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Education Loan
- Attractive interest rates
- Easy & flexible repayment options
- Easy application process with quick sanctions
YEARS OF EXCELLENCE
ACTIVE CUSTOMER BASE
BRANCHES ACROSS INDIA
AUM AS OF JUNE, 2023
What is an
Education Loan?
Features of Education Loan
Flexible Repayment Tenure
Choose a repayment period that suits your financial capacity.
Moratorium Period
Enjoy a repayment-free period during your course and for a certain period after completion.
Tax Benefits
Interest paid on education loans is eligible for tax deductions under Section 80E.
High Loan Amount Coverage
Covers tuition fees, living expenses, travel, and other educational costs.
No Collateral for Select Institutions
Loans up to a certain limit may not require collateral, depending on the lender and institution.
Interest Rates Available for Education Loan
Loans up to 12 months
| Loan Type | Interest |
|---|---|
| The Short Term Reference Rate (STRR) | 19.45% p.a. w.e.f.from March 1, 2024 |
Loans more than 12 months
| Loan Type | Interest |
|---|---|
| The Long Term Reference Rate (LTRR) | 20.45% p.a. w.e.f. from March 1, 2024 |
How to Apply for an Education Loan
Assess Your Financial Requirements
Determine the loan amount needed based on tuition fees, living expenses, and other costs.
Estimate Your EMI
Use an EMI calculator to plan your monthly repayment based on the loan amount and tenure.
Gather Necessary Documents
Collect essential paperwork like admission letters, fee structures, and income proof of the guarantor.
Submit Your Application
Apply online by filling out the loan form and uploading the required documents for verification.
Eligibility Criteria for Education Loan
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.
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. |
ABC Of Calculators
Your estimated EMI amount
₹ 0Total Interest
₹ 0Total Payout
₹ 0You are eligible for a loan of
₹ 0*EMI @ 9% Interest Rate
₹ 0*Instant Personal Loan INSTANT PERSONAL LOAN SHORT TERM PERSONAL LOAN LONG TERM PERSONAL LOAN
BALANCE TRANSFER LOAN
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Reduced Interest Rates. -
Lower Monthly Payments.
TOP UP LOAN
- Easy application process
- Borrow up to 80% of property value
Different financial needs, different loans,
For weddings, travel, vehicle purchases, or any other obligation, fulfil any need with personal finance solutions offered by the ABCD app.
-
Range of loan options for different needs
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Quick sanctions and disbursals
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Customer Satisfaction Stories
Aditya Birla Finance Customer
Seamless onboarding experience and great support provided by the Relationship Manager during the documentation process.
Aditya Birla Housing Finance Customer
Hyderabad, India
Aditya Birla Finance Customer
I appreciate the online documentation process which helped in ease of my loan process. I could get loan information through WhatsApp and other digital platforms.
Aditya Birla Housing Finance Customer
Belapur, India
Call 1800 270 7000 OR write to us at care.finance@adityabirlacapital.com.
For more details, to know your personal loan eligibility, access the product brochure or to set a meeting with our relationship manager.
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.
ABC Of Personal Loan