Education Loan: Apply Personal Loan For Education Online

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What is an Education Loan?

An education loan is a student loan designed to support students in pursuing higher education in India or abroad. It covers tuition fees, accommodation expenses, exam and library fees, travel costs, and other academic expenses. These personal loans typically offer flexible repayment options, moratorium periods until course completion, and tax benefits on interest paid under Section 80E of the Income Tax Act. Students can apply with a co-borrower, such as a parent or guardian, ensuring financial security for lenders. Interest rates vary based on factors like the applicant’s academic record, institution ranking, and loan amount.

Aditya Birla Capital offers collateral-free personal loans that can be used to fund education. With Aditya Birla Capital’s Personal Loans for Education, you can get easy funding, attractive interest rates, digital onboarding, and a flexible tenure for loan repayment. Moreover, these are collateral-free loans, allowing you to obtain the desired funds without pledging collateral. You can apply online and get the loan sanctioned instantly for all your education-related expenses. Aditya Birla Capital offers a multipurpose Personal Loan for Education that not only helps you fund higher education but also allows you to meet ancillary expenses such as lifestyle costs, study tour costs, etc.

Calculate Your Personal Loan EMI Premium

Wondering how to calculate your personal loan emi premium? We have a handy tool for it.

What is a Personal Loan EMI Calculator?

It is a tool to help you estimate your life insurance premium and make it easier to explore and compare policy options.

How does the calculator work?

The Life Insurance Premium Calculator uses your age, health, coverage details, and other factors to estimate your policy cost. It provides a ballpark figure that can help you decide which plan is best for you. Remember that the final premium may vary after a detailed underwriting process.

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PERSONAL LOAN AMOUNT

Tenure (1 to 7 Years)

Rate of Interest (9 to 13%)

I CAN PAY EMI OF

Tenure (1 to 7 Years)

Rate of Interest (9 to 13%)

Your EMI

₹ 0

Total Interest

₹ 0

Total Payout

₹ 0

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Your Loan Amount

₹ 0

Total Interest

₹ 0

Total Payout

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Features and Benefits of Education Loan

Flexible Repayment Tenure

You can pick a tenure for your repayment of the loan for higher education based on your current financial conditions and anticipated future income.

Moratorium Period

Many education personal loans offer a moratorium period during the course duration and, in some cases, for a specified period after course completion. This allows you to begin repayment once you are financially stable,

High Loan Amount Coverage

The loan amount sanctioned for higher studies can cover almost all your expenses, including your fees, accommodation, books, travel and other required education-related expenses.

Predictable EMIs

With a fixed interest rate, you can figure out your EMIs and plan your budget for hassle-free repayments

No Collateral for Select Institutions

Eligible students admitted to select recognised institutions may be able to avail an Education Loan without providing collateral. The availability of unsecured loans depends on the lender's criteria and the institution.

Quick Loan Processing

A streamlined application and verification process helps ensure faster loan approval and disbursal. This enables students to meet admission deadlines and other educational expenses on time.

Flexible Repayment Period

Choose a repayment tenure of 84 months to ensure affordable EMIs for easy repayments.

Collateral-free

There is no need to pledge any asset to secure the loan. The funds are sanctioned based on your eligibility parameters—that’s all!

Tax Benefits

Interest paid on an Education Loan may qualify for tax benefits under the applicable provisions of the Income Tax Act.

Education Loan Eligibility and Documents

Documents Required for Education Loan

Admission letter from the institution.
Fee structure provided by the university/college
KYC documents of both student and co-applicant
Academic records, including mark sheets and certificates
Income proof of the co-applicant (salary slips, IT returns, bank statements)
Collateral documents (if applicable)

Eligibility Criteria for Education Loan

The applicant must be an Indian citizen and have secured admission to a recognised institution in India or abroad.
A co-applicant (parent/guardian/spouse) is mandatory for securing the loan.
The student should have a good academic record and meet the age criteria set by the lender.
For higher loan amounts, collateral, such as property or fixed deposits may be required.
The co-applicant must have a stable income and meet the lender's criteria.

Types of Personal Loan in India

Personal Loan For Medical Emergency

Get Personal Loans for Medical Emergency and manage your urgent medical bills. Get quick approvals and faster loan sanctions.

Personal Loan for Marriage

A Personal Loan for Marriage can help you fund the various costs associated with a wedding so that you can celebrate without financial worries.

Personal Loan for Teachers

Tailored especially for teachers, the Personal Loan for Teachers can be used to fund multiple financial needs with quick approvals.

Personal Loan for Emergency

Get a Personal Loan for Emergency and get quick funds for meeting unforeseen situations. Get the loan without collateral and at attractive interest rates.

Personal Loan for Home Renovation

Transform your house into your dream home with a Personal Loan for Home Renovation. Enjoy a digital onboarding journey with attractive interest rates.

Personal Loan for Students

The Personal Loan for Students offers collateral-free funding to meet education costs, living expenses or any other financial needs that students might have.

Personal Loan for Women

Personal Loans for Women are designed for females looking for collateral-free funding solutions for personal or business-related needs.

Personal Loan for Salaried Individuals

Salaried individuals can get a Personal Loan and meet any financial need at attractive interest rates, no collateral, and flexible repayment options.

Personal Loan for Government Employees

Personal Loans for Government Employees give collateral-free loans at attractive interest rates and quick sanctions for every financial need.

How to Apply for an Education Loan

1step

Check Your Eligibility

To apply for an education loan online, visit the Aditya Birla Capital website or use the Aditya Birla Capital App to check your eligibility for an education loan. Use the personal loan eligibility calculator to review the loan amount you may qualify for based on your income and repayment capacity.

2step

Complete the Online Application

Fill out the Education Loan application form by providing accurate personal, employment, and financial details on the Aditya Birla Capital website or app.

3step

Upload the Required Documents

Submit the necessary personal loan documents, including identity proof, address proof, income proof, bank statements, etc. for verification.

4step

Verification and Loan Approval

The Aditya Birla Capital team verifies your application details and supporting documents. Once the verification process is complete and you meet the eligibility criteria, your loan application is approved.

5step

Receive Instant Loan Disbursal

After approval, the Education Loan amount is disbursed directly to your registered bank account, helping you carry out your studies as planned.

Revision of Reference Rates for determining Interest Rates on loans given

A high credit score signals reliability to lenders and can help you get lower personal loan interest rates.

High existing debt can lead to higher interest, as lenders see more risk in lending to heavily indebted borrowers.

Stable income and employment history make you eligible for personal loans with low interest rates, as lenders perceive lower risk.

Different banks and NBFCs have varying interest rate structures, so comparing offers helps identify the personal loan minimum interest rate available to you.

Larger loans or longer repayment tenures may attract slightly higher personal loan rates due to increased risk.

Fees and Charges for Education Loan

Charge Type	Amount
Cheque Return charges	₹500 + GST per instance
Default Penal charges	3% of the pending amount per month
Charges for cancellation of Loan	4% of loan amount disbursed + applicable taxes
CIBIL report retrieval fees	₹100 + GST per instance
Charge for Exchanging PDCs / ECS	₹750 + GST per instance
Loan reschedule charges	₹5000 + GST per instance
Stamp Duty	As per Actual if applicable
Insurance Premium	As per Actual, if applicable
Pre-closure Quote	₹1000 + GST per instance
Any other charges	As per Actual, if applicable
Part - Pre-Payment Charges	Charges: A) Nil Charges - If Part prepayment is equal to 20% of the total disbursed amount in a year B) 3% + GST on Remaining Loan amount - If part payment is greater than 20% of the total disbursed Conditions: A) No pre-payment is allowed in the first 6 months from the date of disbursement B) Part Pre-Payment amount should be equal to OR greater than a total of 3 EMIs. C) Part-prepayment is allowed only once in the first year of loan tenure.
Foreclosure Charges	4% of the Principal outstanding amount + GST Condition: Foreclosure is allowed only after 12 months from the date of loan disbursal.

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FAQs on Education Loan

You can choose a repayment tenure of up to 84 months and start repaying the Personal Loan for Education immediately after availing it.

Yes, you can apply for a Personal Loan for Education without a co-applicant. The co-applicant is not mandatory for the loan.

A co-applicant can be your parents, siblings, or any other individual with a steady source of income.

You can cover any and every type of expense with a Personal Loan for Education because the loan is a multipurpose loan.

Traditional Student Loans require a margin money, a co-applicant, and, in some cases, a collateral security to grant the funds. On the other hand, a Personal Loan for Education does not require these things and offers funds much more easily and quickly.

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Disclaimer

Call 1800 270 7000 OR write to us at care.finance@adityabirlacapital.com.

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The information presented on this page is intended solely for general informational purposes and does not constitute financial, investment, or professional advice. This content has not been authored by, nor does it represent an official communication from, Aditya Birla Capital Digital Limited. It is compiled from publicly available secondary sources, which may be subject to change without prior notice. Readers are strongly advised to conduct their own independent research and seek guidance from licensed financial advisors before making any investment decisions. All investments carry inherent risks, including the potential loss of principal. Past performance is not indicative of future results.