As the education sector is gradually spinning into a commercial one, the general educational and campus expenses are floating to be unreachable by many. Poor students who either haven’t received their pay/grant or spent already may find it difficult to aid emergencies like projects, institutional events, term fees, stationery, etc.
Though some need lump sums to be fulfilled, others can be sufficed with petty incomes. Understanding this as an opportunity, many fintech startups like those below have come forward to offer students petty loans, with minimal proof and easy verification. Check out;
Launched by a bunch of IIM and NIT alumni who faced the same cause problems in their college time, Krazybee is offering credit to students and job holders from INR 5,000 to 50% of their salary. The borrowed amount can be repaid in installments between 3 months to 1 year. Further, the company is also offering semester loans, two-wheeler loans, and a Student Pay Card, which is a kind of credit card repayable in installments later on. You can even get gift grants in the form of shopping coupons on various e-commerce platforms like Amazon, Jabong, Myntra, Flipkart, PayTM, etc.
Try it here: Krazybee
mPokket verifies your profile within ten minutes and affixes a borrowing limit. You can draw upto the limit and can even increase this in the future if found repaying in time. It disburses money into your PayTM wallet or bank account and can be repaid through the same modes via UPI or PayTM wallet. An interesting feature here is the adding of native coins called mCoins, which can be earned by referring friends and used for cash back on fees.
Try it here: mPokket
Student Credit (StuCred) provides you credit starting from INR 500 to INR 10,000. It’s simple to register and begin your credit-building journey, as it does a one-time check and immediately disburses money into your bank account. And paying in time will help you higher your credit score for the future. You can repay through UPI. StuCred is a subsidiary of Kreon Financial, which has more than two decades of traditional lending experience. StuCred is approved by RBI.
Try it here: StuCred
Sahukar is an online loan-lending platform that disburses loans ranging from as low as INR 500 to INR 5000 which need to be repaid within a term of 3 months or less. Sahukar allows instant credit after necessary documentation which will be carried out in a completely digital way without any paperwork or human need. College ID cards and Aadhar cards are mandatory for applying for a loan here as students generally don’t possess PAN cards until they’re 18 years old.
Try it here: Sahukar
Slicepay is simple and offers a credit card based on your profile. The card is free to obtain and there are no annual or maintenance charges for it. On-site verification is a must and when done, the credit will be disbursed immediately. The nominal interest rate is charged over the borrowed credit based on the time of repayment and the amount withdrawn. Repayment can be one-time or in the form of equated monthly installments.
Try it here: Slicepay
These options will help you build a credit score from a young age, which will be very helpful when you obtain loans in the future. Besides overcoming your interim financial needs, borrowing money also helps you to learn money management. These apps also contribute to strengthening the credit score of the users which comes as an added advantage.