About Education Loan

A barebones explanation for an education loan is thus, funds offered by financial institutions to meritorious and deserving students so that the latter can pursue their basic or higher education in India or abroad. Almost all banks & some NBFCs in India offer education loans, and the demand for it has remained stable with the Indian student community.

Features & Benefits

Eligibility & Documents Required

Education Loan Eligibility Criteria

For an individual to be eligible for education loan in India, certain eligibility criteria must be fulfilled:

Citizenship
Age
Good Marks
Co-applicant eligibility
Employment
Eligible courses
For Studies in India
For Studies Abroad

Citizenship

Any individual applying for an educational loan must be a citizen of India.

Documents Required For Education Loan

You would need to submit the following documents along with the completed application form for the education loan process:

Identity proof
Residence proof
Admission proof
Co-applicants documents
If Salaried
If self-employed
Students Academic Score Documents

Identity proof

(Any one) Aadhar Card / Voters ID / Passport / Driving License / PAN Card of the applicant and co-applicant.

Interest Rate & Charges

At Afinoz you can avail the best in class education loan products, not only at a competitive price but also keeping in mind many other benefits that you can take advantage of. Rates of some of the major institutions providing education loan are given below.

Bank
Interest Rates*
Processing Charge
Axis Bank 13.5% – 15% NIL
HDFC Bank Ltd 9% - 13.75% Up to 1% of the loan amount
ICICI Bank Ltd 10.75% - 11.75 NIL
TATA Capital 11% - 15% Max. up to 1% of the loan amount
RBL Bank Ltd. 14.15% - 15.15% NIL
Kotak Mahindra 11.5% - 24% 0.5% of the loan amount
IIFL 13.50% - 18% N.A
Avanse 11.50% - 14.50% Up to 1 % of the loan amount
Aditya Birla capital 11.75% - 13.75% 1% of the loan amount ( one time)

Disclaimer:*Rates are subject to periodic changes. Education loan interest rates & other fees/charges are subject to regular reviews and can vary with every customer. These can differ depending on a few factors. The final interest rate will be based on different criteria including the bank’s internal policies & applicable rates at the time of approval. Please note that the interest rates provided here are based on market research. To facilitate the comparison insight, certain sets of data has been reorganized/restructured/tabulated. It is advisable to recheck the same with the individual companies / organizations. This website does not take any responsibility for any sudden or uninformed changes in interest rates. Banks or Financial Institutions can contact us at info@afinoz.com for inclusions or updates.

For any further query, please visit us at afinoz.com, contact us at +91-9899889816 or email us at info@afinoz.com .

FAQ's

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What are the benefits of an education loan?
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What type of courses can I apply an Education Loan for?
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If the loan request has been rejected by bank once, can I apply again?
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Will education loan cover my accommodation expenses for courses in India?
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How is the disbursement of an education loan made?
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Do I need to provide security/collateral while applying for an education loan?
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When do I start repaying my educational loan?
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What are the charges for processing an education loan?
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What is meant by margin money?
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How much fee will be funded by the bank?
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Can management quota students avail the benefits of education loans?
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What is the repayment schedule for an education loan?
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Do I need a co-applicant?
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What is a moratorium period?
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Can I make repayments during the moratorium period?
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Will the education loan application process affect my credit score?
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Is there a penalty for repaying the loan early?
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Can I get an education loan in the second or third year of my studies?
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What is the maximum amount of education loan, which I can avail?
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What is the mode of repayment?
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What is the tenure of the loan?
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What tax benefit do I get by taking an education loan?