Imagine you already have a student loan covering your course fees, hostel fees, and other academic expenses. However, unexpected costs like buying a new laptop, travel & living expenses for an internship, student exchange program fees, or project costs can arise suddenly. In such cases, students often need quick access to funds but may not have the time to apply for an additional loan from a bank, which could take weeks to process. This is where an education loan app comes in. With instant approval and quick disbursement, these apps provide a convenient solution for urgent financial needs. Whether you need as little as ₹1,000 or a huge amount like ₹10 lakhs, these apps offer flexible loan options to support students in need.
Students who are in need of urgent student loans can download these loan apps, but they must be careful of fake apps circulating on the internet. In this comprehensive article on education loan app, we have provided all the information you need about real loan apps, their interest rates, loan amounts, how to identify fake loan apps, and much more. So, scroll down to learn more about the education loan app.
Merits of Using Education Loan Apps
- Quick loan approval: While traditional education loans provided by banks and NBFCs take weeks to get approved, education loan apps provide students with instant loan approval.
- User-friendly UI: The user interface of the educational loan apps is very user-friendly and easy to use. Sharp and crisp education loan apps are far better to use than boring, long education loan application forms.
- Online access to education loans: Students do not have to visit any branch or submit any physical documents to get their education loan using an education loan app.
- Smaller loan amount: Sometimes, students need smaller loans to fulfil their sudden educational expenses such as projects, book fees, etc. In such cases, the student can not get a loan of ₹5000 from banks offering education loans. That is why opting for an instant education loan app is a much better option.
Demerits of Education Loan Apps
- The loan amount offered on an educational loan app is often very small, which is not enough to cover the entire education cost.
- The education loan apps in India do not have a moratorium period like education loans offered by traditional financial institutions.
- It is often observed that the interest rates charged by these loan apps are quite high.
- Due to a short and ineffective underwriting process, education loan apps often reject loan applications.
List of Education Loan Apps in India
Looking for an education loan app? Here is a list of some of the popular ones which are approved by the RBI for offering study loans. These apps are available for Android and iOS devices. You can get quick loan disbursement and collateral-free loans on these apps. Check below for more details.
iMobile: Loan, Cards & Banking
The iMobile app is powered by ICICI Bank, and it offers education loans for students. On the app, there are two ways of getting a loan for your studies: you can opt for an instant loan based on your credit history, or you can apply for a traditional study loan. The minimum instant education loan amount on the app is ₹25 thousand, and based on your eligibility, your maximum limit will be set.
For such instant education loans on the app, the interest rate starts from 10.80%. Another loan type is the traditional ICICI Bank Education Loan, which takes a few days to get approved. You can find this loan on the iMobile app, but when you click on it, you will be redirected to their bank website. Under this scheme, you can claim loans of up to ₹3 crore for study abroad and up to ₹1 crore for domestic studies.
Benefits of iMobile App:
- Get an instant education loan on this app. The minimum you can get is ₹25 thousand, while your eligibility will decide the maximum loan amount.
- You can get up to ₹1 crore and ₹3 crore as student loans for study in India and study abroad, respectively, but the loan sanction time is longer.
- The interest rate for the instant education loan starts from 10.80%.
Download Options:
- Android – 246 MB size and Android 9 or newer is required.
- iOS – 542.7 MB size and iOS 15.0 or later is needed.
Slice App
One of the best education loan app in the market is the Slice app, where students can get instant loans up to ₹5 lakhs. This personal loan app was first launched on July 01, 2015. With the Slice education loan app, you get a flexible loan repayment option. You can choose to close your loan in a month or keep it running as long as you want. However, keep in mind that the app charges an 18% interest rate on all student loans you must pay monthly. Interestingly, this loan app does not ask for any collateral for loans. You only need to have a good credit history and CIBIL score to get a loan.
Benefits of Slice App:
- Students can avail of up to ₹5 lakhs education loan on this app.
- This education loan app has a flexible loan repayment option.
- 18% interest is charged to students on their study loans.
- No collateral is required for a loan.
Download Options:
- Android – 55.88 MB size and Android 7 or newer is required.
- iOS – 266.5 MB size and iOS 14.0 or later is needed.
Tata Capital Loan App & Wealth
Another name which is popular in the education loan app market is Tata Capital. Their loan app processes study loans instantly, and you can apply for loans up to ₹10 lakhs. Also, the minimum amount you can apply for is ₹5,000. The interest rate charged to students starts from 10.99%, and it can go as high as 26%, depending on the application and risk associated with it. With easy repayment options starting from one to seven years, Tata Capital Loan App & Wealth is a popular education loan app. Keep in mind that the study loan app will charge a one-time fee per loan transaction, which is ₹1,499 + GST.
Benefits of Tata Capital Loan App & Wealth:
- Student loans up to ₹10 lakhs are offered on this app.
- You can apply for loans as low as ₹5000.
- Interest rates for these loans range between 10.99% to 26%.
- The education loan app charged a one-time transaction fee of ₹1,499 + GST.
Download Options:
- Android – 29.74 MB size and Android 8 or newer is required.
- iOS – 59.7 MB size and iOS 13.0 or later is needed.
KreditBee App
Students who need an education loan app which can help them get funds quickly for any sudden expense can check the KreditBee app. The app boasts its 10 minutes of education loan approval process through which students can get loans between ₹1000 to ₹10 lakhs. The loan repayment tenure is from seven to 36 months. Also, the interest rate will vary depending on the risk factor, and it is usually between 17% and 29.95% per annum. You can use this education loan app in Hindi and English languages.
Benefits of KreditBee App:
- Students who need small education loans can apply for loans as low as ₹1000.
- This app offers instant education loans of up to ₹10 lakhs.
- Up to 36 months duration is provided for loan repayment.
- The interest rate on the education loan is between 17% to 29.95%.
Download Options:
- Android – 9.52 MB size and Android 4.4 or newer is required.
- iOS – 62.9 MB size and iOS 12.1 or later is needed.
PaySense App
Are you looking for an education loan app in India that offers quick, collateral-free student loans? Then look no further than PaySense. Offered by PaySense Services India Private Limited, this loan application is perfect for students who need instant loans up to ₹5 lakhs. You can also take small loans, which start from ₹5,000. The interest on loan will vary from case to case but it will range between 14% to 36% per annum. Also, the tenure of education loan repayment ranges between three and 60 months. Keep in mind that there is a late payment fee of ₹590 (inclusive of GST) and a foreclosure charge of up to 4% (excluding GST).
Benefits of PaySense App:
- Get no collateral education loans of up to ₹5 lakhs instantly.
- 14% to 36% per annum is charged as interest on these loans.
- You can pay back the loan in 60 months.
- 4% + GST is charged for loan forecloser.
- ₹590 + GST will be charged every time you pay the EMI late.
Download Options:
- Android – 15 MB size and Android 6 or newer is required.
- iOS – Not available
Top Education Loan Apps for Government-Provided Loans
Are you perhaps looking for an education loan app where you can get all the details related to student loans provided by the government? If so, then there is an app that you can download called UMANG. The Ministry of Electronics and Information Technology (MeitY) launched the Unified Mobile Application for New-Age Governance (UMANG) to offer a one-stop solution for all government schemes-related queries.
You can use this mobile education loan app to look for information related to loans offered by the central government and the state governments. For example, if you search for the PM-Vidyalakshmi Scheme on the app, you will get to know its mission, value, application process, eligibility, application status, and much more.
Keep in mind that the UMANG education loan app does not let applicants fill out the loan application form on the app itself. It will guide you through the process and help you find the official website or physical office where you can apply for the student loan.
Download Options:
- Android – 106 MB size and Android 8 or newer is required.
- iOS – 94.2 MB size and iOS 15.0 or later is needed.
List of Other Education Loan Apps
Students whose study loan application was rejected by the education loan apps we mentioned earlier can check the following RBI-approved apps below.
| Education Loan Apps | Interest Rate | Loan Amount |
| Indialends | Starts from 10.25% p.a. | Varies from case to case |
| CASHe | Starts from 2.50% p.m. | ₹5,000 – ₹5 lakh |
| Simpl | Starts from 20% p.a. | Up to ₹2 lakh |
| FlexiLoans | Starts from 1% p.m. | ₹10,000 – ₹5 lakh |
| mPokket | 2-4% p.m. | Upto ₹45,000 |
| One Mobikwik | Range from 12% to 36% p.a. | ₹1,000 – ₹50,000 |
| Navi Loan app | Starts from 9.90% p.a. | Upto ₹20 lakh |
| Flipkart Finance | Starts from 10.49% p.a. | ₹10,000 – ₹2 lakh |
| NIRA | Starts from 24% p.a. | Up to ₹5 lakh |
| Mobiquity | Need to contact the team | Up to ₹5 lakh |
| MyLoanCare | Starts from 16.50% p.a. | ₹5,000 – ₹5 lakh |
| Krazy Bee | The range between 12.25% – 30% p.a. | ₹10,000 – ₹5 lakh |
| TrueBalance | Starts from 3.9% p.m. | ₹1,000 – ₹50,000 |
| Lendingkart | Starts from 10% p.a. | Varies from case to case |
| CapitalFloat | Ranges between 18-24% p.a. | Varies from case to case |
| EarlySalary | Starts from 2% p.m. | Up to ₹5 lakh |
| Bajaj Finserv | Starts from 11% p.a. | Varies from case to case |
| Kreditzy | Ranges from 18% to 35.95% p.a. | ₹10,000 – ₹2 lakh |
| Money View Loans | Starts from 1.33% p.m. | ₹3,000 – ₹5 lakh |
| Dhani | Starts from 13.99% p.a. | Up to ₹2 lakh |
| ZestMoney | Starts from 14% p.a. | Up to ₹5 lakh |
| Amazon Pay | Starts from 18% p.a. | Up to ₹6 lakh |
| PhonePe | Varies from case to case | ₹1,000 – ₹5 lakh |
How to Download an Education Loan App
The education loan app can be installed on iOS and Android devices. No matter which device you use, we have a detailed guide below to help you install the study loan app.
Education Loan App Download Process for Android Devices
- Go to your Google Play Store and search the study loan app using the search button.
- From this list, pick the app you want to install.
- Before installing the app, check its developer and provider to ensure it’s a real app and not a look-alike app.
- Now, tap on the install button, wait for a few minutes and then tap on open the app to apply for an education loan.
Education Loan App Download Process for iOS Devices
- Go to your App Store on your iPad or iPhone.
- Tap on the search button and type in the name of the education loan app you want to install.
- Check the name, provider’s name, and the compatibility.
- After making sure it’s a genuine app and is compatible with your device, tap on the “Get” button to install it.
- Now press the open button to access the education loan app.
How to Get a Loan from an Education Loan App
The step-wise guide to applying for an education loan on an instant loan app is explained below.
- First, install the mobile app where you want to apply for an education loan.
- Sign up with your email or mobile number.
- Go to the education loan or personal loan section.
- Click on Apply Now and then provide your PAN number.
- The app will check your credit history and CIBIL score.
- Then, provide your educational institution name, course name, scanned copy of your ID card, and other required documents.
- The education loan app will verify your application and then update you in 5-10 minutes.
- If approved, the requested amount will be credited to your registered bank account immediately.
Also Read: How to Apply for an Education Loan
List of Documents Required While Applying for a Loan on Education Loan App
For a study loan on an education loan app in India, you need to keep the following documents handy before you install the app.
- Educational documents like your previous qualifications.
- Current college/university ID card and admission letter.
- Aadhar card and PAN card
Also Read: Documents Required for an Education Loan – An Extensive List
Beware of Fake Loan Apps
When students look for an education loan app they might fall into the trap of fraudulent loan apps. These apps are made by scammers to get your banking information to scam you of your money. That is why it is very important for every student to be able to differentiate between a real and a fake education loan app. The Ministry of Electronics and Information Technology (MeitY) identifies these apps from time to time and takes them down from the Apple App Store and Google Play Store. That is why the first step to safeguard yourself from a scam is not to install any app from an unknown source. You can learn about how to identify a fake education loan app by reading below.
How to Identify a Fake Education Loan App
You can look for the following patterns in an education loan app to determine if they are fake or real.
- The fake apps are not registered with the RBI.
- The origin of the fake apps will not be provided on their website or app.
- Usually, banks ask for a lot of information and documents to process your education loan application. However, fake apps will not ask for many documents.
- The education loan application will be quickly approved without any underwriting process.
- You will easily get an education loan even with a bad CIBIL score.
- Fake loan apps are not usually listed on trusted app stores like Apple’s App Store and Google Play Store.
List of a Few Fake Loan Apps
Below we have mentioned the names of a few fraud education loan apps which have been blacklisted by the RBI and have been removed from the Play Store and App Store. Thus, if you see these apps online, do not install them.
- Angel Loan
- Crystal Loan
- Dream Loan
- Apple Cash
- Goldloanapp
- RoyalCash
- Agile Loan App
- Crazy Cash
- Aladdin Lamp
- Easy RP
- Cash Advance
- Just Paise Loan App
- Credit Pearl
- Best Paisa
- Daily Loan
- Apna Paisa
- MateroFinance
- Balance Loan
- Dhan Pal
- Ariaeko Lone
Conclusion
Education loan apps are fantastic financial tools that every student should have. These apps not only process your education loan quickly but also allow you to borrow small amounts of money for emergencies. With easy repayment plans and a credit history-based loan approval process, an education loan app provides valuable financial support for students.
Also Read: Scholarships vs Education Loans: Which is the Best Funding Option?
FAQs
Which app is best for students taking out loans?
The best education loan apps for students to take out loans include Indialends, CASHe, Simpl, FlexiLoans, mPokket, One Mobikwik, etc.
How do we get ₹30,000 immediately for students?
You can get a student loan of ₹30,000 immediately using one of the education loan apps. A few popular RBI-approved loan apps are iMobile, KreditBee, PaySense, Tata Capital, etc.
What is the interest rate for ₹2 lakhs in KreditBee?
With KreditBee, you can certainly get a student loan of ₹2 lakhs, and the interest rate will be between 17% and 29.95% per annum. Keep in mind that the loan interest is calculated based on the applicant's risk factor. If your CIBIL score is high, then the interest rate will be low.
Which app to use for education loans by the government?
You can use the UMANG app by the Ministry of Electronics and Information Technology (MeitY) as your one-stop solution for all your government education loan-related needs.
What is the minimum amount I can borrow from an education loan app?
If you use an education loan app, then you can borrow as low as ₹1000 for your educational needs. KreditBee is a prime example of such a loan app, which lets you borrow money ranging from ₹1000 to ₹10 lakhs.