#FinancialBytes: 5 Instant Student Loan Platforms in India

#FinancialBytes: 5 Instant Student Loan Platforms in India

January 24, 2019 at 9:38 p.m.
2 minute read

Many students often face financial constraints, but approaching banks and traditional lenders for loans may not be much help as they usually only lend to salaried people.

However, several companies offer quick and easy instant student loans in India. They can borrow money online quickly compared to other types of loans.

Here are 5 instant student loan platforms.

With mPokket, students can borrow as little as Rs. 500

mPokket is one of the most popular platforms for instant student personal loans.

Students must download the application and submit photos of their student ID and Aadhaar card.

They can apply for any loan amount, starting from Rs. 500 and get it instantly in their bank account or Paytm wallet.

Repayment options range from 1 to 3 months; interest rates start at 3.5%.

The KrazyBee student loan platform offers various instant loans

KrazyBee Student Loan Platform is another good option for quick funding that helps students in times of need.

With an EMI option, the platform offers cash loans for college expenses, e-commerce loans for online shopping, semester loans for tuition, and also two-wheeler loans.

Students must provide their identity card and proof of address. KrazyBee offers a repayment term of up to 12 months.

SlicePay offers instant loans and more

SlicePay is another app-based lending platform that is popular among students.

It offers Instant Loans, No-Fee EMIs, SlicePay Card (with MasterCard partnership) and Student Pay-After services.

Students must download the app and register by submitting their name, college ID, and proof of address. The app is available for both android and iOS.

Udhaar Card offers instant short term student loans

Udhaar Card – Instant Loan is another good app-only lending platform that offers personal loans to students to fund their needs. It is currently available for android and iOS too much.

It provides short term personal loans ranging from Rs. 500 to Rs. 5,000. Students can repay the loan in 1-3 months (30-90 days).

Documentation, loan disbursement and loan repayment are done entirely online.

#5: With RedCarpet, get instant credit for online/offline transactions

Red carpet is another useful application that provides instant loans, pay later and many other student services. It offers interest-free loans (one month repayment) of Rs. 1,000 to 60,000 to students to meet their financial needs. They can pay EMIs on a 3/6/9/12 month basis.

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