Don’t give up your dreams

Education Loan

Education Loan

Rise to your full heights with low interest rate education loans

To lead a complete and successful life, nothing is as important as quality education. However, education in India, at least the generally perceived ‘quality education’ imparted by the much-admired and prominent educational institutions, is absolutely costly and not easily available to everyone - particularly to those who deserve it based on merit alone. Thus, education loans are absolutely important.

Education Loan India

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 been growing with the Indian student community.

Features & Benefits

Tax ConcessionEasy online loan approval processMarginal Interest RatesMoratorium offerSecurity

Eligibility & Document Required

Education Loan Eligibility Criteria

Individual looking for an education loan needs to fulfil the following eligibility criteria:

Citizenship
Age
Good Marks
Co-applicant eligibility
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 of: 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. Apart from competitive prices, you can enjoy additional benefits. Rates of some of the major institutions providing education loan are given below.

Bank

Personal Loan Interest Rates*

Processing Fees


Axis Bank14.70% – 15.2%NIL
HDFC Bank Ltd9.30% - 13.89%Up to 1% of the loan amount
ICICI Bank Ltd11.5% - 11.75%NIL
TATA Capital10.99% - 15%Max. up to 2% of the loan amount
RBL Bank Ltd.14.15% - 16.15%NIL
Kotak Mahindra11.5% - 24%Up to 2% of the loan amount
IIFL13% - 18%Up to 2% + GST
Avanse 10.00% - 16.50%Up to 1 % of the loan amount

FAQs

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