Why you should take an Education Loan through us
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Type | NBFC | NBFC | NBFC | NBFC | Bank | Bank | NBFC | NBFC | NBFC | NBFC | Bank | Bank | Bank | NBFC | Bank | Bank |
Interest Rate | starts 12.70% | starts 13.65% | starts 11.00% | starts 11.00% | starts 8.25% | starts 9.00% | starts 11.00% | starts 11.00% | starts 8.5% | starts 11.99% | starts 13.70% | starts 10.25% | starts 10.55% | starts 9.54% | starts 10.30% | starts 10.30% |
Cashback | Up to ₹10,000 | Up to ₹10,000 | Up to ₹10,000 | Up to ₹10,000 | Up to ₹10,000 | Up to ₹10,000 | Up to ₹10,000 | Up to ₹10,000 | Up to ₹10,000 | ₹15,000 | --- | --- | --- | --- | --- | --- |
Loan Amount
(Collateral)
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₹65 Lac | ₹1 Cr | ₹1 Cr | ₹1.5 Cr | ₹1 Cr | ₹1 Cr | ₹1 Cr | ₹60 Lac | $80,000 | $100,000 | No Limit |
Listed Institutions: Up to ₹1.5 Cr
Non-Listed: Up to ₹60 Lakh
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₹1.5 Cr | No Limit | ₹2 Cr | No Limit |
Loan Amount
(Without Collateral)
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₹65 Lakh | ₹30 Lac | ₹50 Lac | ₹75 Lac | ₹40 Lac | ₹75 Lac | ₹60 Lac | ₹60 Lakh | $80,000 | $100,000 | ₹40 Lac | ₹7.5 Lakh | --- | No Limit | ₹7.5 Lakh | ₹7.5 Lakh |
Loan Amount
(Minimum)
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₹10,00,000 | ₹1 Lac | --- | ₹1 Lac | ₹1 Lac | --- | ₹2 Lac | ₹5 Lac | $3000 | $2001 | ₹50,000 | --- | ₹7.5 Lac | $15,000 | --- | --- |
Margin | Zero (up to 100% financing) | Zero (up to 100% financing) | Zero (up to 100% financing) | Zero (up to 100% financing) |
Listed Institutions: 0%
Non-Listed Up to ₹20 Lakh: 0%
Non-Listed Above ₹20 Lakh: 5-15%
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Zero (up to 100% financing) | Zero (up to 100% financing) | Zero (up to 100% financing) |
Up to ₹4 Lakh: 0%
Above ₹4 Lakh: 15%
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Zero (up to 100% financing) |
Listed Institutions: 0%
Non-Listed Up to ₹4 Lakh: 0%
Non-Listed Above ₹4 Lakh: 10%
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Listed Institutions: 0%
Non-Listed Up to ₹20 Lakh: 0%
Non-Listed Above ₹20 Lakh: 5-15%
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10% | Zero (up to 100% financing) |
Up to ₹4 Lakh: 0%
Above ₹4 Lakh: 15%
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Up to ₹4 Lakh: 0%
Above ₹4 Lakh: 15%
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Processing Fees | 1% | 1% to 2% | 1% to 1.5% | 1% |
Up to 2%
Extra ₹5000 (if Real Estate Collateral)
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Up to 1.5% | 1% to 1.5% | 1% to 2% | 2.0% onwards | 5% | Up to 2% |
Up to ₹7.5 Lakh: Zero
Above ₹7.5 Lakh: 1% upto ₹10,000
Extra ₹8500 (if Real Estate Collateral)
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₹10,000 | 5% | 1% (max ₹10,000) | Zero |
Processing Time | 3-4 Working Days | 3 Working Days | 2 Working Days | 12 Working Days | 7 Working Days | 2-7 Working Days | 5 Working Days | 2-3 Working Days | 3 Working Days | 5 Working Days | 15 Working Days | 20-25 working days | 15 Working Days | 30 Working Days | 15 Working Days | 15 Working Days |
Loan Tenure | Up to 12 Years | Up to 15 Years | Up to 12 Years | Up to 15 Years | Up to 12 Years | Up to 12 Years | Up to 15 Years | Up to 12 Years | Up to 10 Years | Up to 10 Years | Up to 15 Years |
Up to ₹7.5 lakh: Up to 10 years
Above ₹7.5 lakh: Up to 15 years
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Up to 15 Years | Up to 20 Years | Up to 15 Years | Up to 15 Years |
Tax Benefits | ||||||||||||||||
Prepayment Charges | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 | ₹0 |
Moratorium Period | 12 Months | 6 months | --- | upto 12 months | 6 months | --- | Yes | 12 Months | 6 months | 6 months | --- | 12 Months | 6 months | --- | 12 Months | 12 Months |
Countries covered | Many | Many | Many | Many | Many | Many | Many | Many | USA | USA & Canada | Many | Many | Many | Many | Many | Many |
Female Concession | 0.50% | 0.50% | 0.50% | 0.50% | ||||||||||||
Life Insurance Cover | Required | Required | Required | Required | Required | Required | Required | Required | Required | Not Required | Required | Above ₹7.5 Lakh: Required | Required | --- | Required | Required |
Read more | Read more | Read more | Read more | Read more | Read more | Read more | Read more | Read more | Read more | Read more | Read more | Read more | Read more | Read more | Read more |
Please note, GST will be applicable extra
The Bank or NBFC might have different rules and regulations based on multiple factors such as an applicant profile, collaterals, university or college, course type, etc.
Apply NowThe Secured Education Loan is better than the Unsecured one as you will get a cheaper interest rate, a higher moratorium period, quicker processing, and more choices in terms of Banks and NBFCs.
In Secured Education Loan, the bank or NBFC grants you a loan based on collateral or guarantee such as property, plot, or fixed deposit. The interest rate is lower than that of an unsecured loan, and the processing time is shorter because the bank is at a lower risk of default. In a secured education loan, the applicant may have average or low academics, and there is a wider range of colleges and universities to choose from.
If the applicant has no fixed deposit or property to offer the bank or NBFCs as a guarantee. In this situation, a borrower may be eligible for an unsecured loan based on their academic standing and likelihood of achievement. For an unsecured education loan, the applicant must have good to excellent academics. There are fewer options for banks and NBFCs, a higher interest rate, no moratorium period, and longer processing with this option.
However, we will help you apply for both Secured and Un-Secured Education Loans on a case-to-case basis.
Secured Education Loan | Un-Secured Education Loan |
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Lower Interest rate | Higher Interest rate |
Quicker processing | Slower processing |
Longer Re-payment period | Shorter Re-payment period |
Moratorium Period | Moratorium Period |
High Approval Chances | Low Approval Chances |
Co-Applicant income not required | Co-Applicant income required |
More Banks & NBFCs | Less Banks & NBFCs |
More University choices | Less University choices |
The Individual can avail of the Tax benefit of interest paid on an Education Loan under Income Tax Section 80E for a maximum of 8 years or till the tenure of the Loan, whichever is earlier. The Individual can be the Parent, Spouse, or Legal guardian of the applicant who has taken an Education Loan from an approved financial institution or any charitable institution. There is no cap on Tax benefit you can avail, but it is available only on Interest paid.
Questions usually asked by Students