8 Personal Loan apps for students

 

Personal Loan comes with unrestricted end-use which makes it favourable to availed for various purposes. It is also largely opted for by students for funding higher studies or for other expenses during the learning phase.

The process of getting an instant cash advance in times of emergencies has been changed drastically in the past few years. With their growing online presence, instant loan apps have made it to the top of the list of preference when it comes to ease and convenience. The procedure for application & relationship management is very different and easy with online loan apps as compared to traditional banks. As a greater number of youngsters prefer to deal with financial activities online, instant loan apps greatly help in facilitating transactions seamlessly.

There are some basic pre-requisites like having a desirable CIBIL score, fulfillment of eligibility criteria which generally includes age, salary or citizenship etc. Once these checks are passed, you can be sure of getting instant approval for your online personal loan. The online loan apps come in handy as they allow you to view and monitor all your loan-related information at any time, anywhere even on holidays. Unlike banks, which are available for customers only in stipulated timings, apps are available 24 x 7. Hence, they are becoming more popular.

What exactly are instant loan apps?

There is a wide range of instant Loan apps that have made the process of availing funds much simpler than the traditional banks. These mobile applications are developed in order to help individuals in the easy availability of financial assistance and tracking information related to it. In today’s world of speed, rarely anyone may have time to follow up with banks, wait for the verification etc.

Instant loan apps have made it very easy for individuals to apply for a loan by providing a single platform that caters to almost all the needs of their customers. These apps are available for android as well as iOS phones. Although some lenders may not have an app. In this case, you may have to access their service through their website on google.

For what purpose can students use Personal Loan?

Students can use an instant personal loan in many ways –

1) Paying for higher education

2) For accessories/utilities/gadgets/books

3) Expenses for accommodation

4) Paying fees

What are the steps to use the instant loan app?

Using instant personal loan apps is very easy. You only need to follow the steps given below to use any instant loan app -

1) Downloading & Installing the application –

Before applying for a loan, you will have to download and install the instant loan app. PaySense, Early Salary, Bajaj Personal Loan app, Tata Capital, Navi, Money Tap are some of the popular loan apps.

2) Login and Application process –

Post installing the app, the next step will be logging into the app. Fill in your details the app asks you for while applying for the loan. You may need to fill in your KYC details, Salary, Account number, etc. Sometimes, the app may also ask you to click a selfie.

3) Approval – There apps like the Bajaj Finserv Personal Loan app, Dhani, PaySense, etc which process your application & give approval for your loan within a few minutes if you are completely eligible. Your loan amount gets credited to your account shortly after you receive the approval.

Below are the 8 best instant loan apps today –

App Name	Max. Loan Amount	App Rating
MoneyTap	5 Lakh	4.3
Bajaj Finserv App	25 Lakh	4.3
PaySense	5 Lakh	4
Dhani	15 Lakh	3.9
Tata Capital	25 Lakh	3.8
Early Salary	2 Lakh	4.2
Rupeelend	1 Lakh	3
Kreditbee	1 Lakh	4.5

 

What are things to keep in mind before applying for an instant loan?

1) Be clear about the amount that you require and the purpose for which you want to spend it. 

2) It is necessary to analyse your Credit Health Report and improvise your CIBIL Score. An ideal score would be 750 and above to get quick approval for your instant loan.

3) You can opt for small cash loans if there the requirement for funds low.

4) Most of the instant loan apps have in-built EMI calculators that can help you get an estimate of the EMI, interest, and tenure of your loan. Hence, it is advisable to get a rough idea of your loan expenses beforehand.

5) Obtain a complete list of documents from your lender beforehand and collect all the enlisted items in one place to get instant approval of your loan.

6) Compare different lenders and the interest rates at which they are offering you the personal loan. Choose the one best suited for your needs.

7) Understand the terms and conditions carefully before applying.

8) Pay EMIs regularly on time for healthy credit history.

Read Also - Questions to ask before Applying for a Personal Loan with an App