12 Best Credit Apps for Students in India

Are you an Indian student seeking a financial solution?

Look nowhere else!

The 12 credit apps mentioned below are for students that have been discovered after a thorough market search. With quick accessibility and incentive opportunities, these applications simplify managing credit.

You may be sure to discover the ideal solution for your needs, thanks to user-friendly interfaces, affordable prices, and a variety of features.

These applications will take care of your financial management needs, so stop stressing. Make the most of your time as a student by managing your credit now!

1. PaySense

Paysense is a financial technology business that provides individuals in India with personal loans, credit lines, and other financial services. The credit agency uses data science and machine learning to assess clients’ creditworthiness.

It approves loans for people who don’t have good credit ratings or a short credit history. The business was established in 2015, and since then, it has received several honors and given loans to more than 2.5 lakh consumers.

Through several investment rounds, it is extending its offerings and reaching out to additional clients.

[Eligibility: Ages 21 to 65]

Features

• Instant access to personal loans, with loan amounts ranging from ₹5000 to ₹5 lakh
• Provides loan at a rate of 1.4%-2.3% interest per month.
• No credit history required to apply and be approved
• Eligible students can apply for subsequent loans
• Auto-debit feature to remind students to make payments on time
• Digital loan sanction process with no paperwork required
• Uses advanced data science and machine learning to evaluate creditworthiness

2. RedCarpet

RedCarpet is a digital lending platform that was established in India in 2016. Since then, it has grown in popularity because of its original and approachable credit strategy. Customers can access various financial services and products using a special program called “RedCarpetX” offered by the company.

They are also renowned for their customer-focused strategy, aggressive interest rates, and adaptable repayment choices. They provide a variety of lending alternatives and streamline the loan application procedure.

Being a trustworthy site, it is a fantastic option for anyone searching for simple and straightforward access to credit.

[Eligibility: age 18]

Features

• Immediate replenishment of credit limit as soon as it is exhausted
• Cash withdrawal capability using the RedCarpet card at any ATM
• Simple tracking of payments and viewing of detailed card statements through app or website
• The RedCarpet app serves as a one-stop solution for managing your card
• Regular reminders for upcoming due dates

3. Navi

Navi is a personal finance management app that helps users take control of their finances. It offers features like spending tracking, budgeting, financial goal setting, bill reminders, credit score monitoring, and investment tracking.

It also helps users identify areas where they can cut back on expenses and make better financial decisions. The company has disbursed more than 11000 crores worth of loans. Navi is free to download on both iOS and Android platforms and caters to Indian users to manage their financial life.

[Eligibility- 21 years]

Features

• 100% digital loan application process with minimal paperwork
• Streamlined and secure process, easy to navigate
• Available customer support 24 hours a day, 7 days a week
• Customizable loan repayment options, with a tenure of up to 6 years
• Competitive interest rates starting from 9.90% p.a on cash loans.

4. SlicePay

SlicePay is an Indian fintech startup that provides financing to college students. The organization offers virtual credit cards and personal loans, EMI-based financing, and bill payments to help students get credit without collateral or credit history.

It evaluates creditworthiness using proprietary algorithms and has connections with a variety of merchants and e-commerce platforms. SlicePay started in 2015 and wants to make college more affordable. It has raised money to expand services and reach more clients.

[Eligibility- 18 years]

Features

• Quick and easy access to loans of up to ₹5 lakh
• Repayment options of up to 12 months or early repayment to save on interest
• A one-time transaction fee for every loan borrowed
• Earn rewards of 2% on card spends
• Zero interest charged if the loan is repaid within a month
• Competitive interest rates on EMI, with a range of 12-15% for a 12-month repayment period.

5. Eduvanz

Eduvanz is an Indian financial app that focuses on giving student loan solutions. They want to make receiving funding for schools and other expenditures as simple and uncomplicated as possible. Some services, like these, use an “income-sharing agreement” where borrowers repay the loan as a percentage of their revenue.

They provide loans for different educational expenditures such as tuition, course materials, and computer equipment. They have earned a reputation for providing low-interest rates and a quick application procedure, which serves students in achieving their educational goals.

Overall, Eduvanz is a wonderful option for students looking for a flexible and innovative approach to fund their education.

[Eligibility- 18 to 60 years]

Features

• Personalized loan cost calculator
• Student-friendly options and tailored educational solutions
• Instant approval, 100% online process with no hidden charges (processing fee 0%-5%)
• Low interest rates based on the student profile
• Flexible repayment options.

6. LazyPay

India’s LazyPay, a 2016 startup, offers online loans. It is renowned for offering immediate credit and simple checkout procedures. They provide simple checkout choices because of their user-friendly and smooth interaction with businesses.

People like the platform’s fast loan disbursals and easy credit availability, so it’s popular among Indian customers. There are over 6 crore eligible users. They provide a variety of lending choices, including personal loans, loans for vacations, and others.

LazyPay is a fantastic choice for anyone searching for a simple method to acquire credit and a trustworthy financial partner.

[Eligibility- 18 years]

Features

• Credit disbursal in as little as 90 seconds
• Convenient payment terms of 15 days
• No physical documents required and instant approvals
• LazyPay credit can be used offline and online across millions of merchants
• Exclusive partnerships with various platforms such as Swiggy and Tomato, providing customers with additional vouchers and offers
• Flexible tenure options ranging from 3-24 months, allowing customers to choose a repayment plan that works best for them
• Competitive interest rates starting at 18% per annum, going up to 32% per annum, depending on the loan amount and tenure

7. PostPe

PostPe is a digital lending platform founded in 2019, in India that is known for its fast and easy loan application process. They offer loans without collateral, credit lines, and other options, depending on your needs.

They have a strong focus on providing exceptional customer service. Their brand tagline, “De Dena Aaram Se” which means ‘pay at your convenience’, highlights their mission of giving customers control over their finances.

With a history of providing quick and secure credit solutions, PostPe is a reliable option for those in need of instant loan solutions.

[Eligibility- 21 to 65 years]

Features

• Customizable EMI options for a personalized repayment experience
• Use of PostPe credit for purchases online or in-store
• Personalized online dashboard for tracking loans, expenses, and EMIs
• Simple money transfer feature by scanning QR code
• An interest-free credit limit of up to 10 Lakhs
• Competitive interest rates between 24-36% on loan tenures ranging from 3-6 months

8. mPokket

Mpokket is a financial technology firm that specializes in providing instant loans to college students in India. Their goal is to make it easy for students to get credit, by using their phones and social media.

It also provides a virtual credit card, that can be used for purchases, bill payments, and recharges. Mpokket was founded in 2017, with a vision to make credit easy, accessible for students.

Till now, mPokket has amassed 2 million+ satisfied customers with an average rating of 4+ stars on Google Play.

[Eligibility- 18 years]

Features

• Quick and simple loan application process
• Competitive interest rates, starting as low as 3.5% per month
• Immediate access to cash without the need for long-term EMI commitments
• Popular choice among students for credit access
• Offers microloans starting from as low as ₹500 to up to ₹20,000, with repayment options of up to 4 months

9. BadaBro

Badabro is a prominent credit app in India that caters exclusively to students. They know it may be hard to get credit as a student, and they try to make it easy. The app provides a variety of loan alternatives and variable payback periods that may be customized to match the specific needs of students.

They have approved over 1 lakh loans, demonstrating their popularity and efficacy. They offer low-interest rates and a simple process, which is important for students who have money problems and loans to pay for school.

Overall, it’s a fantastic alternative for students searching for quick and simple credit.

[Eligibility- 18 years]

Features

• Dynamic credit limit starting at Rs. 1,000
• Easy online credit request, instant transfer
• Quick online approval process
• Flexible repayment terms between 61 to 90 days
• Interest rate of 5% per month

10. Pocketly

Pocketly is a credit app in India that provides credit solutions for young people. Their brand tagline is ‘Credit for Young India’, which focuses on providing credit access to young people with limited or no credit history. The app is easy to use and offers a range of loan options, including personal loans, travel loans, and more.

They have a quick and seamless application process and they offer instant loan disbursals to eligible customers. One of the major highlights is that it has more than 1 million downloads on Google Play, which signifies its popularity among the young audience.

They are also known for their low-interest rates, flexible repayment options, and customer-centric approach. Overall, Pocketly is a great option for young people in India looking for easy and accessible credit.

[Eligibility- 18 years]

Features

• 24/7 loan availability
• Cashback referral program
• Quick, 2-click sign-up process
• Hassle-free KYC experience
• Interest rates from 12-36% per year
• Credit limit up to ₹10000 based on repayment history
• Flexible EMI options and ability to close the loan anytime

11. StuCred

StuCred is a popular credit app among students in India, boasting a community of over 3 lakh users. They provide easy loans and flexible repayment options. They also have the unique feature of Student Connect, connecting students with alumni, peers, and experts for financial guidance.

StuCred is a good credit and financial support option for students, which also has an easy application process. They also have dedicated customer support for any help required during the process.

[Eligibility- 18 years]

Features

• StuCred offers instant credit access at a 0% interest rate
• A one-time fee of 6% of the total loan amount is charged.
• With more than 10,000 colleges listed, StuCred is widely accessible to students.
• The credit approval process is quick and efficient, right after completing the KYC process
• The minimum loan amount offered by StuCred is ₹1000
• With consistent and timely loan repayment, StuCred increases credit limit by upto ₹15,000

12. KreditBee

KreditBee, a leading digital lending platform in India, offers a variety of loan options and a user-friendly experience for its customers. With a quick and easy application process, they offer instant loan disbursals to eligible customers. They have a wide reach and have helped many, as demonstrated by their disbursement of over 30000 crores of credit to date.

KreditBee is known for its customer-centric approach, competitive interest rates, and flexible repayment options. It’s a great choice for those looking for easy and accessible credit.

[Eligibility- 21 years]

Features

• Interest rates start at 1.02% per month and go up to 2.49% per month
• Kreditbee uses an AI-based platform to check loan eligibility, guaranteeing that loans are issued to eligible candidates.
• Loan options available are from as low as ₹1,000 to as high as ₹3 Lakhs
• Kreditbee’s loan application process is available 24/7, meaning you can apply for a loan at any time.
• The loan disbursal process is quick, with funds being made available within 10 minutes of loan approval
• Kreditbee’s application process is 100% online, with easy documentation, and hassle-free disbursal

Top 3 Picks

Narrowing down the search for the top credit apps for students in India has never been easier! After carefully reviewing 12 of the best options, we’ve narrowed it down to the top 3 must-have apps.

Let’s dive in and critically compare these top picks

1. mPokket

Pros:

• User-friendly interface makes it easy to navigate and apply for a loan
• Good customer service that is always ready to support with any questions or concerns
• Facility to extend the due date, which is convenient for unexpected changes in financial situations

Cons:

• Low initial credit limit, and the process of increasing it can be slow
• Hidden charges reported, even for small amounts
• Higher interest rates for students as compared to other credit apps.
• The loan disbursal can take time.

2. KreditBee

Pros:

• Quick loan disbursements which can be helpful in case of emergencies
• Smooth and well-designed user interface
• Require fewer documents, making the application process simpler
• Reasonable interest charge for the loan

Cons:

• Verification process may take longer than expected
• Credit score evaluation may not be effective
• Processing fee is higher compared to other credit apps
• Customer support experience may not be satisfactory.

3. SlicePay

Pros:

• Fully digital process, ending the need for physical documentation
• Good for emergencies as it offers instant credits within 10 minutes
• Lower interest rates and no hidden charges

Cons:

• Complicated interface can be difficult to navigate
• Reports of customer support not responding to queries on time
• Credit limits have decreased in recent times
• Limited flexibility in choosing the tenure of the loan.

Our Verdict

When it comes to finding the right credit app for students, it’s all about weighing the pros and cons. And when it comes to KreditBee, the pros far outweigh the cons!

With its lightning-fast loan disbursements, user-friendly interface, and reasonable interest rates, it’s the ultimate ’emergency fund’ hero.

Need cash in a hurry? KreditbBee’s got your back.

Tired of paperwork? KreditBee’s minimal documentation is a welcome change.

Interest rates giving you the blues? KreditBee’s rates are music to your ears.

Sure, no app is perfect, but Kreditbee is the best fit for students with its instant disbursal and easy application process. Make KreditBee your wingman in the world of student finances.