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Education Loan

Delhi-NCR, India

Basic Details

Salary Per Month : 5000

The eligibility criteria of a Education loan applicant is as follows:


You should be at least 18 years old and a citizen of India.​


Confirmed admission is required in the Institute you wish to apply.​

Current Income​

The co-borrower’s current income from salary or self-employment must sufficient to pay monthly EMIs of the loan.​

Nature Of The Job And Organisation​

Credibility of the employer, position in the organisation, and nature of the profession (in case of self-employed) impact your eligibility for a loan.​


Your credit score which is a function of your credit history such as repayment pattern of earlier loans, credit card limit utilisation, defaults in payment of EMIs, among other factors is very important determinant of your eligibility.​

Current EMIs/credit card outstanding

These are the fixed obligations from your monthly salary which reduce the disposable amount from your income. More the current obligations, lesser is the amount left for paying the EMIs of a new loan.​

Documents Required :

  • Proof of Identity (Any one): PAN / UIDAI

  • Proof of Residence/ Address (Any one): Passport mandatory in case of Studies Abroad

  • Academic Records:
    1) 10th Result & 12th Result, Graduation Result- Semester-wise (if applicable)
    2) Entrance Exam Result through which admission is being taken (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE,
    TOEFL, etc.

  • Proof of admission: Offer Letter or Admission Letter from the Institution. Conditional admission letter may be

  • Statement of cost of study/ Schedule of expenses

  • College / Course prospectus (if available)

  • 2 passport-size photographs

  • A/C statement for last 1 year in case of any previous loan from other Banks/Lenders

  • Proof of Identity (Any one): PAN / UIDAI

  • Proof of Residence/ Address (Any one): UIDAI/Passport/ Utility Bill/Bank Statement

  • 2 passport-size photographs

  • Salary Slip or Salary Certificate

  • Copy of Form 16 and IT Returns acknowledged by IT Dept.

  • Bank account statement for last 6 months (of Salary Account)

  • Loan account details( Loan Sanction letter along with 12 months loan account statement), if any

  • Business address proof (If applicable)

  • IT Returns acknowledged by IT Dept., TDS Certificate (Form 16A, if applicable)

  • Bank account statement for last 6 months

  • Loan account details ( Loan Sanction letter along with 12 months loan account statement), if any


Terms & conditions :

Loan Coverage​

Entire tuition fee is covered; expenses for living which include cost of books, personal computers and other expenses essential to complete the course are also covered to an extent as a proportion of tuition fee; Travel fee is also reimbursed as a fixed amount. ​


It ranges from 1 year to 12 years with a grace period post completion of course of getting a job.​

Processing charge

It varies from lender to lender. Generally it’s around 1-2% of the sanctioned amount.​

Prepayment/foreclosure charges

In case principal amount is partly paid before it falls due, a prepayment fee is charged. It varies from 2% to 5% of the principle outstanding depending upon the time elapsed and/or amount outstanding. Some lender don’t charge a prepayment fee at all. However there is a lock-in period as well.​

Interest Rate

Interest rate starts from 12.5%. ​


It is done over a period of time in instalments directly to the institute for tuition fee and the co borrower for living expenses.​