Typically, students are not easily given out credit by banks and financial institutions. This is owing to their low payback capacity. Students do not have an income source which is why they are hard for consideration. Another important hurdle is that students cannot be counted credible.
Students may require loan amount anywhere between Rs. 1000 to Rs. 30000. This range of personal loan is not that interesting for Banks and NBFCs. They need huge amounts for lending, to get their business running. The level of effort and time that goes into verifying one individual for personal loan is huge (including KYC and underwriting). So, this set of individuals is just not profitable for Banks. Nowadays, a long column of enterprises is venturing into the market using artificial intelligence and machine learning to deliver all ticket size personal loans. They retrieve and analyze online data to understand the market better and create loan packages accordingly.
Most students have acute financial challenges however they do not nudge banks and NBFCs, since they do not support much. These named institutions prefer salaried individuals more over the unemployed ones.
Today many companies offer quick and reliable instant personal loan to students in India. These loans are available online in any denomination needed.
Let us quickly highlight 5 instant personal loan platforms for aspiring students:
- mPokket is the most known platform for instant student personal loans. Students can use the mPokket App for a quick loan. All that’s needed here would be the student ID and Aadhaar card. Students can apply for an amount they like, this will come directly to your savings account and paytm wallet. The repayment will fall between 1-3 months at an interest of 3.5% or upwards.
- KrazyBee Student Credit is again good for instant personal loans. Krzybee provides easy money to assist students in times of great need. With an easy installment option, the portal offers quick credit, college trivialities, college fee, expensive purchases, etc. Just the student ID (college ID) and address, somewhat alike mpokket. It is offering a tenure upto 12 months or lesser.
- SlicePay is also doing well amongst students for being an app based lending platform. It also provides quick instant loans, with cheap EMIs. The EMIs can be easily paid later as per availability and convenience. This works similarly as well with students to submit their college and address proof.
- Home Credit offers instant salary loans to students. This identically provides fast and affordable loans to student to finance their needs. You can apply for loan upto 2 Lacs. The entire application process is fully automated and needs no manual input too.
- RedCarpet is just another important tool for students to take on instant personal loans and payback whenever feasible. The EMIs are interest free on an amount between Rs. 1000-50000. Based on a tenure pattern of 3/6/9/12 months, RedCarpet gets you fast cash through online and offline transactions.