#FinancialBytes: 5 instant loan platforms for students in India
Many students often struggle with financial constraints but approaching banks and traditional lenders for loans might not be of much help as they generally lend only to salaried individuals. However, several companies are offering fast and easy instant loans to students in India. They can borrow money online quickly compared to other kinds of loans. Here are 5 instant loan platforms for students.
mPokket is one of the most popular platforms for instant personal loans to college students. Students need to download the app and submit photos of their student ID and Aadhaar card. They can request any amount of loan, starting at Rs. 500, and get it instantly into their bank account or Paytm wallet. Repayment options range from 1-3 months; interest rates start at 3.5%.
KrazyBee Student Credit Platform is another good option for quick finance that helps college students in times of need. With an EMI option, the platform offers cash credit loans for college expenses, e-commerce loans for online purchases, semester loans for college fees, and two-wheeler loans too. Students must provide their College ID and address proof. KrazyBee offers repayment tenure of up to 12 months.
SlicePay is another app-based lending platform that is popular among students. It offers instant loans, no-cost EMIs, SlicePay Card (with MasterCard partnership), and pay later services to students. Students need to download the app and sign up by their submitting their name, College ID, and address proof. The app is available for both Android and iOS.
Udhaar Card - Instant Loan is another good app-only lending platform that provides personal loans to students to fund their needs. It is currently available for Android and iOS too. It gives short-term personal loans that range from Rs. 500 to Rs. 5,000. Students can repay the loan in 1-3 months (30-90 days). The documentation, loan disbursal, and loan repayment are completely done online.
RedCarpet is another useful app that provides instant loans, pay-later services, and many other services to students. It offers interest-free (one-month repayment) loans of Rs. 1,000-60,000 to students to meet their financial needs. They can pay EMIs on 3/6/9/12 months basis.