students safe?

Loan apps work in association with authorized Non-banking financial services companies. Hence these apps can be considered safe. Make sure to download loan apps that are available on credible sources like Google Play Store.

Which is the best app for students to take out a loan?

All the apps that we mentioned above are the best apps that we figured out after a thorough research of the current market.

Which are the best loan apps for students in India?

We have listed the 10 best loan apps for students. You can check every detail of these apps.
Bajaj Finserv, KreditBee, mPokket, Pocketly, BadaBro, Lazy pay, Paysense, Fibe, Navi, RapidRupee

How can I get 30,000 rupees immediately for students?

YOu can use one of the best loan apps for students – mPokket. You can know the repayment tenure and interest rate on our blog techsonu

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I am the owner of the blog My love for technology began at a young age, and I have been exploring every nook and cranny of it for the past eight years. In that time, I have learned an immense amount about the internet world, technology, Smartphones, Computers, Funny Tricks, and how to use the internet to solve common problems faced by people in their day-to-day lives. Through this blog, I aim to share all that I have learned with my readers so that they can benefit from it too.Connect with me :LinkedIn | Instagram | Facebook | Quora