The 10 Best Instant Personal Loan Apps in India for Students in 2023 

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Today’s post is exclusively for students who are in need of some urgent cash to pay their pending fees or fulfil their dire needs. In this post, we are going to briefly review the 10 best applications from the Instant Loan Apps category.

What are loan apps?

Apps which are marketing by providing instant loan to people while charging some interest rate on repayment are known as Loan apps. These apps have 100% paperless procedure, and you can get a good credit limit while sitting at any corner of the world. You can use this borrowed amount according to your needs without any hesitations.

How do these loan apps work?

There are simple and easy to use. You just need to make an account after downloading them from android or iOS store. Approve yourself using KYC by providing documents such as PAN or Aadhaar card. Check your credit limit and get approved for instant loan directly credit to your bank account.

Best Instant Personal Loan Apps in India for Students in 2023 

Pocketly

This app is famous for its quick service. Pocketly app is available on both android and iOS store. Using this app you can borrow instant cash ranging from Rs. 500 to Rs. 6000 at an interest rate ranging from 1% to 3% per month. Also, the maximum tenure this app offers is up to 3 months.

Key Features of Pocketly

  • The loan amount is up to 6000 INR 
  • Low monthly interest rates ranging from 1% to 3% 
  • Maximum tenure is 3 months.
  • Faster service compared to other apps. 
  • No paperwork is required.

BadaBro

If you are 18+ then Badabro can lend a wholesome amount of 10,000 which is enough for your Tuition fees in India. This loan app also offers a 3 months tenure. Badabro loan app has interest rate ranging from 1% to 6% which is slightly more than what Pocketly offers.

Key Features of Badabro

  • Loan amount is up to 10000 INR 
  • Interest rates range from 1% to 6%. 
  • Maximum tenure is 3 months.
  • No paperwork is required.

Cashbean

This loan app is awesome since you can borrow up to 60,000 Rs. Cashbean app is wholeheartedly made for students who are seeking higher studies and have lots of spending’s and requirements. The interest rate offered by Cashbean is 0.07% per day, which means 2.1% per month. There’s only one issue and that is you need to pay a processing fee for the loan amount which ranges from Rs 90 –Rs 2000 + GST.

Key features of Cashbean

  • The loan amount is up to 60,000 INR
  • The interest rate is 25.55% p.a. onwards.
  • Maximum tenure is 6 months.
  • No paperwork is required.

Sahukar

This app offers a lending amount ranging from Rs. 100 to 5,000. Of course the amount offered is low in comparison to above apps, but they are known for their fast instant loan service. The maximum tenure offered is 3 months and the interest rate is typical at 3% per month. Sahukar app also offers bonus and offers on referrals.

Key features of Sahukar

  • The loan amount is up to 5000 INR.
  • The interest rate is 3% per month.
  • Maximum tenure is 3 months.
  • No paperwork is required.
  • Referral bonus.

Dhani

This loan offers an exclusive credit up to 15 lakhs, which is vast for a student need. Well, the credit offered can be a scheme for attaining attention, but they take some time in crediting the amount to your bank. There are some eligibility criteria too. The interest ranges from 1% to 3.17% per month.

Key Features of Dhani

  • The loan amount is up to 15 lakhs INR.
  • Interest rates range from 1%- 3.17% per month.
  • Maximum tenure is 4 years.
  • No paperwork is required.

StuCred

This app is unique when it comes to loan processing. They don’t charge any interest rate over credit, which means 0% credit. StuCred offers a loan amount up to 15,000 Rs. Instantly into your account. The amount, you have borrowed, must be repaid whole as single payment on the date given by StuCred.

Key features of StuCred

  • Loan amount is up to 15,000 INR
  • Interest rate is 0%.
  • Tenure of around 1-2 months only.
  • Good customer support.
  • Instant credit to your bank account.

Moneytap

This loan app offers a credit of up to 5 Lakhs. You can repay the borrowed amount with up to 36 months tenure. The interest offered by Moneytap starts from 13% per annum. The interest rate varies according to the amount you have borrowed. This particular app is partnered with RBL bank.

Key Features of Moneytap

  • Loan amount is up to 5 Lakhs.
  • Interest rate is starts from 13% per annum.
  • Maximum Tenure is 36 months.
  • Instant credit to your bank account.

Mpokket

This loan app offers loan amount ranging from Rs. 500 to Rs. 30,000. The app is known for its fast service. The interest offered ranges from 1% to 6% per month. While it also has a processing fee charge of around 34 to 203 Rs. + GST.

Key Features of Mpokket

  • Loan amounts range is up to 30,000 INR
  • Interest rate ranges from 1% to 6%.
  • Tenure offered is up to 1 year.
  • Good customer support.
  • Instant credit to your bank account within 2 minutes*.

Kora money

This app is not available in all regions, but only in some abroad regions. So, must check the availability by visiting the official website. This particular app offers loan amount up to $3000 which is insane. You need some rare documents before you opt for loan using Kora Money.

Key Features of Kora Money

  • Available in USA region.
  • Loan amount is up to 3000$
  • Easy EMI plans to repay.
  • Interest rate ranges according to the amount borrowed.

Postpe

This app has a different user interface and workflow. It has an interface similar to other utilities payment apps. Postpe offers a credit of up to 10,000. Which can be repaid within 6 months of tenure. The interest rate ranges according to your spending. Also you can earn some good cashback when you transfer amount using this app.


Key Features of Postpe

  • Loan amount is up to 10,000 INR
  • Interest rate ranges according to your spending.
  • Tenure offered is up to 6 months.
  • Good customer support.
  • Cashback and other exclusive in app offers available.

Are these loan app safe and secure?

They are safe and sound until you try to cheat them. In other words, your identity and other user date are safe until you are repaying the loan amount on given date by apps, if not then they will use your privacy data to obtain their money.

Pros and Cons of Loan apps

Pros

  • Good for emergencies
  • Offers good cash limit and instant approval too.
  • Paperless work while sitting in any corner of the world
  • Good for bachelors who have lots of spending’s.

Cons

  • Becomes dangerous when EMI not paid on time
  • Interest rate is not that appreciable
  • Data breach is common against these apps.

Conclusion and Final verdict

I believe as a bachelor we have some dire need of money and we are sometimes short on cash. In these situations using loan app for instant cash is favorable. But these apps become dangerous sometimes which is a given in many cases.
The interest rate offered is also good within some apps but when it comes to spending’s we as a student becomes careless and addicted to these loan apps which should not become the case.

Overall if you are in a dire situation like you need to pay your exam fee and you are unable to secure that, using these apps is a good choice but make sure it is only in urgent situations like one I have described