Loan apps for students
What a student can actually borrow, what it really costs, and how to check your own offers in a minute.
Few lending apps lend to students, and most "loan for students" offers still need a salary. If you have a stipend, part-time or freelance income, you may get a small loan from ₹1,000, but costs run high once fees are counted: the student-focused apps we checked show full yearly costs (APR) of up to 113%. Log in to GoCredit to see the offers available to you. For college fees, a bank loan under the government's PM-Vidyalaxmi scheme is far cheaper.
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Student loans you can apply for on GoCredit
From the lender's own listing, checked 21 Oct 2026. APR is the full yearly cost, including interest, fees and GST.
mPokket
Lender: mPokket Financial Services Pvt Ltd (its own NBFC)
In RBI's app directory (our copy from 26 Oct 2026)
- Loan size
- ₹1,000 – ₹2,00,000
- Interest
- 22% to 36% a year
- Full cost (APR)
- Up to 57.8% a year
- Who can apply
- Students, freshers and interns who can show some income: a stipend, part-time or freelance earnings, or a first salary.
- Age
- 18+
- Repay over
- 6 to 24 months
No app download needed · Checking doesn't affect your CIBIL score
Log in to see whether you qualify for mPokket and other lenders.
What students can usually get
- Small amounts: student-focused apps lend from ₹1,000; most cap students well below a salaried borrower.
- Some income needed: lenders usually want a stipend, part-time or freelance income, or a first salary, shown in your bank statement.
- Age: some lenders start at 18; many big lenders start at 21.
- Documents: PAN, Aadhaar, a bank account in your name, and often a college ID.
- Short repayment: often a few months, which is where fees push the yearly cost up.
Why "0% interest" can cost 113% a year
On a small, short loan the fee matters more than the interest rate. One student app we checked advertises 0% interest. Its own example: borrow ₹1,000 for 90 days, pay ₹283.2 in processing fee and GST, and repay ₹1,283.2. That is an APR of 113.28% a year. RBI makes every lender show the APR in a Key Facts Statement before you accept. Compare that number, not the interest rate.
Paying college fees? Use PM-Vidyalaxmi first
Bank education loans with no collateral and no guarantor for students who get merit-based admission to a listed Quality Higher Education Institution (QHEI).
- 1,425 institutions are covered (top NIRF-ranked and government institutions).
- Interest is capped at The bank's Externally Benchmarked Lending Rate (EBLR) + 0.5%.
- Interest help: 3% interest help on loans up to ₹10 lakh for families earning up to ₹8 lakh a year. Full interest help during the course plus one year on loans up to ₹10 lakh, for families earning up to ₹4.5 lakh a year on technical or professional courses at accredited institutions.
- Repayment: Up to 15 years after the course plus one year.
- Not covered: Management-quota and NRI-quota admissions.
Apply to up to three banks at once on the official portal, pmvidyalaxmi.co.in. Loan apps and NBFCs are not part of the scheme.
Source: Press Information Bureau, Ministry of Education (Nov 2024 and Jul 2026).
Before you borrow from any app
- Check it's listed with RBI. Use our loan app checker to see whether it appears in RBI's directory of digital lending apps and which bank or NBFC lends through it.
- Read the Key Facts Statement and compare the APR before you accept.
- No access to your contacts or photos. RBI bars lending apps from reading your contact list, files, photos or call logs.
- You can back out. Every digital loan has a cooling-off period of at least one day: repay the amount and the proportionate cost, with no penalty.
- Spot fake apps. See the fake loan app list before you share any documents.
Source: RBI (Non-Banking Financial Companies – Credit Facilities) Directions, 2025, Digital Lending chapter (RBI/DOR/2025-26/347, 28 Nov 2025).
Questions students ask
Which loan apps give loans to students?
Only a few lending apps say on their own listings that they lend to students, and many "loan for students" pages from big lenders still need a salary. Loans start from ₹1,000. The quickest way to see which lenders will lend to you is to log in to GoCredit and check your offers: no app download, and it doesn't affect your CIBIL score.
Can a student get a loan without income?
From an app, rarely. Lenders usually ask students to show some income, such as a stipend, part-time or freelance earnings. For college fees, a bank education loan under PM-Vidyalaxmi needs no collateral and no guarantor if you got a merit-based admission to a listed institution.
Is a "0% interest" student loan really free?
Not always. One student app we checked advertises 0% interest, but its own example charges ₹283.2 in fees on a ₹1,000 loan for 90 days, an APR of 113.28% a year. Always compare the APR, not the interest rate.
Can I get a loan from an app at 18?
Some lenders lend from 18; many big lenders start at 21. Log in to GoCredit to see which lenders match your age and income.
Does a student loan from an app affect my CIBIL score?
Yes. RBI requires every digital loan to be reported to the credit bureaus, so repaying on time builds your score and a missed payment hurts it for years.
Is a student loan app safe?
Check that the app is in RBI's directory of digital lending apps and read the Key Facts Statement before you accept. Under RBI's rules an app can't access your contacts, photos or call logs, and you can cancel within the cooling-off period (at least one day) by repaying the amount.
Check your offers before you download any app
One login, offers from RBI-registered lenders, and no hit to your CIBIL score.
No app download needed · Checking doesn't affect your CIBIL score
GoCredit is not a lender; loans are given by RBI-registered banks and NBFCs. Figures are as published by each lender on 21 Oct 2026 and can change; the offer you get depends on your profile.