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
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.
- The user should be an Indian Residence
- Credit Score should be 720+ need
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.
- 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.
- CIBIL Score: 700+
- Indian Residence
- Age is between 18 to 60 years
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.
- The minimum credit score of 725+ need
- The required age is 20 to 58 years
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.
- The minimum CIBIL 700+ required
- Your age: 21 to 60 years required
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.
- Credit Score: 720+ need
- Indian Residence may apply only
FAQs on Best Student Loan Apps
What is the loan available from student loan apps?
Students may take up to Rs. 5 lakh loan for education expenses.
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.
What is the interest rate of student loans?
Interest rates depend on lenders. Most lenders charge 12% to 36% interest rate yearly.