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Top 5 Safest Apps for Student Loans

Safest Apps for Student Loans

Hello students, today in this article we are going to talk about the top 5 safest apps for student loans. In this article, we will tell you which are the five apps in India from which students can easily take loan and there are less chances of fraud with students.

As you all know that nowadays there are more chances of fraud in these loan apps. Fraud means that the people of these apps charge more interest than the interest rate you are told and other charges are also deducted in addition to the charges mentioned to you. Therefore, to avoid all these things, we will tell about those 5 apps which are reliable. So read the article carefully.

What are Student Loans?

Student loans are financial loans specifically designed to help students cover the cost of higher education. These loans can be availed by the students or by their parents. The money from student loans can be used to pay for tuition fees, textbooks, living expenses, and other related educational costs.

Benefits of Student Loans

Student loans have lower interest rates than other types of loans, and they often come with easy repayment, Access to Higher Education, Build Credit Scores, and Increase Future Earnings options.

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Types of Student Loans

1. Federal Student Loans:

Federal Student Loans Offered By The US Government.

2. Private Student Loans:

Private student loans are loans that are offered by private lenders, such as banks or credit unions, The government does not back private student loans.

3. Parent PLUS Loan:

The federal loan is a loan that parents of a student can take out to help pay for their child’s education.

4. Graduate PLUS Loans:

Graduate PLUS Loans are loans that graduate or professional students can take out to help pay for their education.

5. Refinancing loan:

A loan that allows borrowers to replace their existing student loans with a new loan from a private lender with potentially lower interest rates or better terms.

Top 5 Safest Apps for Student Loans

1. Credenc:

Credenc is a leading online lending platform that offers loans to students for higher education in India. It is one of the most reliable and safe platforms for student loans. With Credenc, you can get loans up to Rs 15 lakhs with a hassle-free and paperless process. The app offers competitive interest rates and flexible repayment options to its customers. The best part is that Credenc does not require a collateral or a co-signer, making it easier for students to get loans.

Interest Rate11% प्रति वर्ष
Loan AmountUpto ₹1Cr (Collateral)
Upto ₹50Lac (Without Collateral)
Flexible tenure6 months to 1 year
Instant sanction2 Working Days
Processing Fees1.0% to 1.5% of Loan Amount
App Rating4.5
Safest Apps for Student Loans

Apply For Loan

Pros

  • Easy Application Process
  • Quick Disbursement
  • No Collateral Required
  • Customizable Loan Plans

Cons

  • High-Interest Rates
  • Only Available in India

2. InCred Finance

InCred is a digital lending platform that provides student loans at competitive interest rates. The app offers loans for various courses, including undergraduate, postgraduate, and vocational courses. InCred also offers a flexible repayment option, allowing you to repay the loan amount over a period of up to 10 years.

Interest RateStarts @ 12% प्रति वर्ष
Loan AmountMaximum: Rs.40 lakh
Flexible tenureUp to 10 years
Instant sanction5 Working Days
Processing Fees1.0% to 1.5% of Loan Amount
App Rating4.0
Safest Apps for Student Loans

Apply For Loan

Pros

  • Simple application process
  • Competitive interest rates
  • Flexible repayment options
  • No collateral required

Cons

  • Limited eligibility
  • High processing fees
  • Credit score requirements

3. Avanse

Avanse is a popular student loan provider in India that offers loans for various courses, including engineering, management, and medical. The app offers competitive interest rates and flexible repayment options. Additionally, Avanse offers a range of value-added services, including foreign exchange services and travel assistance.

Interest RateStarts @ 10% प्रति वर्ष
Loan AmountStarts from Rs.1 lakh
Flexible tenure1 to 10 years
Instant sanction2 Working Days
Processing Fees1% to 2% of Loan Amount
App Rating4.0

Apply For Loan

Pros

  • Customized loan options
  • Low-interest rates
  • Flexible repayment options
  • Quick and easy approval process

Cons

  • Collateral required
  • Limited loan amounts
  • Credit score requirements

4. GyanDhan

GyanDhan is a popular student loan provider that offers loans for various courses, including engineering, management, and medical. The app offers competitive interest rates and flexible repayment options. Additionally, GyanDhan offers a unique feature that allows you to check your loan eligibility without affecting your credit score.

Interest RateStarts @ 10% प्रति वर्ष
Loan AmountStarts from Rs.1 lakh
Flexible tenure1 to 10 years
Instant sanction2 Working Days
Processing Fees1% to 1.25% of Loan Amount
App Rating4.9
Safest Apps for Student Loans

Apply For Loan

Pros

  • Wide range of loan options
  • No collateral required
  • Competitive interest rates
  • Easy application process

Cons

  • Limited availability
  • No prepayment options
  • Credit score requirements

5. Buddy Loan

Buddy Loan is a leading digital lending platform that provides student loans at competitive interest rates. The app offers loans for various courses, including undergraduate, postgraduate, and vocational courses. Buddy Loan also offers a range of value-added services, including insurance and travel assistance.

Interest RateStarts @ 11.99%  प्रति वर्ष
Loan Amount₹10,000 to ₹15 lakhs
Flexible tenure6 month to 5 years
Instant sanction48 hours
Processing Fees1% to 1.25% of Loan Amount
App Rating4.2
Safest Apps for Student Loans

Apply For Loan

Pros

  • Wide range of loan options
  • No collateral required
  • Competitive interest rates
  • Flexible repayment options

Cons

  • Limited availability
  • Credit score requirements

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How to Apply for Student Loans

The process for applying for student loans may vary depending on the specific lender or app you are using. However, here are some general steps you can follow:

Download the student loan app from your app store and create an account.

Fill out the application form with your personal and financial information.

The app may also ask for information about your College and program of study.

Choose the type of loan you want to apply for.

The app may offer both federal and private loan options.

Review the terms and conditions of the loan, including the interest rate, fees, and repayment options.

Submit your application and wait for a response from the lender.

If your loan is approved, you will need to sign a promissory note.

Be sure to keep track of your loan balance and repayment schedule.

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Is student loan better or personal loan?

In general, student loans are often more favorable for educational purposes due to lower interest rates and specialized repayment options, while personal loans offer more flexibility for various purposes but may come with higher interest rates. The choice depends on individual circumstances and financial goals.

What is difference between education loan and student loan?

The terms “education loan” and “student loan” are often used interchangeably, referring to loans specifically designed to finance educational expenses. However, “student loan” typically refers to loans obtained by students themselves, while “education loan” can encompass loans taken by students, parents, or guardians to fund educational costs.

Can we use education loan for personal use?

No, education loans are intended to be used solely for educational purposes, such as tuition fees, books, and related expenses. They are not meant for personal use or unrelated expenses.

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