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

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

High Loan Amount

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 Rate

Attractive Interest Rate

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.

Online Process

Online Process

You can apply for the loan online from the comfort of your home.

Zero Collateral Required

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

Flexible Repayment tenure

You can repay your personal loan over as long as 6 years so that your budget is not disturbed.

Minimal Foreclosure Charges

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

Our Partners
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Minimum Interest Rate
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Maximum Loan Amount
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Maximum Loan Tenure
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Bajaj Finance Limited

11% p.a.

₹35 Lakhs

72 months

4.7
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CASHe

27% p.a.

₹4 Lakhs

18 months

4.4
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Federal Bank

11% p.a.

₹5 Lakhs

48 months

4
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Fibe

14% p.a.

₹5 Lakhs

36 months

4
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Finnable

15.95% p.a.

₹10 Lakhs

60 months

4
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IIFL Finance

18% p.a.

₹5 Lakhs

42 months

4.1
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InCred

16% p.a.

₹10 Lakhs

60 months

4.3
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Kissht

14% p.a.

₹4 Lakhs

24 months

4.2
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Kotak Mahindra Bank

10.99% p.a.

₹40 Lakhs

72 months

4.2
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KreditBee

15% p.a.

₹5 Lakhs

24 months

4.1
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L&T Finance

12% p.a.

₹7 Lakhs

48 months

4.6
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moneyview

1.33% p.m.

₹10 Lakhs

60 months

4.2
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mPokket

24% p.a.

₹45,000

90 days

4.1
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Muthoot Finance

14.50% p.a.

₹15 Lakhs

60 months

4
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Olyv

18% p.a.

₹1 Lakh

12 months

4.1
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PaySense Partners

15% p.a.

₹5 Lakhs

60 months

4.3
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Privo

9.99% p.a.

₹5 Lakhs

60 months

4.5
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SMFG India Credit

12% p.a.

₹25 Lakhs

60 months

4.2
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Upwards

1.5% p.m.

₹5 Lakhs

36 months

4.3
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YES BANK

10.99% p.a.

₹50 Lakhs

72 months

4.2
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Zype

18% p.a.

₹3 Lakhs

12 months

4
View More

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.

Calculate Your Personal loan for Education EMI

Loan Amount
Tenure
Months
Rate of Interest
Education Loan
Your Monthly Education Loan EMI
Principal Amount
Total Interest
Total Amount Payable
Amortization Schedule
Download Amortization Schedule Download
Expand Amortization Schedule
Year EMI Principal Interest Balance

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

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.

personal loan

Disclaimer

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.

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 ₹50 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 very high, but it varies from lender to lender.

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