Education Loan

Here are some key features and benefits of education loans available on Bajaj Markets: 

• High Loan Amount of up to ₹1.5 Crores

Secure amounts as high as ₹1.5 Crores and fulfil all your academic requirements.

• Competitive Student Loan Interest Rates

Benefit from attractive interest rates starting as low as 11.50% p.a.

• Up to 100% Funding

Finance up to 100% of your tuition fees and other related expenses.

• Flexible Tenure and Repayment

Repay the loan with flexible tenures of up to 15 years, designed to suit your financial needs.

• Instant Provisional Sanction

Get an Education Loan in India with instant provisional sanction for quicker study planning.

• Study in India or Abroad

Pursue your academic ambitions with easy financial assistance for both domestic and international education.

• Unsecured Educational Loan Option

Borrow up to ₹80 Lakhs as a study loan without having to submit any collateral. 

Note: For amounts exceeding ₹80 Lakhs, lenders may require you to provide collateral and apply for a secured education loan.

Education loans in India can be primarily categorised based on the study location, collateral requirements, and the type of course being pursued. 

Based on Location

• Domestic Education Loans: 

These student loans are for students pursuing higher education within India. They cover tuition fees, accommodation, books, and other study-related expenses for recognised courses at Indian institutions. 

• Overseas Education Loans: 

These are designed for students seeking loans to study abroad. The loan amount often covers a wider range of expenses, including tuition fees, travel costs, visa fees, health insurance, and overseas living expenses. 

Based on Collateral

• Secured Education Loans: 

For these loans, you must provide an asset as security (collateral) to the lender. This collateral can include: 

• Residential property (like a house, flat, land) 

• Fixed deposits (or recurring deposits in some cases) 

• Government securities (like bonds and debentures)

Secured loans typically have lower interest rates and offer higher loan amounts compared to unsecured loans.

• Unsecured Education Loans: 

These student loans do not require any collateral. Eligibility for unsecured study loans typically depends on the student's academic profile, the ranking of the university or course, and the co-applicant's financial background and creditworthiness. 

They are often available for smaller loan amounts. Some financial institutions may offer substantial unsecured loans for premier international universities. 

Based on Course Type

• Undergraduate Loans: 

These are loans for students pursuing a Bachelor's degree (3-5 years) after completing their 12th grade. 

• Postgraduate Loans: 

Students seeking a Master's degree or postgraduate diploma after completing their undergraduate studies can apply for these loans.

• Career/Skill Development Loans: 

These are for working professionals or individuals seeking to upskill through professional training, vocational courses, or executive programmes, like an education loan for MBA.

The education loan eligibility in India varies across lenders, but most institutions follow a few common checks to ensure responsible lending. These benchmarks help them assess your repayment capacity and overall financial discipline.

• The applicant must be an Indian citizen and usually at least 18 years old. 

• If the student is a minor, a parent or guardian must apply on their behalf. 

• The loan must be intended for a recognised academic programme in India or overseas. 

• Competitive GMAT or GRE scores are important for education loans for studying abroad. 

• Any overdue amount in your credit records should not exceed ₹2,000 at the time of application. 

• Your credit report should be free from written-off loans or permanently settled accounts. 

• You should not have more than 60 Days Past Due (DPDs) in the 12 months prior to applying. 

• Lenders may ask for collateral (in case of secured loans) or a co-applicant (for unsecured loans). 

Disclaimer: The exact eligibility norms and loan approval process may differ from one lender to another. All criteria and loan terms depend on each institution’s internal policies and credit evaluation.

To process your education loan smoothly, you need certain documents from both the student and the co-applicant. The documents required for an Education Loan typically include identity proof, income details, and academic records. Here are the detailed requirements: 

Student Documents Required:

• Application Form: Completed application form (physical or digital)

• KYC Documents: PAN Card or Form 60 (mandatory if you provide PAN)

• Identity and Address Proof (any one of the following):

  • Passport

  • Driving License

  • Voter ID

  • Aadhaar Card

  • NREGA Job Card

  • Letter from the National Population Register

• Education Documents:

  • 12th Marksheet or equivalent

  • Marksheet/Certificate of the last semester

  • Marksheet of any entrance exam (as applicable):

    • Studies in India: CET, CAT, etc.

    • Studies Abroad: IELTS/TOEFL/GMAT/GRE

• Proof of Admission:

  • Admission Letter

Co-Applicant Documents Required:

For salaried co-applicants, lenders may ask for the following documents when applying: 

• Bank Statement:

  • Latest 6 months’ bank statements

  • If submitting a passbook, it needs to be updated 

• Salary Proof:

  • Latest 3 months’ salary slips or salary certificate on company letterhead

  • Form 16 and Income Tax Returns (ITR) for the last 1 year

Self-employed co-applicants may need to provide the documents listed below: 

• Bank Statement:

  • The latest 6 months’ bank statements of the current and savings accounts

• Income Proof:

  • Income Tax Returns (ITR) for the last 2 years

• Business Proof:

  • Business evidence like GST registration or shop act licence.

Follow these simple steps to apply for an education loan on Bajaj Markets:

1. Click on the ‘CHECK OFFER’ button on this page

2. Fill in your personal and course-related details

3. Choose the required loan amount and the preferred tenure

4. Submit the application form
    

After this, a representative will reach out to you to further process your application.

Obtaining funds to cover tuition fees and other academic expenses is a convenient and simple process. Here are some reasons to consider Bajaj Markets for a study loan online: 

• Rapid Processing

Your loan application is reviewed and verified within minutes through the online process.

• Quick Disbursals

If approved, the loan amount can be credited to your account within 2 days.

• Minimal Documentation

The digital documentation process makes applying for the loan on Bajaj Markets very convenient.

• No Hidden Charges

You can be assured of zero hidden charges and complete transparency.

An education loan can help you pursue your academic dreams smoothly. Here are the key aspects you need to know before applying for a student education loan: 

• Expenses Covered by Education Loan

Tuition fees, hostel charges, library and laboratory fees, travel expenses, and other course-related costs.

• Eligible Countries and Institutes

Financial assistance is available for recognised universities and institutions in India and abroad.

• Repayment Options

Flexible repayment plans, including EMI options and moratorium periods during the course duration.

• Government Subsidy Schemes

Certain loans may be eligible for interest subsidies under government education loan schemes.

• Securities / Collateral

You can get unsecured education loans of up to ₹80 Lakhs, meaning no collateral is required. For loans above this amount, collateral may be necessary.

Choosing an education loan is an important financial decision and requires thoughtful planning. Whether you are applying online or offline, the goal is to support your higher education without unnecessary stress. Keeping some essential do’s and don’ts in mind can help you avoid common mistakes and manage the process with confidence. 

Reference to all T&C necessarily refers to the terms of the Partners as regards pre-approved offers and loan processing time, amongst other conditions. Basis the information provided during your loan application journey, you may be provided with various offers from our existing loan partners.