Managing finances as a college student can be challenging. From paying tuition fees and buying books to covering hostel expenses, the costs keep adding up. Thankfully, technology has made it easier for students to get instant financial help through student loan apps. These apps are designed to provide quick, paperless, and hassle-free loans to students directly from their smartphones.
In this blog, we’ll walk you through how to take a student loan, introduce you to some popular student loan apps, and explain how each app works.
How to Take a Student Loan Through an App
Getting a student loan through an app is very simple. Follow these steps:
Step 1: Download the App
Go to Google Play Store or Apple App Store and search for trusted student loan apps like mPokket, KreditBee, or Kreditzy.
Tip: Always check ratings and reviews before downloading to ensure safety.
Step 2: Register and Complete KYC
Sign up using your mobile number and email ID.
Upload your Aadhaar card, PAN card, and sometimes a selfie for identity verification.
Some apps may also ask for your college ID card.
Step 3: Provide College Details
Upload your admission proof, college ID, or fee structure to prove you are a student.
Step 4: Choose Loan Amount and Tenure
Select the loan amount you need. Most apps offer anywhere between ₹500 to ₹50,000.
Choose the repayment period, usually between 3 to 12 months.
Step 5: Loan Approval and Disbursement
After verification, your loan gets approved within 24 hours or less.
The loan amount is directly credited to your bank account.
You’ll also get a repayment schedule inside the app.
Top Student Loan Apps in India
Here’s a quick overview of some reliable student loan apps you can consider:
App Name Loan Amount Interest Rate (Approx.) Eligibility
mPokket ₹500 – ₹20,000 3% per month College students with a valid ID
KreditBee ₹1,000 – ₹2,00,000 Starts at 1.02% per month Students & salaried individuals
Kreditzy ₹500 – ₹50,000 2% – 3% per month Students with valid documents
Bajaj Finserv Insta EMI ₹5,000 – ₹4,00,000 Varies based on product Requires PAN & Aadhaar
Detailed Explanation of Apps
- mPokket
mPokket is one of the most popular apps for students who need small instant loans.
Why it’s great:
No need for a guarantor.
Quick approval process, often within a few hours.
Perfect for emergency needs like exam fees or books.
Example:
If you need ₹5,000 for books, you can borrow it instantly and repay it within 3 months.
- KreditBee
KreditBee provides higher loan amounts, making it ideal if you need to pay semester fees or hostel charges.
Features:
Loan amounts up to ₹2,00,000.
Flexible repayment options up to 15 months.
User-friendly interface with simple steps.
- Kreditzy
Kreditzy is a rising player in the student loan space.
Benefits:
Instant loans for both students and working individuals.
Minimal documentation.
Repayment reminders to avoid late fees.
Example of How It Works
Suppose you need ₹10,000 for your semester fees:
You apply on mPokket for ₹10,000.
After submitting documents, your loan is approved within 24 hours.
Interest charged: Around 3% per month (₹300 per month).
Repay in 3 months with equal installments.
Tips Before Taking a Student Loan
- Borrow only what you need to avoid high-interest payments.
- Check the interest rate and processing fees before applying.
- Always repay on time to build a good credit score.
- Read the terms and conditions carefully.
Final Thoughts
Taking a loan as a college student is no longer a complicated process. With apps like mPokket, KreditBee, and Kreditzy, you can get instant financial help with just a few taps on your phone. These apps are especially useful for handling unexpected expenses like semester fees, hostel charges, or buying study materials.
However, always remember to borrow responsibly and repay on time to maintain a good credit history.
