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.

Personal Loan EMI Calculator

Want to know your personal loan EMI before applying for the loan? Use our personal loan EMI calculator and find your EMI instantly!

What is a Personal Loan EMI Calculator?

A personal loan EMI calculator is an online tool that helps you find the prospective EMIs for your loan. You can find the total interest payable over the repayment tenure and the total amount you pay for the loan, including the interest component. This can help you budget for the loan EMIs easily.

How does the calculator work?

To use the personal loan EMI calculator, you have to enter the loan amount, repayment tenure, and the applicable interest rate. Based on these details, the calculator calculates the EMIs instantly. You can also change the inputs to find an EMI that best fits your budget.

Calculate EMI
Calculate Your Loan Amount

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

₹ 10,624

Total Interest

₹ 1,37,440

Total Payout

₹ 6,37,440

Apply Now

Your Loan Amount

₹ 7,05,981

Total Interest

₹ 1,94,019

Total Payout

₹ 9,00,000

Apply Now

Our Personal Finance Products

Find a wide range of solutions for all your financing needs.

Personal Loan

A personal loan is an unsecured loan that helps you raise funds for your financial needs.

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Long Term Personal Loan

Spread repayments over an extended tenure to keep EMIs affordable and predictable. A practical choice for funding larger expenses without straining your monthly budget.

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Short Term Personal Loan

A quick-repayment option for smaller, immediate needs, with tenures designed to help you clear the loan faster. Shorter tenures mean a lower total interest outgo over the life of the loan.

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Flexi Loan

Get an instant line of credit with Aditya Birla Capital Flexi Loan and pay interest only on the amount borrowed.

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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.

Education Loan Eligibility and Documents

Documents Required for Education Loan

Identity Proof Aadhaar Card, PAN Card, Passport, Voter ID.
Address Proof Utility bills, Aadhaar card, passport, or rental agreement.
Income Proof The latest 3 months' salary slips.
Bank Statements Last 6 months' statements showing salary credits.
Photograph One recent passport-size photograph.

Eligibility Criteria for Education Loan

Age : The minimum age is 21 or 23 years, depending on the loan type, and the maximum is 60 years. In some cases, the entry age is extended to up to 62 years.
Employment Type: You must be a salaried employee at a recognized organization.
Monthly Income: A stable monthly income is essential for loan eligibility.
Credit Score: A CIBIL score of 700 or more helps in quicker approval and better terms.
Work Experience: Six months in the current employment.

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

Visit Our Website or App

Go to Aditya Birla Capital’s official website.

2step

Check Eligibility

Use the online calculator to check your loan eligibility.

3step

Fill Out the Online Form

Enter your personal, employment, and financial details.

4step

Upload Required Documents

Submit scanned copies of the necessary documents.

5step

Verification & Approval

We will verify your application and notify you of approval.

6step

Disbursal

Upon approval, the loan amount is credited to your account within 24–48 hours.

Revision of Reference Rates for determining Interest Rates on loans

Loans up to 12 months

Interest is calculated on the Short Term Reference Rate (STRR).

STRR w.e.f. from March 1, 2024 is 19.45% p.a.

Loans more than 12 months

Interest is calculated on the Long Term Reference Rate (LTRR).

LTRR w.e.f. from March 1, 2024 is 20.45% p.a.

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.

Tools

Financial Reports

ABC of Calculator

Customer Satisfaction Stories

Mr. Hiralkumar Ashokbhai Patel

Aditya Birla Finance Customer

Mr. Pramod Kumar Saini

Aditya Birla Finance Customer

Ashesh Shah

Aditya Birla Capital Limited

Mr. Baijnath Choudhary

Aditya Birla Capital

Mrs. Snehal Rajpure

Aditya Birla Finance Customer

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.

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.