Personal Loan for Education

Get Instant Personal Loan for Students in India

Avail Instant Personal Loans ✓ Loan up to 50 Lakhs ✓ Quick Disbursal ✓ Minimum Documentation!

If you want to provide your children the education they deserve but are running short of funds to do so, you can always opt for a personal loan for education. This form of credit can help you cover tuition and other related expenses without having to bear the burden entirely by yourself. A personal loan for education comes with a host of benefits such as competitive interest rates, flexible loan repayment tenures, and top-up facilities. Such loans are also easy to avail and are disbursed quickly into your account so that your child can get the kind of education they aspire to get.

Features and Benefits of Personal Loan for Education

Some of the distinguishing features and benefits associated with a personal loan for education are as follows:

  • High Loan Amount: The loan amount can be as high as ₹50 Lakhs. The final amount will, however, depend on your eligibility, repayment capacity, and credit score.

  • Attractive Interest Rates: You can get a personal loan for education starting at 10.49% per annum on Bajaj MARKETS, which is one of the most competitive interest rates out there.

  • Online Process: You can apply for a personal loan for education from your home through Bajaj MARKETS’ app or website. You will need to follow a few basic steps to get the same. Once approved, it will reach your account within hours.

  • Zero Collateral Required: There is no need for you to offer any of your valuables as collateral to get a personal loan for education.

  • Flexible Repayment tenure: You can repay your personal loan over as long as 5 years so that your budget is not disturbed.

  • Minimal Foreclosure Charges: If you want to repay your personal loan ahead of the repayment tenure, you can do so for a very minimal foreclosure charge.

Interest Rate on Personal Loan for Education

The interest rates at which some of the leading financial institutions will give you an educational loan are as follows:


Interest Rate

Bajaj Finance Limited


Axis Bank

10.49% to 21%

PaySense Partners

1.33% to 2.17%




2.4% to 30%


12% to 29.88%

Fullerton India

12%  to 36%

Muthoot Finance


YES Bank








Eligibility Criteria for Education Loan

The eligibility criteria for a personal loan for educational purposes are as follows:

  • You need to be an Indian citizen.

  • You should have secured at least 50% marks in your previous board exams.

  • The educational institution must be recognised by the UGC, the Government or the AICTE.

  • You should not an active education loan account.

Education Loan EMI Calculation

Your education loan equated monthly instalment (EMIs) will depend on factors such as the interest rate, loan repayment tenure, and the principal amount. For example, if you have taken an education loan of ₹10 Lakhs and your loan repayment tenure is 5 years and your applicable rate of interest is 14% p.a., then your EMI amount will be ₹23,292.

** The above charges are excluding taxes
* Placeholder for disclaimers on Interest and Charges page
 **These are indicative and subject to change at the discretion of lender/ without prior notice.

You can also check your education loan EMI amount through the Personal Loan EMI calculator on Bajaj MARKETS. It is an algorithm-based tool that only asks you for the preferred loan repayment tenure, the principal loan amount, and the expected interest rate. Once you have fed in these details, your personal loan for education amount will appear on your screen. You can also compare several personal loan for education offers by changing these three variables to see which loan option will suit you best.

How to Apply Personal Loan for Education

Follow the below-mentioned steps to get a personal loan for education:

  • Fill up the application form online with your personal details.

  • Pick your desired loan partner and enter your personal loan for education amount (maximum amount will be subject to eligibility). Pick a suitable loan repayment tenure as well for instant approval.

  •  Provide all the required documents along with the application form for verification.

Documents Required for Education Loan

You will need the following documents to get a personal loan for education:

  • Identity Proof

  • Address Proof

  • Income Proof

  • Copy of the admission letter

  • Standard 10th, Standard 12th, and college marksheets

  • Last 6 months’ bank statements

  • Demand letter by the university

  • Loan agreement signed by the applicant(s)

  • Disbursement request form signed by the applicant(s)

  • Passport-size photographs

FAQs on Student Loan

  • ✔️Who is eligible for a personal loan for education?

    Any Indian citizen that has secured 50% marks in their previous board exams and is going to a recognised educational institution can get a personal loan for education. However, one must note that the maximum amount one can avail will depend on their repayment capacity.

  • ✔️Who can be a guarantor for a personal loan for education in India?

    The parent or the legal guardian will have to become the guarantor for the personal loan for education since the primary applicant (in this case, the student) does not have a credit history.

  • ✔️Can personal loan for education amount be increased?

    Yes, but it will depend on the lender as well as the borrower’s credit score and their relationship with the lender.

  • ✔️What is the criteria to get an education loan?

    To get an education loan, you must make sure that you have secured 50% marks in your previous board exams, are applying at a recognised educational institution, and are not repaying any other education loan.

  • ✔️How much money can I get as an education loan?

    You can get an education loan of up to ₹25 Lakhs, depending on your eligibility.

  • ✔️Can I get an education loan without interest?

    Education loans are not interest-free in India, so you cannot get one without it attracting a certain interest rate.

  • ✔️Can I get an education loan without security?

    Education loans are collateral-free up to a certain amount. But once that threshold has been crossed, the bank may ask for collateral. Mostly, banks ask for security if the education loan amount is more than ₹4 Lakhs, but it varies from lender to lender.