6 Best Student Loan Apps in India

6 Best Student Loan Apps in India

If you want to take a student loan the traditional way, you must submit different documents. It is too much time-consuming & visits the branch every time. 24hr Loan provides you with a digital loan drive. Students can take loans for education purposes or buy educational equipment.

Some great mobile applications offer instant loans from Rs. 5,000 to Rs. 5 lakh. The loan will be credited instantly to a bank account. We discovered the 6 best student loan apps in India. Let’s examine why they are best.

The 6 Best Student Loan Apps in India

SL NoApplicationLoan AmountInterest RateTenure
1.Tata NeuRs. 10,000 – Rs. 10 Lakh10.99% – 29% p.a.Up to 60 months
2.FlipkartUp to Rs. 5 Lakh10.49% – 36% p.a.6 – 36 months
3.TVS CreditRs. 5,000 – Rs. 7 Lakh16% p.a.3 – 60 months
4.PhocketUp to Rs. 2 Lakh19% – 36% p.a.62 – 365 days
5.PrivoUp to Rs. 2 Lakh13.49% – 29.99% p.a.3 – 60 months
6.ZypeUp to Rs. 5 Lakh18% – 36% p.a.Up to 12 months

1. Tata Neu

Tata Neu is one of the products of Tata Group. Students may take Rs. 10,000 to Rs. 10 lakh hassle-free digital loans. Your creditworthy score which is credit score 720+ is required. With 60 month tenure, Tata Neu taking the interest rate from 10.99% to 29% p.a.

Eligibility Criteria

  • The user should be an Indian Residence
  • Credit Score should be  720+ need

2. Flipkart Personal Loan

Now Flipkart users may take a digital loan from the Flipkart application. You may check personal loan eligibility through one click and get up to Rs. 5 lakh loan. The affordable interest rate is 10.49% to 36% p.a. Repay the loan from 6 to 36 months tenure.

Eligibility Criteria

  • Active Flipkart users
  • Customer age: 21 to 55 years
  • Credit Score: 720+

3. TVS Credit

TVS Credit provides up to Rs. 7 lakh instant student loans. This loan is available from the TVS Credit Sathi App. Download the application & apply for the loan from home. With a 16% interest rate, repay the loan up to 5 years term. Applicant must be 18 years old to apply for a TVS Credit loan.

Eligibility Criteria

  • CIBIL Score: 700+
  • Indian Residence
  • Age is between 18 to 60 years

4. Phocket

With AI-based loan applications, Phocket offers up to Rs. 2 lakh digital loans for students. The affordable loan term is 62 to 365 days. A customer minimum age of 20 years is required. A competitive interest rate of 19% to 36% p.a. The loan credit time is 30 minutes.

Eligibility Criteria

  • The minimum credit score of 725+ need
  • The required age is 20 to 58 years

5. Privo

Get up to Rs. 2 lakh instant credit line with Privo. The 100% paperless documents process. Applicants with a 700+ credit score may be eligible for a Privo instant loan. The competitive interest rate is 13.49% to 29.99% per annum. Privo provides 3 to 60 months of loan tenure.

Eligibility Criteria

  • The minimum CIBIL 700+ required
  • Your age: 21 to 60 years required

6. Zype

For education expenses, Zype offers an instant Rs. 5 lakh credit line. Drive digital loan applications within 30 minutes. The flexible loan tenure is up to 12 months. This application is mainly designed for students. You may get the loan without income proof.

Eligibility Criteria

  • Credit Score: 720+ need
  • Indian Residence may apply only

Benefits of Student Loan Apps in India

Convenience: Students can apply for loans anytime from a computer or smartphone. The convenient way online loan application process provides smooth and paperless disbursement.

Quick Process: The loan application skips the unnecessary delay and offers a quick loan process within 24 hours. This is beneficial for students to pay tuition fees, purchase books, or cover living expenses.

User-friendly Application: The application is user-friendly and simple application procedure. Students can easily access and use these loan apps from mobile phones.

Flexible Repayment Plan: Student loan apps offer flexible repayment features. Customize your repayment plan and choose loan tenure that will smooth for you.

Building Credit History: Students easily build credit scores with on-time payments. This will help in the future to apply for credit cards, mortgage loans, personal loans, etc. Your credit score builds trust with lenders and makes a good relationship.

FAQs on Best Student Loan Apps

  1. What is the loan available from student loan apps?

    Students may take up to Rs. 5 lakh loan for education expenses.

  2. Which are the best student loan applications?

    The best loan applications are Tata Neu, MoneyView, Navi, Zype, Phocket & Privo. These all are digital loan application platforms.

  3. What is the interest rate of student loans?

    Interest rates depend on lenders. Most lenders charge 12% to 36% interest rate yearly.

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