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Education Loan @ 9.75% Onwards

Financeseva offers Education Loan at an attractive rate of interest There is no doubt about the importance of education these days. Be it school education or college education, it serves as a stepping stool for you to achieve your dreams. Whether it is college education or post graduation, don’t let high tuition fees hamper your growth. Getting an education loan is an easy way to finance your dreams. A student loan can help you get into the university of your choice.Utilise this loan amount to finance all big-ticket expenditures related to your child’s education.
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Education Loan
Bank Name Interest Rate Range (%) Repayment Period Maximum Loan (Lacs) Prepayment Charge
10.50% - 11.50%
84
50
13.70% - 15.20%
240
Up to 7.5 Lakh
Nil to Rs.15,000 + tax
8.25% - 10.00%
240
Up to 4 Lakh and above
1% of loan amount up to Rs.10,000
For preferential rates contact HDFC
240
Max Apr
Up to 1.5% of loan amount + tax
7.30% onwards
240
Up to 15 Lakhs
1%
7.97% - 10.05%
360
Above Rs. 20 Lakh
Rs.10,000 + tax
10.99% onwards
240
Up to 30 Lakh
Up to 2.75% of loan amount + tax
Bank Name Key Features
Interest rate

10.50% - 11.50%

Max loan amount

50

Interest rate

13.70% - 15.20%

Max loan amount

Up to 7.5 Lakh

Interest rate

8.25% - 10.00%

Max loan amount

Up to 4 Lakh and above

Interest rate

For preferential rates contact HDFC

Max loan amount

Max Apr

Interest rate

7.30% onwards

Max loan amount

Up to 15 Lakhs

Interest rate

7.97% - 10.05%

Max loan amount

Above Rs. 20 Lakh

Interest rate

10.99% onwards

Max loan amount

Up to 30 Lakh

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Documents Required

  • Individual
  • Prop Firm
  • Partnership Firm-LLP
  • PVT. LTD.
  1. COPY OF ADMISSION LETTER OR THE INSTITUTE ALONG WITH FEES SCHEDULE
  2. MARK SHEET /PASS CERTIFICATE OF SSC ,HSC ,DEGREE CERTIFICATE Q
  3. INCOME PROOF OF THE GURANTER IF THE APPLICANT IS NOT EMPLOYED . THE SAME DOCUMENT MENTIONED ABOVE ARE REQUIRED FOR GURANTOR ALSO
  4. DECLARATION /AFFIDAVIT CONFORMING THAT THE CANDIATE HAS NOT OBTAINED ANY OTHER BANKS
Frequently Asked Questions

What is Education Loan?

Education loans are offered by banks to students to enable them to pay for higher studies such as graduation and post graduation courses, both in India and overseas. Apart from the tuition fees, other aspects of expenses such as hostel charges, equipment purchases and other course related expenses may also be covered by the education loan. In case of overseas studies, many education loan providers include the price of a return ticket into the education loan corpus.

Who is eligible for an education loan?

Every bank has its own eligibility criteria for dispensing education loans, but a few common parameters are:

  • Applicant should be an Indian national.
  • Applicant should have confirmed admission in a college/educational institution at the time the loan application is made.
  • Applicant should be in the age bracket 16–35 years.
  • The Applicant should have a co-borrower such as a parent who acts as guarantor for the loan. 
What documents does the lending bank ask for?

Documents to be submitted with the education loan application include:

  • Admission confirmation letters and papers validating any scholarships the applicant has qualified for 
  • Schedule of expenses for the course including tuition fees and other expenses
  • Score sheet of qualifying test
  • Copies of foreign exchange permit/student visa for overseas studies
  • Bank account statements for last 6 months ( joint account with parent/guardian admissible)
  • Statement of assets & liability
What are the courses for which an education loan can be availed?

Education loan can be availed for all courses recognized by the UGC in case of India and all regular courses abroad. Each lender has its own list of educational institutions and courses that they would provide a loan for whether overseas or within India.

What are the expenses covered by education loans?

Education loans can be used for paying:

  • Tuition fees and hostel expenses
  • Exam, library, and lab fees if applicable
  • Any refundable caution deposits paid to the educational institute
  • Cost of books, uniforms, and other essentials for completion of course
  • Travel expenses (return fare for international flights) 
Is a co-applicant for education loan needed?

Yes, for all full-time courses a co applicant is required. The co-applicant can be Parent/Guardian or Spouse (if-married).

Who can be my co-borrowers?

Your parents/ guardian can be a co-borrower as well as spouse in case of a married applicant. The co-borrower should have a steady source of income and a good credit history in order to improve the applicant’s chances of a successful loan application.

Is there a maximum limit on an education loan that a lender can disburse?

Most lenders have a maximum limit of Rs 10 lakhs to Rs 15 lakhs for studies within India, while the maximum limit on education loans for overseas studies is between Rs 20 lakhs to Rs30 lakhs. In case of some lenders, the applicant can get a higher loan amount sanctioned provided bank-accepted collateral is provided. 

What is the tenure of an education loan?

The average tenure for an education loan is between 5-7 years in case of most lenders. However, some lenders can offer a longer tenure of up to 15 years in case of higher loan amounts.

What is the maximum loan amount one can get for overseas studies?

Banks generally fund up to 90% of the education expenses as loan and some even provide loans for 100% of education expense. However, the exact loan amount an applicant is eligible for depends on a range of factors including the monthly earning of the parent/legal guardian, the value of collateral provided, the academic record of the applicant and other factors.

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