In India, where students often feel a lot of pressure be it in academics or even finances. Small loan apps for students are coming into the market as a savior and a revolutionary transformation in the financial world.
Now you must be wondering what these small loan apps are for students and how they offer loans to students. We know there might be a whole lot of questions in your mind, don’t worry we are going to answer all those questions in this blog.
Let’s dive in.
Understanding Small Loan Apps
Students often face a challenge of limited income and higher expenses, be it for their educational purposes, party with friends or just shopping. Students don’t have a large amount of money to spend, hence various financial experts have developed these small loan apps.
As the name suggests, these apps are designed in such a way that they can offer a small amount of loan to the students which is often for a time period of 30 days. After this time period the students are required to repay the loan amount in full.
The best feature of these apps is that they offer loans without any extra charges or interest rates, allowing the students to apply for the funds in a simple, easy and convenient way. These apps work like a financial savior for the students in case of an emergency.
Eligibility Criteria for Small Loan Apps
In order to apply for the loan on these apps, the students are required to download these apps on their smartphones as these are mobile-friendly apps and easy to use. With a small eligibility criteria different apps function based on different factors.
Here are a few major points of eligibility that are common among the majority of these platforms.
- Applicant should be of legal age (in certain cases starting from 18 years)
- Details of their educational qualifications and institutions
- A source of income (if any internship or part-time job)
- A government ID
- Address and contact details
- Account details
Based on the above criteria among the majority of these apps, the students are offered a small amount of loan. These amounts can vary starting from Rs 500- Rs5000 as well. Among the majority of the apps, the students are given a fixed time period to repay this loan amount without any penalties being charged.
Furthermore, after repayment of one loan amount, the students can easily reapply for the same amount if required. Based on the apps that are available in the market, the limit of loan amount can be increased with time, and timely repayment of the loan amounts.
These small loan apps also play a major role in building up the credit score for the students. While also teaching the students about financial responsibility and management of their funds for a better financial future.
Benefits of Small Loan Apps
Moving forward with the blog, let’s have a look at some of the most common benefits of these small loan apps that students can avail.
- Easy access to funds
Has it ever happened to you in your student life that you needed some funds in an emergency but there was no such source available. With the help of these small loan apps, students now can get easy access to funds at any point of time.
This has turned out to be great financial aid for the students, helping them in case of any emergency.
- Minimal documentation
Since these are mobile apps, they require minimal documentation, making the overall process of loan application to approval to be done within minutes. This allows the students to have an enhanced overall experience with these apps, and allows them to have access to funds without the hassle of traditional approach.
- Digital platform
Advanced digital technology is making it further convenient for the students to have access to these apps and leverage the funds in case of an emergency. These digital platforms allow the students to have a seamless experience while also offering them a new and transformational experience.
- Adjustable limits
As we said in the above texts, with timely repayment of the loan amounts, it helps to increase the limit of your next loan amount. For future use, you can get a higher amount of loan if your previous loans have been repaid on time.
- No collaterals
Since these apps are designed for students and students don’t have any collaterals to offer in exchange for the loan amount. These apps offer the loan amounts without the need of having any collaterals, making it simple, easy and convenient for the students to have access to these loan amounts.
- Financial empowerment
One of the biggest benefits of these apps is that it offers financial freedom and empowers the students with easy funds. Not only this, but it also helps the students to understand the finances better, and learn about the loan process, repayment, credit score and most importantly the responsibility to handle the funds carefully.
Moving forward, there are various brands available in the market that can offer the students with small amounts of loans within minutes. However, it is essential for the students to carry out a thorough research before investing in any lender online.
Concluding Points
Among various available options, FatakPay is one such option which is designed for offering easy and small loan amounts to salaried and self-employed individuals, with minimal documentation within minutes. In addition to this, FataPay is an RBI-regulated platform that offers you easy access to funds in case of a financial crisis. With easy repayment policies, it is one of the best available platforms in the market.
Furthermore, it is user-friendly and allows you to have a seamless experience while using the app. For more information you can get in touch with our expert team and get your loan approval today.
FAQs:
1.Do loan apps affect credit?
Yes, loan apps help you build your credit score. With timely repayment of these loan amounts, you can easily build your credit score.
2.Which is safe app for personal loan?
FatakPay is one of the best and safest apps that you can use for personal loan.
3.Is personal loan online safe?
Yes, personal loan online is safe and the apps are regulated by RBI-guidelines, offering you trust on these apps.
4.Which platform is best for loan?
FatakPay is one of the best apps available for loans that you can use in the market at this point.
