Best Instant Mobile App for student Loan in India 2022

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Best Instant Mobile App for student Loan in India 2022 Highlights

Nowadays there are lots of companies offering personal loans to students without seeing their credit history. Some of the best student loan apps have made it easier for students to apply for a personal loan


You must have heard about the term student loans but here we are talking about a personal loan for students.  Some students also recognize this as college loans as these loans are given to the college-going students. As you know that personal loans can be used for various purposes like weddings, travel, home renovation, and much more. In simple words, except for any illegal purposes, personal loans can be used for almost everything. However, there are strict guidelines which create hindrance for the students to borrow a personal loan because they seem as less credible towards the repayment of the loan. But today there are lots of companies offering personal loans to the students without seeing their credit history. If you’re a student and looking to get a student loan using the best student loan apps, then take a look at the following table.

App Name 

Interest Rate 

Loan Amount


Up to 3%

Up to 50,000


Up to 5%

Up to 10,000


Up to 3%

Up to 5,000



Up to 1,00,000


Up to 2.49%

Up to 50,000


Eligibility criteria to Get Loan from Best Student Loan Apps

  • Citizenship: To get any kind of personal loan, the applicant needs to be an Indian resident. The same theory goes with the borrowing a student loan. However, the eligibility criteria related to age, college name, and area may differ from one lender to another yet citizenship criteria always remain the same for all the student Instant loan apps.
  • Age: Since the legal age to enter any kind of contract is 18 years, the applicant of the student personal loan should meet this. If the age is below 18 then the personal loan application will be rejected straightaway.
  • Course: The student should be enrolled in a regular or full-time course. In some cases, some student loan apps allow college students from the selected college. So, kindly read about the particular app and then make your student loan application.

Document Need to Get Loan from Best Student Loan Apps

  • Identity Proof: These proofs validate the identity of a person. By matching the real photo with the image printed on the ID proof, one can easily identify a person. If you want to apply for a student loan then you will be required to click and upload the photo of your identity proofs such as Aadhar Card, Driving License, Voter ID, or Passport.
  • Address Proof: Address proof validates the residence of a person. The residence of a person may include the address of a house, shop, or office. But in case of a student loan, you need to reveal your residence address by showing the documents which mention your residence address such as Aadhar Card, Driving License, Voter ID, or Passport.
  • College ID: Since student loans or college loans are given to the college students, hence it is must, that at the time of applying for a student loan, you should have a fresh and validated college ID proof.

Student loan EMI calculator

However, some of the best student loan apps have made it easy for the students to apply for a personal loan but you shouldn’t ignore the repayment calculation. These lenders also show the EMI calculation, but as a vigilant borrower always use a student loan EMI calculator to figure out the loan EMIs, interest, and the total amount (Principal loan + Interest) conveniently. To know more about the student loan EMI calculator, see the example mentioned below.

Suppose you take a loan of 10,000 for 3 months at an interest rate of 2% from one of the best personal loan apps, the complete detail will be shown to you as the following tables.

Loan Amount

₹ 10,000

Interest Rate

2% per month


3 months









₹ 3,300

₹ 100

₹ 3,400

₹ 6,700



₹ 3,333

₹ 67

₹ 3,400

₹ 3,367



₹ 3,367

₹ 34

₹ 3,400

₹ 0


Now it’s time to download the best student loan app. So, take a look at,

5 Best Student Loan Apps


This is the largest student credit platform that facilitates ‘Buy now and pay later’ options to the college students. The app has tie-ups with various online brands such as Amazon, Flipkart, Xiaomi, and Lenovo. Any college student can rely on this app to purchase clothing, accessories, and the latest electronic gadgets up to Rs 50,000. Here are some other features of this app includes,

  • Anything can be purchased and the repayment can be done in EMIs.
  • You get the doorstep delivery of the products.
  • With minimum documentation and down payment, you can expect less processing time.


This app is developed by the Maybright ventures private limited and offer instant loans to students and salaried professionals. By applying for a student loan from mPokket, you can get a decent sum for the repayment tenure up to 3 months. The app functions as a peer to peer lending platform and offers loans at an interest rate starting from 3.5% per month. Some of the incredible features of this app include,

  • Referral bonus, reward points, and cashback.
  • After downloading this app, you can get instant cash in your bank account.
  • The application process is 100% digital which reduces your troubles.


It provides credit to the students to meet their financial inconvenience. The app is backed by the RBI registered NBFC. Any college student can borrow the amount up to ₹ 5,000 from this app. The money can be transferred to the account or in the Paytm wallet. The interest rate of the student loan starts from 3% per month. The key features of the Sahukar app include:

  • As per the need, a student can get multiple loans from this app.
  • The app gives e-approvals on loans which mean no physical documentation and physical verification.
  • Exciting referral bonus as Sahukar cash or coupons is also given to the users.


It offers a personal credit line to the students from the recognized colleges across India. The best part of the app is that you can withdraw funds from the credit line that can be transferred directly to your bank account or Paytm wallet. The credit line from the BadaBro app can be used to pay tuition fees, utility bills, or any kind of personal expenses. Some benefits of the BadaBro student loan app comprises,

  • Flexible repayment options ranging between 30 and 90 days.
  • Express fund transfer to your bank account or Paytm wallet.
  • Loans can be accessed anytime as it offers 24 x 7 availability.


RedCarpet is the peer to peer lending marketplace that allows users to get a loan up to ₹ 50,000 at the interest rate of 2% - 3% per month. The repayment tenure for the student loan from RedCarpet ranges up to 3 years. Apart from a student loan, this app has some awesome features.

  • The app has an inbuilt expense tracker which helps you to manage your expenses and at the same time shows you best offers on personal loans and college loans.
  • It provides instant access to credits in the form of a credit line. 
  • It also provides Platinum Mastercard that can be used for online transactions, ATM cash withdrawal, and POS transactions.

➤ FAQs

Ques. What is a student loan for personal use?

Some people are confused between a student or college loan and education loan. Education loan is given to boost the dreams of quality education. On the other hand, the student loan is given to the college students to manage their personal expenses like tuition fees, travel amount, rent, food, and others.

Ques. Can every student get a student loan?

Not every student can get these kinds of loans. Only college students enrolled in regular courses can take advantage of such loans. If you want to take a student loan then read the eligibility criteria mentioned above and select the best student loan app for your need.

Ques. How much can be borrowed from such student loan apps?

Since every app offers a different loan amount, it is advisable to do the primary research to know about the loan amount. Here in this article, you can find the loan offers from multiple lenders in one place.

Ques. What is the minimum age to apply for a student loan from such apps?

The minimum age to apply for a student loan from such apps is 18 years. However, the eligibility criteria are simple yet you should read it to smoothen your student loan application.

Ques. What are the documents required to get the student loan?

You can get a student loan by showing you address proof, identity proof, and a valid college ID.