Everybody has personal needs that force them to spend money. Not only adults but on occasion students also need more than what their pocket money or part-time wages could offer. This happens especially in India because students are dependent on their parents for their needs until they complete their studies and start earning full-time as professionals. So, the question arrives as to whom they can depend on to cover their additional expenses, whether to buy stationary, submit entrance exam fees, buy extra courses for competitive exams, etc. The answer is pretty revolutionary- Mini Personal Loans or Pocket Loans. Let us tell you more in detail.

Top 6 Loan Apps for Students to Cover Monthly Expenses

mPokket

If you are searching for the best loan apps for students, then it’s guaranteed that you have listened about- mPokket, the best instant loan app for students and salaried individuals also. With this personal loan app, students can borrow a specific amount of money without any collateral.

Features of mPokket

• mPokket can let students or salaried individuals borrow loan amounts between ₹500 to ₹30,000.
• The return period is between 61 to 120 days for the borrowers.
• For every month, the applicable interest rate ranges between 1% to 6%.
• The maximum processing fee mPokket avails range between ₹31 to ₹203 plus GST.

KreditBee

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Next on the list is KreditBee, which claims to be India’s fastest personal loan and online credit app for students. This app will let you borrow personal loans amounting to as high as ₹300,000, for which the interest rate can go as high as 29% per year. If your age is between 21 to 56 then you can apply for these loans. So, if you are in urgent need of funds and as a student you can get any then you can rely on KreditBee’s instant loan service.

Features of KreditBee:

• Students or salaried individuals can borrow loan amounts ranging between ₹100 to ₹300,000.
• The loan period ranges from 62 days to 15 months after which you will have to repay the amount.
• The annual interest rate will vary from 0% to 29%.

KrazyBee

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KrazyBee is another company that is dedicated to fulfilling the dreams of students by providing short-term financial assistance with personal loans. In our list of loan apps for students, KrazyBee is the third number because of its instant loan process which is completely paperless. Students will just have to register themselves and provide their documents to complete the process.

Features of KrazyBee

• KrazyBee has offline offices in metro cities like Mumbai, Hyderabad, Bangalore, Pune, Mysore, and Vellore.
• On KrazyBee’s website, students can also shop for different products at credit.
• With this app, students can borrow the maximum amount of ₹2,000 monthly or they can buy any product or products up to the same value in a month.
• Borrowers can convert the loan amount into EMI to repay in Three, six, nine, and twelve months.

Sahukar

Sahukar is a personal loan app for students if they want mini loans of up to ₹5,000 max. A student should be at least 18 years old to borrow money from the Sahukar app. EMI repayment options are available and it takes 24 hrs for the loans to get processed with Sahukar.

Features of Sahukar

• Anyone above 18 years of age can borrow between ₹100 to ₹5,000 from this app.
• The loan repaying time can vary from one to three months.

Slice Pay

Slice Pay is a very popular personal loan offering application not only for students but also for salaried individuals. This company also provides credit cards to borrowers for using instant credits without any long process. With Slice Pay, one of the best loan apps for students, teens aged above 18 years can avail of loans at no cost EMI benefit.

Features of Slice Pay

• Indian student loan app, Slice Pay can approve loan amounts to students and salaried employees ranging between ₹2,000 to ₹10 Lakh.
• Free repayments with additional cost for up to 3 months.
• Borrowers may receive 2% cashback on each purchase with Slice Card.
• Slice Cardholders can transfer funds instantly into their bank accounts or Paytm.

CashBean

CashBean is one of the finest apps to install if you are finding a personal loan platform as a student. You will be allowed to borrow loans as high as ₹60,000. You will not be asked for any credit history, just essential documents to register yourself.

Features of CashBean

• This app has a three to six months loan amount payback period.
• The interest rate on a daily basis is 0.07 percent.
• One-time processing fee is also levied from customers.