Get Instant Personal Loan for Students in India
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.
The loan amount can be as high as ₹50 Lakhs. The final amount will, however, depend on your eligibility, repayment capacity, and credit score.
You can get a personal loan for education starting at 9.99% per annum on Bajaj Markets, which is one of the most competitive interest rates out there.
You can apply for the loan online from the comfort of your home.
There is no need for you to offer any of your valuables as collateral to get a personal loan for education.
You can repay your personal loan over as long as 6 years so that your budget is not disturbed.
If you want to repay your personal loan ahead of the repayment tenure, you can do so for a very minimal foreclosure charge.
Our Partners
|
Minimum Interest Rate
|
Maximum Loan Amount
|
Maximum Loan Tenure
|
|
---|---|---|---|---|
Bajaj Finance Limited |
11% p.a. |
₹35 Lakhs |
72 months |
|
CASHe |
27% p.a. |
₹4 Lakhs |
18 months |
|
Federal Bank |
11% p.a. |
₹5 Lakhs |
48 months |
|
Fibe |
14% p.a. |
₹5 Lakhs |
36 months |
|
Finnable |
15.95% p.a. |
₹10 Lakhs |
60 months |
|
IIFL Finance |
18% p.a. |
₹5 Lakhs |
42 months |
|
InCred |
16% p.a. |
₹10 Lakhs |
60 months |
|
Kissht |
14% p.a. |
₹4 Lakhs |
24 months |
|
Kotak Mahindra Bank |
10.99% p.a. |
₹40 Lakhs |
72 months |
|
KreditBee |
15% p.a. |
₹5 Lakhs |
24 months |
|
L&T Finance |
12% p.a. |
₹7 Lakhs |
48 months |
|
moneyview |
1.33% p.m. |
₹10 Lakhs |
60 months |
|
mPokket |
24% p.a. |
₹45,000 |
90 days |
|
Muthoot Finance |
14.50% p.a. |
₹15 Lakhs |
60 months |
|
Olyv |
18% p.a. |
₹1 Lakh |
12 months |
|
PaySense Partners |
15% p.a. |
₹5 Lakhs |
60 months |
|
Privo |
9.99% p.a. |
₹5 Lakhs |
60 months |
|
SMFG India Credit |
12% p.a. |
₹25 Lakhs |
60 months |
|
Upwards |
1.5% p.m. |
₹5 Lakhs |
36 months |
|
YES BANK |
10.99% p.a. |
₹50 Lakhs |
72 months |
|
Zype |
18% p.a. |
₹3 Lakhs |
12 months |
|
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.
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
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.
Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.
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.
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.
Yes, but it will depend on the lender as well as the borrower’s credit score and their relationship with the lender.
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.
You can get an education loan of up to ₹50 Lakhs, depending on your eligibility.
Education loans are not interest-free in India, so you cannot get one without it attracting a certain interest rate.
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 very high, but it varies from lender to lender.