Apps to get educational loans For Indian students — The increasing rise in the cost of education is alarming, especially in countries like India. A lot of students in India are seen struggling to pay for their tuition fees, textbooks, and any other educational-related expenses.
So, are you looking to finance your education? You should consider educational loans. Educational loans are those loans gotten specifically for financing higher education. They come with numerous interesting benefits such as lower interest rates, tax benefits, and a flexible and longer repayment period. In this article, we bring you the top apps to get educational loans for Indian students.
Best Apps To Get Educational Loans For Indian Students
Here are some of the popular apps to get educational loans for Indian students;
mPokket is among the most prominent student educational loan app in India, especially because of its swift processing speed. Students are allowed to borrow between 500 and 20,000 rupees. All students in India can borrow from the mPokket App, however, college students and recent graduates are the highest benefactors of the program. Applying for an educational loan with mPokket is quite simple, you only need your college ID and proof of residence. Meanwhile, young professionals are required to upload a payment receipt, proof of address, and bank statement during the application.
Features of mPokket
Here are some of the main characteristics of mPokket;
- On mPokket, students can acquire loans instantly. The loans are processed within two minutes, allowing students to borrow between 500 and 30,000 rupees.
- The interest rate can be between 1% and 6% per month
- Additionally, borrowers have between 61 to 120 to repay their loans.
- The processing fee for transactions on the app ranges between 34 and 203 rupees (including GST of 18%).
Credenc is a unique app offering educational loans to Indian Students. It is a fintech app that releases loans to students mainly because of their academic performance and future employability. On Credenc, loans are available for students studying in India and abroad. It also has a swift processing time of two working days. Students can borrow between Rs. 20,000 to Rs. 25 lakhs, with a repayment plan of up to fifteen years.
Features of Credenc
Here are some of the main characteristics of Credenc;
- Credenc allows students to carry out the entire loan application and approval process completely via the mobile app or website. You do not have to visit any branch at all.
- Students can obtain a loan without any collateral
- Credenc offers students competitive interest rates.
- Credenc charges about 1.0% to 1.5% processing fee for transactions.
- The repayment period can reach about 15 years.
- They offer competitive interest rates, thereby allowing making the loans available to more students.
- Loans are approved within two working days
InCred is a digital lending app that provides Indian students with education loans. The platform is aimed at supporting Indian students looking to finance their higher education. Aside from education loans, you can also borrow digital Merchant, personal, and SME business loans from InCred. The app has a fast processing speed, giving you access to your funding within a short time.
Features of Incred
Below are some of the main characteristics of Incred;
- Incred allows you to borrow education loans, business loans, and personal loans
- The repayment tenure for loans obtained from InCred can reach up to 10 years.
- You can borrow up to Rs. 50 lakhs from InCred
- The platform offers competitive interest rates
- It has an easy and swift loan application process.
Another app on our list of the best apps for educational loans for Indian students is CashBean. This is a trustworthy app that allows you to borrow up to 60,000 rupees. The interest rate is 33% each year, while the processing fee is 18%. You do not have to submit a credit history when submitting for the loan. Applicants must be residents of India and are at least 18 years.
Features Of CashBean
Here are the main characteristics of CashBean;
- Students can borrow up to 60,000 rupees
- The loan is to be repaid within three to six months
- The daily interest rate on CashBean is 0.07.
KreditBee is another prominent loan app for students in India. You can borrow up to 300,000 rupees from KreditBee, and the interest rates can reach about 29.5% each year. The application process can be completed online without any need of visiting a physical branch. You are required to upload all necessary documents for your loan to get approved.
Features Of KreditBee
Here are some of the main characteristics of KreditBee;
- Students can borrow between 100 to 300,000 rupees
- You are to repay the loan within 62 days to 15 months.
- The processing cost is between 0% and 7%
- The interest rates range between 0% to 29.95% each year.
Pocketly is another app on our list of the best apps to get educational loans For Indian students instant educational loan app for students in India. The app allows you to borrow up to 50,000 rupees and depending on the loan amount, the interest rate lies between 1% to 3% each month. Students can also apply for top-up loans to enable them to settle their monthly bills promptly.
Features of Pocketly
- You are expected to upload documents for verification
- You are to submit proof of income
- You should also upload proof of identity
- Students can borrow between 500 to 50,000 rupees
- They support loan extension
Requirements For Obtaining Educational Loans From Apps In India
Here are some of the main requirements for obtaining educational loans for Apps in India;
- You should be at least 18 years of age to be eligible for an educational loan in India.
- You must be an Indian citizen to be able to apply for educational loans in India.
- Also, you have to be enrolled at a recognized institution and pursuing an accredited course to be eligible for the loan
- You should have a good academic record to improve the chances of your educational loan being approved. For most apps, you should have a minimum of 60% pass in your last examination.
- The loan amount to fund your education must also be determined. Some apps may have a maximum loan limit, this can vary depending on the institution and course.
- Depending on the app you are borrowing from, you may be required to submit collateral or a co-signer to help you secure the loan. The collateral can be in form of shares, properties, etc.
- You need to submit some documents such as proof of address, proof of identity, your admission letter, and other documents required by the App.
- To be eligible for the educational loan, you may also need to provide a proof of income.
Obtaining an education loan is an excellent way of financing higher education. And the top apps to get educational loans for Indian students listed above offer you convenient options to fund your education. You should carefully research and compare the apps to find the best app for your needs. Additionally, ensure you fully understand the terms before applying for an educational loan from any of the apps. Good luck!
Frequently Asked Questions
What are the interest rates on educational loans in India?
The interest rate on educational loans in India can vary depending on the lender. However, the interest rate can range between 8% to 15% depending mainly on the lender, the repayment period, and the amount.
Can I repay the loan in installments?
Yes, you can repay the loan in installments. Most apps provide flexible repayment options, such as monthly, quarterly, and annually. You may also be provided when a repayment period of 15 years.
How much can I borrow from an educational app?
The amount you are eligible to borrow through an education loan app depends on various factors. Some of these factors include the college you are attending, the course you are pursuing, and your financial situation.
What are educational loans?
Educational loans are those loans that students take to fund their education. These loans are taken to help the students pay for tuition fees, books, accommodation, and other education-related expenses.
Can I get an educational loan without collateral or a co-signer?
Yes, some educational loan apps offer loans to students who do not have any collateral or co-signer. However, they have higher interest rates.
What happens when I’m unable to repay my educational loan?
If you are unable to repay your educational loan, you might have to face legal charges. The lenders might seize your assets, charge you to court, and more. Therefore it is important to repay your loan on time to avoid facing any such consequences. If you have any financial issues or you are unable to repay as agreed, you should immediately contact the lenders and figure out other options.
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