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What is an Education Loan?
An education loan is 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 loan 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.
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.
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.
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.
Verify Eligibility Criteria
Check if you meet the requirements, including academic qualifications and co-applicant details.
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.
Revision of Reference Rates for determining Interest Rates on loans given
ABCL has increased its Long-Term Reference Rate (LTRR) by 20 bps to 20.45% p.a. with effect from March 1, 2024. The interest rate on the floating rate loans of tenor greater than 12 months that are linked to the LTRR will be revised upwards by 20 bps. The spread / margin on the said loans will remain unchanged.
ABCL has increased its Short-Term Reference Rate (STRR) by 20 bps to 19.45% p.a. with effect from March 1, 2024. The interest rate on the floating rate loans of tenor up to 12 months that are linked to the STRR will be revised upwards by 20 bps. The spread / margin on the said loans will remain unchanged.
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. |
Tools
Interest Rates Available for
Personal Loan for TV
Find out the interest payable on the Personal Loan for TV to plan your repayments effectively.
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 |
Different financial needs, different loans, one app - ABCD
For weddings, travel, vehicle purchases, or any other obligation, fulfil any need with personal finance solutions offered by the ABCD app.
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Range of loan options for different needs -
Range of loan options for different needs
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Quick sanctions and disbursals
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Hear from our happy customers what they have to say about their experience with us.
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FAQs on
Education Loan
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.
Yes, you need a credit score of 750+ to qualify for a Personal Loan for Education.
For availing the maximum possible loan you should have a good credit score. Moreover, adding a co-applicant to the loan might also help in getting a higher loan amount.
A Personal Loan for Education can be used to fund your studies in India or abroad. So, you can use the loan for studying abroad.
Yes, you can consolidate or refinance your Personal Loan for Education and enjoy lower interest rates.
Check the eligibility parameters specified by the lender to know whether you are eligible for the Personal Loan for Education or not. You can also use the online eligibility calculator to assess your eligibility in some simple steps.
You might incur a late payment fee if you miss a loan instalment. Moreover, the interest expense would also increase. Lastly, missing the EMI would also damage your credit score. So, always pay your loan instalments on time.
You can use the Personal Loan for Education for meeting the costs which are not covered by the scholarship like accommodation expenses, lifestyle expenses, cost of computer or laptop, travelling costs, etc.
Balance Transfer
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Reduced Interest Rates
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Lower Monthly Payments
Top-Up
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Comprehensive coverage
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Affordable with low premiums
ABC Of Personal Loans
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.
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