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Apply for Education Loan
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Education Loan
An Education Loan is a sum of money borrowed to finance Post-Secondary Education or Higher Education-related expenses. Education loans are intended to cover the cost of Tuition, Books and supplies, and living expenses while the borrower is in the process of pursuing a Degree.
Features of Education Loan:
| Loan Amount | You Can Avail Loan Amount up to 1 Cr as per your income eligibility. |
| Interest Rate | Fixed Interest Rate. Starts at 11.10% onwards. |
| Tenure | Up To 10 Years |
| Processing Fee | Up to 1% + GST |
| Processing time | Only 5 working days Required for Sanction after process your application. |
| Payment During Study period | Simple Interest depends on profile and Course |
| Flexible Prepayment | Flexible Prepayment option available in Education Loan which makes it attractive. |
| Collateral | Both Types of Loan available with Collateral and without Collateral, Depends on Student profile / College /Degree |
Eligibility Criteria For Education Loan:
| Eligibility Criteria | Eligibility Criteria Details |
| Age | Minimum Age 18 year and Above |
| Financial Co-Applicant | Financial Co-Applicant mandatory |
| Cibil Score | Minimum CIBIL Score of 700 with No Any Default in Past |
| Resident | Indian Only |
| Who Can Avail Education Loan | Anybody who is Looking for Higher Education in India or Abroad with Financial Co- Applicant /Salaried Person /Self-Employed Business / Self Employed Professionals |
Documents Required for Education Loan:
| Required documents | Required Documents For Student | Required Documents For Co-Applicant |
| Photo | Passport size photo | Passport size photo |
| Id proof | Pan Card / Aadhar Card / Passport / Voter Id Card / Driving Licence ( Any One Document Required For Address Proof ) | Pan Card / Aadhar Card / Passport / Voter Id Card / Driving Licence ( Any One Document Required For Address Proof ) |
| Address proof | Aadhar Card / Passport / Voter Id Card / Driving Licence / Mobile Bill / Telephone Bill / Electricity Bill / Water bill ( Any One Document Required For Address Proof ) | Aadhar Card / Passport / Voter Id Card / Driving Licence / Mobile Bill / Telephone Bill / Electricity Bill / Water bill ( Any One Document Required For Address Proof ) |
| Academic Proof | Past Degree / Certificate / Marksheet | |
| Income Document | Income documents as per profession | |
| Bank Statement | Last 12 Months All Current / OD / CC Account Statement | |
| Property Paper | Complete Property Paper / Chain Required (only when Loan based on Collateral) |
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