Education Loan :
Empower Your Future
Every person places a high priority on receiving a quality education, thus students will do whatever it takes to get it. However, because of the rising expense of education, borrowing money for school seems to be the only viable option. Students can apply for an education loan to get the money they need to finish their study. To assist in educating the next generation of innovators and leaders, many banks and NBFCs in India provide affordable education loans interest rates .
Key Benefits
- Rapid approval of a loan
- Higher education focus (India & Abroad)
- No security required for loans up to ₹4 Lakh
Loan Highlights
- Loan amounts up to ₹10L (India) / ₹20L (Abroad)
- Moratorium period for repayment flexibility
- Simple EMIs for post-study repayment
Get Personal Loan upto ₹25 Lakh
What is an Education Loan?
Every person places a high priority on receiving a quality education, thus students will do whatever it takes to get it. However, because of the rising expense of education, borrowing money for school seems to be the only viable option.
Students can apply for an education loan to get the money they need to finish their study. To assist in educating the next generation of innovators and leaders, many banks and NBFCs in India provide affordable education loans interest rates .
Features and Benefits of Educatiion Loan
Like food, clothing, and shelter, education is a basic necessity. Never let a lack of funds prevent you from taking a chance to learn and develop. With the help of our Special Vidya Loan, create a prosperous future.
- Rapid approval of a loan
- Loans are available for higher education in India and abroad, but not for vocational training or skill development programmes.
- Loan amounts of up to Rs. 10 lakh for in-country studies and up to Rs. 20 lakh for study abroad
- Security is unnecessary. 4 lakh rupees and up.
- Hardly any paperwork
- No payments during the moratorium period, and repayment is possible through simple EMIs
Education Loan Eligibility Criteria
Check EligibilityHere are eligibility criteria for applying best education loan in India :
Course Type
Loans are provided to qualified students enrolled in undergraduate, postgraduate, PhD, and diploma programmes lasting at least six months. They are also provided to students enrolled in technical and professional studies.
Institution
Applicants must be enrolled in or have received admission to a government institution, a professional institution, or an international college or university that has been recognised and acknowledged.
Academic Record
For an undergraduate programme and a postgraduate programme, applicants must have completed the 10+2 (12th standard).
Citizenship
Applicants must be Indian citizens with confirmed admission to a recognized educational institution in India or abroad.
Documents Required for Education Loan
ChecklistHere are the documents required for education loan :
Identity & Academic Proof
- KYC paperwork (Aadhaar, PAN, etc.)
- Academic results: 10th, 12th, graduation, and entrance exams.
- Letter of admission from the institution.
Financial Documents
- Payment schedule of the course.
- Co-applicant KYC and income evidence (required in some circumstances).
- Additional documentation may be required in some situations.
Calculate Your EMI Instantly
A Multi-Purpose Loan EMI Calculator helps you estimate your monthly repayment amount before applying for a loan.
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Repayment Schedule
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Types of Education Loans
Depending on where you are in your academic journey, you can choose from these specialized loan types:
Undergraduate Loans
For students to receive financial assistance so they can finish their undergraduate degrees, this kind of education loan is available. A three- to four-year programme with a variety of specialisations is often required for an undergraduate degree. People are more likely to find decent employment and start making money if they have an undergraduate degree
Postgraduate Loans
A postgraduate course, which in India is often a 2-year programme, is something that many undergraduate students would like to pursue after graduation. To gain deeper understanding in the field of interest, an advanced degree is desired.
Career Development Loan
Many professionals who have spent a few years working in corporate positions decide to take a career break and enroll in professional training programmes in order to increase their employment prospects. To hone their talents and advance in their careers, these people would work arduously to gain admission to reputable business and technical colleges.
How to Apply Education Loan
You can either apply online or visit the bank of your choosing to learn more about the loan process. The steps for submitting an online loan application for education and you can also compare best bank for education loan are as follows:
Step 1
Go to the bank of your choice and select an educational loan programme
Step 2
Either click the "Apply Now" option on the bank website or download the application form.
Step 3
Complete the application form, affix the required documents, and submit the form.
Step 4
The bank will start the procedure by confirming your paperwork, assessing the course of study for which you desire to apply for the loan, and assessing any available collateral.
Step 5
The bank will disburse the loan amount upon loan approval. Even better, you can apply in person at the bank location where you want to apply for an educational loan.
Frequently Asked Questions
Compare The Best Loan Offers
IDFC First Bank
Starting at 9.99 % onwards
1%
₹ 1 cr
6 months to 5 years
Incred
Starting at 13.99 % onwards
0-1%
₹ 15 Lakhs
1 to 5 years
Bajaj Finserv
Starting from 10.25% onwards
0.5-3.93%
upto 55 lakhs
Upto 8 Years
Axis Bank
Starting at 10.49% onwards
0-1%
₹ 15 Lacs
1 to 5 years
TATA FLY
Starting at 18% onwards
1- 3%
₹25 Lakhs
1 to 6 years
Tata Capital
Starting at 10.99 % onwards
0-1%
₹ 35 lakhs
upto 6 Years
Bajaj Growth Location
NA
NA
NA
NA
HDFC Bank
Starting at 10.75% onwards
2.50%
₹ 40 Lakhs
1 to 5 years
Fibe
Starting at 18% onwards
2%
5 Lakhs
6 to 36 months
SMFG India Credit
Starting at 13% onwards
Up to 5%
Up to INR 30 Lakh*
1 to 5 years
Bajaj SOL
Starting at 13% onwards
0-4%
upto 25 Lakhs
1-5 years
Poonawalla Fincorp
Starting at 10.25% onwards
3%
50 Lakhs
1-7 years
Bajaj Prime Location
NA
NA
NA
NA
Axis Finance
Starting at 10% onwards
0-3%
₹ 50 Lakhs
1 to 7 years
Bandhan Bank
Starting at 9.99 % onwards
3%
₹ 35 Lakhs
1 to 5 years
Finnable
Starting at 12% onwards
0-1%
₹ 10 Lacs
1-5 years
FairCent
Starting at 9.99 % onwards
0-3%
₹ 10 lakhs
6 months to 3 years
Upwards
Starting at 18% onwards
0-2%
₹ 5 Lakhs
1 to 5 years
Moneyview
Starting at 14% onwards
2%
₹ 10 Lakhs
1 to 5 years
IIFL
Starting at 12.75% onwards
0-3%
₹ 1 lacs to 25 lacs
1 to 5 years
IndusInd Bank
Starting at 10.49% onwards
0-2%
50 Lakhs
1 to 4 years
Kotak Bank
Starting at 10.99 % onwards
0-2%
₹ 30 Lakhs
1 to 5 years
ICICI Bank
Starting at 10.25% onwards
0-1%
₹ 50 Lakhs
1 to 6 years
HDB Financial
Starting at 10% onwards
0-3%
upto ₹ 20 lakhs
1 to 5 years
Karur Vysya Bank
Starting at 11.15% onwards
0.50%
upto ₹ 75 lacs
1 to 6 years
Union Bank of India
Starting at 11.35% onwards
1.0%
upto 15 lakhs
1 to 5 years
Canara Bank
Starting at 10.95% onwards
0.50%
Upto 30 Lakhs
1 to 7 years
Federal Bank
Starting at 11.49 % onwards
2.50%
₹ 50 lakhs
1 to 5 years
muthoot finance
10.25%
0-3%
₹ 25 Lakhs
1 to 6 year
Yes Bank
Starting at 10.99% onwards
2%
₹ 40 lakhs
1 to 5 years
Aditya Birla Capital
Starting at 10.99 % onwards
2%
₹ 50 Lakhs
0 to 7 years
