Top 5 Personal Loan Apps for Students

Loan Apps for Students

As an Indian student, managing finances can be a challenging task, especially when unexpected expenses arise. Personal loan apps have become a convenient solution for quick and easy access to funds. With a plethora of options available in the market, it can be overwhelming to choose the right one.

In this blog post, we will explore “The top 5 personal loan apps that every Indian student should know about.” From interest rates to repayment options, we will provide you with all the essential information to make an informed decision. Stay tuned to make your financial journey smoother and stress-free.

While personal loan apps play a crucial role in bridging the gap between immediate financial needs and limited resources for Indian students. These apps offer quick approval processes, flexible repayment options, and competitive interest rates, making them a vital resource for managing unforeseen expenses during the academic journey.

With the convenience of accessing funds anytime and anywhere, students can address emergencies like tuition fees, books, or even personal expenses without delay. Stay tuned to discover how personal loan apps can be a game-changer in ensuring financial stability and peace of mind for Indian students.

You can be a college student during exams, textbooks are piling up, and an unexpected expense pops up. Maybe your laptop needs repairs, or you need to pay a medical bill. Suddenly, managing finances becomes a tightrope walk. This is where digital personal loan apps come in – a convenient and often speedy solution for students facing temporary financial hurdles.

Understanding Interest Rates

Let’s start by quick understanding of Interest rates, which is one of the critical factors to consider when taking a personal loan is the interest rate. Interest rates can vary widely based on several factors, including the borrower’s credit score, the loan amount, and the repayment tenure.

For students, it’s essential to compare the interest rates offered by different apps to find the most affordable option. Lower interest rates mean lower monthly payments and less overall interest paid over the loan term.

These rates can range from around 12% to 30% per annum, depending on several factors:

  • Loan Amount: Smaller loans typically have higher interest rates.
  • Repayment Tenure: Shorter repayment periods often come with lower interest rates.
  • Creditworthiness: Students with a good credit history or existing positive repayment behavior on the platform may qualify for lower rates.

Top 5 personal loan apps for Indians


Unlike some generic loan apps, Zapmoney caters specifically to students. They understand the financial challenges students face and tailor their offerings accordingly. However, ZapMoney is a personal loan platform in India that caters to both salaried individuals and college students, offering quick and easy loans. For college students, no income proof is required, but they need to provide a PAN/Voter ID/Driving license, Aadhaar for KYC, and a college ID.

ZapMoney offers students loan amounts ranging from ₹1,000 to ₹1,00,000 with interest rates between 18% to 36% per annum and tenures from 3 to 12 months. The platform boasts a quick online loan process with fast approval and disbursal, minimal documentation, and flexible repayment options, which also help in building and improving credit scores.


PaySense provides student loans at interest rates ranging from 16% to 36% APR. This results in a variable monthly interest rate based on your creditworthiness, loan amount, and repayment term. While a good credit score, larger loan, and shorter repayment period can result in a cheaper monthly rate, expect a higher rate if your circumstance is on the opposite end of the spectrum. Remember to browse around and compare rates before deciding on a loan to guarantee you obtain the most cost-effective alternative.


KreditBee offers competitive interest rates, ranging from 16% to 29.95% per annum (p.a.). However, it’s crucial to remember that these rates are subject to change based on your individual creditworthiness and the specific loan amount you request. It’s vital to check their website or app for the most up-to-date interest rate information before finalizing your application. Additionally, there might be processing fees associated with your loan, so be sure to factor those into your overall cost assessment.

However, one of KreditBee’s most appealing features for students is their swift approval process. They boast a 10-minute loan disbursal process, making them a potentially ideal solution for urgent financial needs. This rapid turnaround time can be a lifesaver if you’re facing an unexpected expense and need immediate access to funds.

You can tailor your loan installments to your budget and income, ensuring manageable monthly payments that won’t leave you financially strained. This flexibility allows you to prioritize your education and other essential expenses while responsibly managing your loan repayment


SlicePay operates slightly differently from the other loan apps we’ve discussed. Instead of offering traditional loans with fixed interest rates and repayment terms, SlicePay provides a credit line of up to ₹10,000 for students enrolled in undergraduate or postgraduate programs. This means you have access to a specific credit limit, similar to a credit card, and can make purchases up to that amount.

No-cost EMIs might be the most appealing aspect for students. SlicePay allows you to split your purchases into manageable monthly installments over a period of 30 or 90 days, with no additional interest charges on these installments. However, it’s important to note that this essentially means you:

Credit Line Limit: The maximum credit limit for students is ₹10,000, which might be suitable for smaller needs like textbooks or urgent supplies but may not be enough for larger expenses.

3% Monthly Interest: While SlicePay emphasizes no-cost EMIs, there’s a catch. If you don’t pay your balance in full within the 30 or 90-day timeframe, you will be charged a 3% monthly interest rate on the outstanding amount. This can quickly add up if you’re not careful.

SlicePay can be a helpful tool for managing smaller student expenses with its no-cost EMI option. However, it’s crucial to stay within your credit limit and pay your balance in full within the timeframe to avoid accruing interest charges.


mPokket stands out for its lightning-fast approach to student loans. They specialize in providing small, short-term loans specifically designed to address students’ urgent financial needs.  The loans are typically short-term, with repayment periods generally falling within 30 days. This structure encourages students to quickly repay the loan and avoid accruing significant interest charges.

Things to Consider with mPokket:

  • Higher Interest Rates: The convenience of speed and small loan amounts comes with a trade-off. mPokket’s interest rates can be on the higher side compared to some other options. It’s crucial to understand the interest rate and fees associated with your loan before borrowing.
  • Limited Use Cases: Due to the smaller loan amounts and short repayment terms, mPokket might not be suitable for larger expenses like semester rent or a new laptop. It’s best suited for immediate, short-term needs.


Overall, Zapmoney can be a good option for students seeking a loan app that understands their specific needs. Their focus on financial literacy and flexible repayment terms can be valuable resources for young adults navigating financial independence.

However, as always, it’s crucial to borrow responsibly, understand the interest rates and fees, and only borrow what you can comfortably repay.



The ZapMoney app makes personal finance easy, accessible, and affordable. The App is available on Google Play Store and App Store for download, allowing you to sign up and access easy personal loans. ZapMoney is powered by Monexo Fintech Private Limited which is a registered NBFC-P2P.
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