Managing expenses as a student can be challenging, especially with rising costs of education, books, online courses, hostels, and daily living. While banks provide traditional education loans, many students prefer faster and smaller loan options that can be availed instantly through mobile apps.
In India, several student loan apps have emerged to help learners meet short-term financial needs with quick disbursal, minimal documentation, and flexible repayment terms. Let’s look at some of the most popular apps available today.
Top Student Loan Apps in India
- mPokket
mPokket is one of the most well-known student loan apps. Students can borrow amounts ranging from ₹500 to ₹30,000. The approval process is quick, requiring only basic documents such as a college ID and Aadhaar. The repayment tenure is usually two to four months, and the interest rates range between 1% to 6% per month.
- StuCred
This app is designed especially for students and offers interest-free loans if repayments are made on time. Loan amounts can go up to ₹50,000 with repayment terms of one to three months. It’s an attractive option for those who want to build financial discipline without the burden of high interest.
- Pocketly
Pocketly provides instant credit from ₹1,000 to ₹50,000 with monthly interest rates starting from 1% to 3%. The app uses artificial intelligence for faster approvals and rewards students who repay on time. The short repayment cycle makes it suitable for small but urgent expenses.
- KreditBee
Unlike other student-focused apps, KreditBee offers a wider range of personal loans from ₹1,000 to ₹5 lakh. The tenure can vary from a few months to a couple of years, making it useful not only for daily student needs but also for bigger education-related expenses. Interest rates depend on the borrower’s profile and repayment history.
- PaySense
PaySense offers loans between ₹5,000 and ₹5,00,000. The interest rate usually falls between 8.5% and 36% annually. With flexible repayment options, it is better suited for students who need long-term support, such as covering coaching fees or higher education costs.
- CASHe
CASHe is another popular option with loan amounts up to ₹4 lakh. Repayment tenures range from three to 18 months. Interest usually starts from 2.5% per month. It requires basic KYC documents along with proof of enrollment.
- Slice (formerly SlicePay)
Slice provides short-term credit limits up to ₹10,000. Students can use the funds instantly via UPI or bank transfers. The monthly interest is about 3%. It works more like a credit card alternative for small, everyday expenses.
Quick Comparison Table
App Loan Amount Interest Rate Repayment Tenure Best For
mPokket ₹500 – ₹30,000 1%–6% per month 2–4 months Small urgent expenses
StuCred Up to ₹50,000 0% (if repaid on time) 1–3 months Interest-free borrowing
Pocketly ₹1,000 – ₹50,000 1%–3% per month 1–3 months AI-based instant approvals
KreditBee ₹1,000 – ₹5 lakh Varies (up to ~30%) Months to years Short & long-term needs
PaySense ₹5,000 – ₹5 lakh 8.5%–36% per annum Flexible Higher education expenses
CASHe Up to ₹4 lakh From 2.5% per month 3–18 months Mid to large needs
Slice Up to ₹10,000 ~3% per month Short-term Everyday small spends
Things Students Should Keep in Mind
While these apps are convenient, students must be careful before borrowing:
Borrow only what you need: Over-borrowing can lead to debt traps.
Timely repayments are critical: Missing deadlines can result in penalties and affect your credit score.
Check interest rates properly: Some apps charge high monthly rates which can become expensive if rolled over.
Protect your data: Always download verified apps from official stores to avoid misuse of personal information.
Explore safer options first: Scholarships, grants, and traditional education loans from reputed banks often have lower interest and better protection.
Final Thoughts
Student loan apps in India are useful for bridging short-term financial gaps. Apps like StuCred and Pocketly are good for small, urgent needs, while KreditBee and PaySense can help cover larger expenses. However, they should be used responsibly, keeping in mind repayment capacity and long-term financial health.
For students aiming to manage money wisely, these apps can act as a support system—but financial discipline is the key.
