Quality education is the key to a successful future! However, the specialized courses offered by leading universities can burn a hole in your pocket.
But, with MoneyTap you can get a personal loan to use as an education loan and focus on your studies and career. In addition to the regular education expenses, you will be able to take care of other regular costs while you're studying with your MoneyTap credit line.
Quality education is the key to a successful future! However, the specialized courses offered by leading universities can burn a hole in your pocket. But, with MoneyTap you can get a personal loan to use as an education loan and focus on your studies and career. In addition to the regular education expenses, you will be aable to take care of other regular costs while you're studying with your MoneyTap credit line.
Education Loan Interest Rate and Eligibility
Rate of Interest
Varies from 13% to 24.03% pa
23 or above
Minimum Salary Required
Starting from ₹ 3,000 to ₹ 5 Lakh
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
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.
- Vishal Patel
Education Loan EMI Calculator
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.
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 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:
Exams, library fee, etc.
Deposits (refundable) paid to the educational institute
Cost of books, uniforms, etc.
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.
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.