In India,
- mPokket
- Pocketly
- KrazyBee
- KreditBee
- Sahukar
- SlicePay
- CashBean
- BadaBro
Eligibility Criteria for Applying for Student Loans in India
- Any full-time college student can apply for an instant loan.
- The applicant should be aged above 18 years.
- You must have a valid college ID card and Aadhar Card.
- Some lenders may require a PAN card.
Before applying for a loan one should consider the following things
- Application process
The simplicity of the Application Process.
- Loan amount
The loan amount you need should be fixed according to your requirement.
- Interest rate
- Repayment period
Loans are allotted for a specific period so check the tenure, and choose a short term for low interest.
- Equated monthly installment EMI
- Loan duration
Benefits of Loan Apps for Students
- The tenure for credit repayment is nearly 1 to 3 months with an interest rate of merely 1 to 3% per month, which can vary according to loan providers.
- The loan amount is instantly deposited in your bank account.
- The app provides the facility for e-approvals on loans, thus requiring no physical documentation or verification.
- Earn exciting referral bonuses as cash or coupons.
- EMI can be easily calculated with the help of EMI and loan calculators provided on their websites.
As you had a look for advantages there may be disadvantages many of the loan providers do not provide proper information about disadvantages so it is better to contact the person to whom the loan has been granted earlier for honest reviews, Check if hidden charges are levied if you are unable to pay installments on time, and processing charges you have to bare at the commencement of next year.
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