|Rate of Interest||Varies from 13% to 24.03% pa|
|Minimum Age||23 or above|
|Minimum Salary Required||₹ 20,000|
|Loan Amount||Starting from ₹ 3000 to ₹ 5 lakh|
|Annual Fee||₹ 499 plus GST|
Instant approval in real-time on a credit line of up to ₹ 5 Lakh
Choose to withdraw as little as ₹ 3,000 or as high as your approved limit depending on your financial needs
Pay interest only on the amount you use and not on the amount approved
Withdraw 100% cash or rack up reward points by using your MoneyTap credit card
Repay in flexible EMIs while choosing a convenient payment period anywhere in between 2 to 36 months
You are only required to submit your proof of address and proof of identity to get started
I wanted to take up a weekend Executive MBA program as I don't have time to attend regular college since I'm working. I used MoneyTap to pay the fees, and I was really surprised at how fast my credit line was approved. The flexible tenure and EMI options make it very easy to repay the loan.
An EMI calculator for education loan lets you calculate your EMI amount online within a few seconds. It also allows to you modify the loan parameters to suit your requirements and preferences.
(Only certain professionals like doctors, lawyers, or business owners qualify)
Ahmedabad, Anand, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada, Vizag
Rather than compromising on the university and the educational program, all you need is an education loan to fund your child’s education and save your savings for later. This way you won’t be cash-strapped and your child will be able to complete his or her education without any monetary hindrances.
With MoneyTap’s line of credit you will have money available instantly 24x7 to use anytime, anywhere. Click below to experience its power.
Education loans are offered by banks to enable you to pay for your studies during undergraduate, graduate or vocational programs, both in India and abroad.
Most education loans cover the following expenses:
If you have expenses other than the ones mentioned above, getting MoneyTap's personal line of credit makes sense. Costs during your studies which are recurring and are not covered by an education loan can be paid with a personal loan from your available credit line.
To get a student loan in India, you need to be admitted to your chosen course of studies and then apply for on paper or online. Will be required to have your parent, spouse or relative co-sign the loan in most cases.
MoneyTap's line if credit is another option for an educational loan in India. You can apply for it if you're salaried and want to study further. Or, you can have your parent or spouse who is salaried apply for it as well.
To get an educational loan from a bank, you will need to do your research and find a lender that best suits your needs and apply for the loan with a co-signer or with a collateral.
The documents required for an education loan are:
The following documents are required for an education loan from MoneyTap:
The education loan interest rates vary from bank to bank and depend on the applicant and the amount of the loan. The education loan interest rates usually fall in the range of 8% to 15%.
To calculate your education loan EMI, you need to enter the loan principal amount, tenure and rate of interest.
You can also make use of MoneyTap's personal loan EMI calculator to find out your EMI amount.
Education loan repayments options will depend on the bank you borrow from.
With MoneyTap, you have the flexibility to choose a loan tenure ranging from 2 months to 36 months to repay your education loan.
You can apply for a MoneyTap education loan if you're salaried.
If you are a student and are not earning, you can ask your parent/guardian/family member to apply for MoneyTap's personal line of credit from which you can use funds as a student loan.
To apply for MoneyTap's loan, you need to download the app on your phone and fill in the required information to register. After the initial approval, submit the KYC documents and once verified, the amount will be transferred to your bank account.
Yes, it is a good idea to take an education loan for abroad studies.
While banks and financial lending institutions offer education loans, not all education-related expenses are covered. Therefore, getting a personal loan for education also helps when in need.