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Information About Education Loan

About Education Loan

The highest quality of education should be available for all regardless of someone’s financial background. That’s precisely the reason why we have made the availability of Education Loans as accessible as possible. Whether you are a student or a parent seeking to provide your children with the very best, we are here to support you.

How does one take an Education Loan?

We have made the process of getting an Education Loan very easy. You just have to follow these simple steps:

  • Check your student loan eligibility online
  • Select your loan amount and period
  • Submit your application & documents
  • Get your money

What are the basic requirements in getting your education loan approved?

In order to get an Education Loan, you have to meet some basic eligibility criteria and documents for faster approal. Check your Eligibility criteria and Documents required for availing an Education Loan.

Benefits of an Education Loan

A ticket to the best institutes

Access to education in some of the premier institutes in India or abroad is now affordable with an Education Loan.

A better career

Statistics show that students who graduate from educational institutes that have a good reputation tend to secure better jobs post their studies. This eventually sets them on a path to a fruitful career.

Customisable repayment options

Students can choose how they want to pay their Education Loan. This could be based on the interest rate or tenure. It’s that easy. 

Features and Advantages

Customised Solutions

Your education is unique to you. That’s why we let you tailor the Education Loan based on your needs.   

Easy Repayment

You have the flexibility and control over how you want to repay your loan. Choose the option that best suits you.

Minimal Paperwork

We pave the way for your bright future by making the process easy and accessible. 

Quick Approval

Submit just a few documents with your application and get your educational loan sanctioned instantly. 

Deferred repayment option

The student is required to begin Education Loan repayment only after completing the studies and starts working. 

What does the Education Loan cover?

Our Education Loan covers:

  • Tuition fees
  • Hostel expenses
  • The exam, library, and Laboratory fee when applicable
  • Travelling expenses
  • Other varied costs

Interest Rates

We offer competitive personal loan interest rates starting at 10.99%. However, education loan eligibility, financial institution, your future earning capacity are some of the factors that determine the interest rates for the loan offered.

How much EMI do you need to pay?

Equated Monthly Instalment (EMI) depends on the principal loan amount, the interest rate charged and the period for which the loan is taken.

You can choose your EMI amount that is comfortable to you by using the Education Loan EMI calculator.

How can you repay an Education Loan?

You can decide how you want to repay your personal loan for education. For a fixed amount of loan and interest, you can choose the tenure and EMI that is comfortable for you. The longer the tenure, lower will be the EMI. You can also prepay your education loan after meeting defined terms and conditions. 

You can pay your loan through auto debit or ECS facility. In exceptional cases, you can also opt for a post-dated cheque payment facility.

Eligibility and Documentation

Eligibility

You are eligible for an Education Loan if you are an Indian National, between the age of 16-26 years and have a good past academic record. We expect you or your parents to have a stable income source. You should either show security or have a guarantor and your eligibility also depends on the credit history of your co-applicants. 

Documentation

These are the documents you will need to submit:

  • Photo identity proof of both the student & parent (any one): Voter ID/Passport/Driving license/Aadhaar Card
  • Attested Marks Sheets & Certificates (from 10th standard)
  • Admission Letter as issued by the admitting School/College/Institute
  • All essential documents issued by the admitting School/College/Institute, including prospectus, breakup of fees, etc.
  • Income Proof - Bank statements for the past six months
  • Salary slips for the last three months & ITR of Parent/Guarantor
  • Studying Abroad-, Entry Permit, Admission letter & I-20 Form from Foreign Institution
  • Property documents (if immovable property is offered as security)
  • If Employed- Resignation letter, Acceptance of Resignation letter or Sanction letter for study leave.

 

Find out more about Education Loan Eligibility and Documents for further details.

Checking your eligibility

You have to meet some basic conditions to get the Education Loan. At Tata Capital, we believe in extending a loan with minimal paperwork, competitive interest rate and flexible EMI plans .Check your Eligibility here.

What’s the maximum amount of Education Loan you can avail?

The maximum amount will depend on your needs and eligibility. Typically, the maximum loan amount approved to study domestically is ₹ 15 lakhs and internationally is ₹ 30 lakhs. 

Calculators

What is an Education Loan EMI Calculator?

Education Loan EMI calculator helps you to understand the EMI that you will pay towards the principal payments and interest payment over the loan tenure. Use the EMI calculator to know how much money you can pay monthly over a course of time to repay your student loan. With the help of our education loan EMI calculator, you can plan your monthly instalments and conveniently pay off the loan. 

What does the Education Loan EMI Stand for?

EMI stands for Equated Monthly Instalments. It is the payment that you give for any education loan undertaken for a fixed tenure to pay off the loan.  You can take any time between 12 to 84 months to repay your loan with TATA Capital. Your EMI will include principal and interest payments made every month towards the repayment of the loan. Though the amount of EMI does not change, the percentage of principal & interest will change month on month.

How to calculate your Education Loan EMI using a calculator?

Enter the following information to calculate your EMI:

  • Education Loan Amount (the loan amount you wish to get)
  • Interest Rate (Tata Capital ‘s Education Loan interest rate begins at 10.99%)
  • Loan Tenure (Tata Capital offers 12 -84 months of time)
  • Click the Calculate button. The system shows your EMI monthly break-up of both the interest and principal payment. 
  • If the Education Loan EMI is higher or lower than you want to pay, edit the principal amount and follow the same steps from 2 to 4.

The 3 Hows of deciding the right EMI

  • How soon do you want to pay off the education loan?
  • How much can you afford to pay in a month?
  • How much of an interest rate are you comfortable with?

Why Choose Us

7 reasons why you should choose us

We care about you

We offer Education Loans to meet your fund requirements without bothering you with too many formalities other than the statutory requirements as prescribed by law. 

We offer attractive Education Loan Interest Rates

Our education loan interest rates are competitive and affordable. We let you tailor everything according to your convenience and ability to repay. 

We’re flexible

Our Education Loan lets you choose the loan amount, tenure and EMI period for which you need the loan. 

We’re not going to bother you about collateral

No collateral? No problem. We don’t want you to give any security to cover the Education Loan up to Rs 4 lakhs. 

We are not going to make you run around

We only ask for minimal documentation to process your application. We just need some mandatory information like admission letter from the university and requisite visa documents.

We provide tailor-made loans

Our personalised approach gives us the edge and has left countless of our customers satisfied. You are not just an application form to us. We understand that one size doesn’t fit all. 

We’ve been in the industry for a long time

This means we understand your needs and we will tailor our services to your needs. If you look good, we look good too.  

WHY CHOOSE US

CUSTOMIZED PRODUCTS
MINIMUM DOCUMENTATION
EASY APPLICATION PROCESS
STRONG AFTER SALES SERVICE