Education Loan

Pursue higher education with our easy and convenient Education Loan. Our Education loan is a tenor based instalment loan that can be availed for higher education in India and abroad.

Product Features

• Loan amount from Rs.50,000 up to Rs 10 lakhs for studies in India and up to Rs.20 lakhs for studies abroad
• Convenient principal repayment (Moratorium period of 1 year after course period or 6 months after getting job, whichever is earlier)
• Up to 100% of tuition fee, living expenses and other expenses covered
• Simplified and hassle free documentation
• Lower interest rates for top ranking institutions / universities
• Higher LTV for collateral based loans
• Hassle-free loan sanction and disbursal procedure
• No collateral for loan amount up to Rs 4 lakhs

Eligibility & Loan Criteria

• Applicant & co-applicant should be an Indian resident
• Minimum net income of Rs. 1.5 Lakhs per annum
• Co-applicant can be any one – Father / Mother / Brother / Sister and Spouse
• Co-applicant can be salaried or self-employed individual

List of Documents Required for Applicant & Co-applicant

• Completely filled application form with signature
• Proof of Identity & Age Proof – any one (e.g. Pan card, Passport, Valid Driving License, Voters ID Card)
• Proof of Address & Signature – any one [Voter’s ID Card, Valid Driving License, Valid Passport, Utility Bill (Electricity / Telephone / Mobile – not more than 2 months old), Bank Statement (Monthly Statement not more than 3 months old)]
• Relationship Proof with co-applicant
• Passport Size Photograph
• Educational proof of applicant: Mark sheets of standard 10th, 12th, Graduation or Diploma etc.
• Admission proof confirming the admission of the applicant along with the tuition fee, course fee details, duration of the course etc.

Additional documents for Education abroad

• Passport copy is a mandatory document for students pursuing the course abroad
• In case of US institutes I-20 Form will be mandatory. Also scholarship certificates if applicable
• Mark Sheets / Certificates of English proficiency test and other qualifying tests like GRE, GMAT, SAT, TOEFL etc.

List of Financial Documents Required

For Salaried Individuals

• Latest 3 months pay slips or salary certificates and form 16 issued by the employer.
• Bank statement for the last 3 months

For Self-Employed Individuals / Sole Proprietorships

• Latest 2 years ITR with Certified Financials (Balance Sheet, Profit & Loss A/c and Computation of Income along with all schedules)
• Bank statements for the last 3 months

For Self-Employed Professionals

• Latest 2 years ITR with Certified Financials (Balance Sheet, Profit & Loss A/c and Computation of Income along with all schedules)
• Bank statements for the last 3 months
• Professional qualification certificate and Degree certificate for professionals (Doctors, Architects, Chartered Accountants etc.)

Additional Documents

• Repayment track record if any
• Business proof if applicable
• Total employment stability proof if applicable
• Collateral related documents if applicable