Education Loan Interest Rate and Eligibility

Rate of Interest Varies from 13% to 24.03% pa
Minimum Age 23 or above
Minimum Salary Required ₹ 15,000
Loan Amount Starting from ₹ 3000 to ₹ 5 lakh
Annual Fee ₹ 499 plus GST

Features and Benefits of MoneyTap’s Line of Credit as a Personal Education Loan:

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

Eligibility
Criteria

  1. Must be a full-time salaried employee with a take-home salary of ₹ 20,000/month
    OR
    Must be a self-employed professional with an income of at least ₹ 20,000/month

    (Only certain professionals like doctors, lawyers, or business owners qualify)

  2. Must be above 23 years and below 55 years of age
  3. Must be a resident of one of the following cities:

    Ahmedabad, Anand, Bangalore, Chennai, Chandigarh, Coimbatore, Delhi, Gandhinagar, Hyderabad, Indore, Jaipur, Mumbai, Mohali, NCR, Panchkula, Pune, Rajkot, Secunderabad, Surat, Vadodara, Vijayawada, Vizag

Education Loan Related Pages

Reasons Why You’re Here:

  • Come from a middle-class family and want to fund your child’s education
  • Pay your child’s fees without any last-minute hassles
  • Fund your child’s education abroad
  • Pay your child’s college fees and other additional expenses
  • Meet the expenses related to your child’s education, such as tuition fees, living expenses, books, uniforms
  • Upgrade your job skills with an advanced course
  • Want to pursue advanced degrees or higher education at colleges across the country
  • Want to pay off a student loan debt

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.

Tips to Use a Personal Education Loan Responsibly:

  • If borrowing for higher education, look at your career options wisely and the possibilities you may have after your course is complete, and judge if you would be able to get a job to pay off the loan.
  • Calculate your budget and the loan amount you require at a given period of time.
  • For parents, who haven’t saved enough for their kids’ education, plan for the repayment of the loan with EMIs that do not disturb your monthly expenses.

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Education Loan FAQs

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:

  • Tuition fees
  • Exams, library fee, etc.
  • Hostel expenses
  • Deposits (refundable) paid to the educational institute
  • Cost of books, uniforms, etc.
  • Travel 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:

  1. Proof of admission
  2. Course summary or statement
  3. Filled loan application
  4. Photographs
  5. Pan card, Aadhar card
  6. Proof of identification of applicant and co-signer
  7. Co-signers IT returns and other documents

The following documents are required for an education loan from MoneyTap:

  • Aadhar card
  • Identity proof (Driving license/Voter ID/Passport/Aadhar/PAN)
  • Address proof (Driving license/Voter ID/Passport/Aadhar/Utility bills/Scheduled Bank Statements)
  • Original photograph

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.