Personal Loan for Education

MBA, Engineering, MBBS or any other course, fund your studies with Aditya Birla Capital Personal Loan for Education. Get collateral-free loans for higher education with a quick application process and flexible repayment tenure.

Attractive interest rates
Easy & flexible repayment options
Easy application process with quick sanctions

Step 1

Step 2

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Finish

1623

NATIONWIDE BRANCHES

₹5.11 Lakh Cr.

AGGREGATE ASSETS

2,00,000+

AGENTS/CHANNEL PARTNERS

₹1.57 Lakh Cr.

CONSOLIDATED LENDING BOOK

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.

Types of Personal Loan in India

Medical Emergency

Personal Loan for Marriage

Personal Loan for Teachers

Personal Loan for Emergency

Personal Loan for Home Renovation

Personal Loan for Students

Personal Loan for Women

Personal Loan for Salaried Individuals

Personal Loan for Government Employees

How to Apply for an Education Loan

1step

Assess Your Financial Requirements

Determine the loan amount needed based on tuition fees, living expenses, and other costs.

2step

Verify Eligibility Criteria

Check if you meet the requirements, including academic qualifications and co-applicant details.

3step

Estimate Your EMI

Use an EMI calculator to plan your monthly repayment based on the loan amount and tenure.

4step

Gather Necessary Documents

Collect essential paperwork like admission letters, fee structures, and income proof of the guarantor.

5step

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

Long Term Reference Rate

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.

Short Term Reference Rate

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

Financial Reports

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

Rates are indicative and depend on credit score, income, and profile. The best debt consolidation loan often starts lower for strong profiles (750+ CIBIL).

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

Balance Transfer

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Reduced Interest Rates
Lower Monthly Payments

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Range of loan options for different needs
Range of loan options for different needs
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Disclaimer

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.

Customer Satisfaction Stories

Hear from our happy customers what they have to say about their experience with us.

Mr. Hiralkumar Ashokbhai Patel

Aditya Birla Finance Customer

Seamless onboarding experience and great support provided by the Relationship Manager during the documentation process.

Mr. B. Narsimulu

Aditya Birla Housing Finance Customer

Hyderabad, India

Mr. Pramod Kumar Saini

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.

Mr. Vikram Balu Gavali

Aditya Birla Housing Finance Customer

Belapur, India

FAQs on Personal Loan for TV

You can apply for a Personal Loan to buy a TV if you meet the eligibility parameters specified for the loan and submit the relevant documents.

A Personal Loan and a credit card can allow you credit to buy a TV on loan. However, a Personal Loan can be a better alternative because of the following reasons -

• It can offer a higher loan amount than credit cards
• The interest rate is lower
• You can get a longer repayment tenure for affordable EMIs

The loan amount depends on your eligibility qualifications. Use the loan eligibility calculator to find out how much you can borrow with a Personal Loan for a TV.

You can use the Personal Loan for any other expense related to your TV purchase. The loan is multipurpose and does not restrict how you use it.

Before applying for a Personal Loan for a TV, consider the following things -

• The loan amount that you need - borrow only what you need
• The interest rate - the lower, the better
• The repayment tenure - ensure that it offers the most affordable EMI
• Other charges associated with the loan - the lower the better