Achieve your career goals using our Education Loan
24×7 Achha Hoga Advisory | Education Loan services offer flexible repayment options, low-interest rates, and minimal documentation. Whether studying in India or abroad, we provide 100% financing with no hidden charges. With easy eligibility criteria, support for various courses, and co-borrower options, securing your future has never been easier. Plus, enjoy tax benefits under Section 80E! Let us help you access the best education loan tailored to your needs, so you can focus on your studies worry-free.
Key Features of our Education Loan
Lowest Rates of Interest
Interest rates start at 8.25% for female students and 8.65% for male students.
Full Financing Available
Get up to 100% of the loan amount financed, covering all your needs.
Covers Many Countries
Our loans are available for studying in a wide range of foreign countries.
Flexible EMI Options
Choose an EMI plan that fits your financial situation.
1-Year Moratorium
Enjoy a 1-year grace period before starting your repayments.
Advantages and Highlights of Our Education Loan
Flexible Repayment with a Moratorium Period
Enjoy peace of mind as your repayment starts only after you’ve completed your course, giving you time to secure employment and get settled before making payments.
Boost Eligibility with a Co-Borrower
Increase your chances of approval by adding a parent or guardian as a co-borrower, making the process smoother and more flexible.
Tax Benefits on Repayment
Save on taxes while repaying your loan! The interest portion of your repayment may qualify for tax deductions under Section 80E of the Income Tax Act, easing the financial burden.
Loans for a Range of Courses & Institutions
Whether it’s school education, higher studies, or specialized training, we provide loans for various courses at institutions in India and abroad, giving you the freedom to pursue your dreams wherever they take you.
Collateral and Non-Collateral Options
Depending on the loan amount, you can choose between loans that require collateral or those that don’t, providing flexibility based on your financial situation.
Education Loan Eligibility Criteria: What You Need to Know
Getting an education loan is a key step in pursuing your academic dreams, and understanding the eligibility criteria can make the process smoother. While requirements can vary depending on the lender, country, and type of loan, here are the common factors that influence your eligibility:
1. Proof of Admission
Lenders usually require confirmation of your admission to a recognized educational institution before approving your loan. Having your offer letter ready is crucial to move forward in the loan process.
2. Course and Program Eligibility
Not all courses are covered by education loans. Lenders often have a list of approved programs and institutions that qualify for funding. Make sure your course fits their criteria.
3. Age Requirements
Most lenders have age limits for applicants. You must be at least 18 years old to apply, though some lenders may have specific upper age limits depending on the country or program.
4. Co-Borrower or Guarantor
If you lack a strong credit history or income, lenders may require a co-borrower or guarantor, typically a parent or guardian, to share the responsibility of repaying the loan.
5. Academic Performance
Some lenders consider your academic track record, such as grades from high school or prior education, when assessing eligibility. Strong academic performance may improve your chances of approval.
6. Credit History
Your credit history, along with that of your co-borrower or guarantor, plays a significant role in loan eligibility. A good credit score can help you secure better loan terms, such as lower interest rates.
7. Financial Ability
Lenders often assess your financial capacity to repay the loan, either through your own income or that of your co-borrower. This ensures you’ll be able to manage repayments after your studies.
8. Loan Amount and Limits
The amount you request in relation to the total cost of the program can affect your eligibility. Lenders may have maximum limits on how much they are willing to offer based on your program and financial profile.
9. Collateral or Security
For larger loan amounts, lenders may require you to offer collateral, such as property, investments, or other valuable assets. Smaller loans may not require collateral, making them easier to obtain.
10. Required Documentation
Prepare to submit essential documents such as proof of identity, admission letter, and income statements. These documents help lenders assess your eligibility and process your loan faster.
Education Loan Documentation Requirements
For the Student Applicant
- Proof of Identity (Any one): PAN, Aadhar, Passport, etc.
- Proof of Residence/Address (Any one): Passport is mandatory for studies abroad.
- Academic Records:
- 10th and 12th-grade results
- Graduation semester-wise results (if applicable)
- Entrance exam results (e.g. CAT, CMAT, JEE, NEET, CET, GMAT, GRE, TOEFL, etc.)
- Proof of Admission: Offer or admission letter from the institution. Conditional admission letters may be accepted for studies abroad.
- Cost of Study: A detailed statement of the study’s cost or a schedule of expenses.
- College/Course Prospectus: If available, this can further support your application.
- 2 Passport-Size Photographs
- Bank Account Statement: Last 1-year statement if you have any previous loans from other banks/lenders.
For the Co-Applicant/Guarantor
- Proof of Identity (Any one)
- Proof of Residence/Address (Any one)
- 2 Passport-Size Photographs
- Bank Account Statement: Last 1-year statement for any previous loans from other banks/lenders.
Income Proof for Salaried Co-Applicant/Guarantor
- Salary Slip or Salary Certificate
- Form 16 & Income Tax Returns: Acknowledged by the Income Tax Department.
- Bank Account Statement: Last 6 months of the salary account.
Income Proof for Self-Employed Co-Applicant/Guarantor
- Business Address Proof: If applicable.
- Income Tax Returns & TDS Certificate: Form 16A (if applicable), acknowledged by the Income Tax Department.
- Bank Account Statement: Last 6 months.
| Particulars | Charges |
|---|---|
| Loan Processing Fees | 0.25% to 3% of Loan Amount |
| Loan Cancellation | ₹3,000 to 5% of Loan Amount |
| Stamp Duty Charges | As per the Value of the Property and State Tax |
| Legal Fees | As per on-going fees |
| Penal Charges | Usually 1-2 % per month |
| EMI / Cheque Bounce | ₹499 to ₹599 per Cheque/EMI Bounce |