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5,000+ Students
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Our loan options are designed to adapt to your financial situation. Choose flexible repayment terms and loan amounts that work for you.
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Loan Details
Education Loan Calculator
Calculate your EMI and total interest for education loans.
Instant Approval
No Hidden Charges
100% Digital Process
Representative Example:
Borrow ₹5,00,000 over 12 months at 25.8% APR. Total repayment: ₹5,72,597.07 with monthly EMIs of ₹47,716.42.
EMI Calculator
₹5,00,000
12
25.8%
Monthly EMI
₹47,716.42
Total Interest
₹72,597.07
What is an Education Loan?
An education loan provides financial support to students for pursuing higher education in India or abroad. It covers tuition fees, accommodation, books, and travel expenses.
A unique feature is the moratorium period (course duration + 6-12 months) where no repayment is required. EMIs start only after this holiday period or once the student secures a job.
Main criteria:
- Confirmed admission letter from institution
- Co-applicant (parent/guardian) with stable income
- Academic record of the student
- Collateral (required for higher loan amounts)
Interest paid on education loans is eligible for tax deduction under Section 80E of the Income Tax Act.
Financial Guide
Education Loan Interest Rates
Rates for premier institutes (IIMs/IITs) start as low as 8.5%, while study abroad loans range from 10% to 14% depending on collateral.
Planning Your Education Finance
Education is an investment. Ensure the liability doesn't burden your early career:
1
Moratorium Period
Check if the lender offers a 'payment holiday' during the course duration plus 6-12 months after graduation.
2
Tax Benefits (Sec 80E)
The interest paid on education loans is deductible under Section 80E for 8 years. The borrower or co-borrower can claim this.
3
Co-applicant Profile
For unsecured loans or study abroad, the financial profile (CIBIL/Income) of the co-applicant (parent/spouse) is crucial.
4
Pre-Visa Disbursement
For foreign universities, ensure the lender provides a sanction letter or pre-visa disbursement as required for the Visa interview.
5
Collateral vs Non-Collateral
Collateralized loans (offering a house/FD) are significantly cheaper than non-collateral loans. Use assets if available.
Education Loan Eligibility
Eligibility criteria Eligibility focuses on the student's merit and co-applicant's income:
Student Nationality: Must be an Indian citizen.
Academic Record: Admission confirmed in a recognized university/institute.
Co-applicant: Parent/Spouse must have a stable income and good credit score.
Course Type: Graduate/Post-graduate degrees, professional courses.
Collateral: Required for loans above Rs. 7.5 Lakhs (usually).
Education Loan Tariffs
Charges differ significantly for domestic vs foreign study loans:
| Particulars | Charges |
|---|---|
| Processing Fees (India) | Nil for most PSU banks |
| Processing Fees (Abroad) | 1% to 1.5% (Max cap usually ₹ 15,000) |
| Prepayment Penalty | Nil |
| Foreclosure Charges | Nil |
| Legal/Valuation | As per actuals (if collateral is provided) |
Other fees and charges levied by the lenders include documentation charges, verification charges, duplicate statement charges and NOC certificate charges.
Secured vs Unsecured Education Loan
Funding your studies with or without collateral.
| Secured (With Collateral) | Unsecured (Without Collateral) |
|---|---|
| Interest Rate: 8.5% - 10% | Interest Rate: 11% - 14% |
| Loan Amount: No limit (based on value) | Loan Amount: Capped (e.g., 40L) |
| Parent income less critical | Co-applicant income is critical |
| Processing takes time (Legal) | Faster processing |
Fund Your Global Ambitions
Don't let finances limit your education. Whether it's a domestic MBA or a Master's abroad, we connect you with lenders covering 100% of the cost, including tuition, stay, and travel.
Education Loan Features
- Up to 100% financing of education costs
- Flexible moratorium (payment holiday) periods
- Covers tuition, hostel, books, and laptop
- Pre-visa disbursement for foreign universities
- Tax benefits under Section 80E
- Options for both secured and unsecured loans
Education Loan Categories
Investing in knowledge pays the best interest. Choose the right support for your studies.
Education Loan Documents
Documents are required for both the student (applicant) and the parent/guardian (co-applicant).
| Requirements | Student (Applicant) | Co-Applicant (Parent/Guardian) |
|---|---|---|
| Identity & Address | Aadhaar, PAN, Passport (mandatory for study abroad) | Aadhaar, PAN, Voter ID, Utility Bills |
| Academic Proof | 10th/12th Marksheets, Degree Certificates, Entrance Exam Result | N/A |
| Admission Proof | Offer Letter/Admission Letter from University with fee breakdown | N/A |
| Income Proof | N/A (if student is not working) | Salary Slips / ITR, Form 16, Bank Statements |
Student Loan Facts
Moratorium Period
- You don't pay Principal during the course.
- Simple interest is charged during the study period.
Co-applicant Role
- For loans > 4-7.5 Lakhs, a co-applicant is mandatory.
- Co-applicant's CIBIL score affects approval chances.
Tax Benefits
- Interest paid is 100% deductible under Sec 80E.
- Benefit is available for 8 years.
Margin Money
- For foreign studies, banks fund 85-90% of costs.
- You must show proof of funds for the remaining margin money.
Education Loan Partners
Fund your studies in India or abroad with our partners specializing in student loans.
| Lender | ROI (approx) |
|---|---|
| HDFC Credila | 10.50% onwards |
| Avanse | 11.00% onwards |
| SBI Scholar | 8.65% onwards |
| IDFC First Bank | 10.00% onwards |
Domestic vs International
Domestic loans for premier institutes often require no collateral up to certain limits.
International loans cover tuition plus living expenses.
Currency fluctuation buffers are considered for foreign loans.
Applicant Roles
Student (Main Applicant)
Academic record determines employability and loan sanction.
Admission letter is the primary document.
Parent (Co-Applicant)
Their income services the interest during the moratorium.
Their CIBIL score is crucial for unsecured loans.
How to Apply
Secure admission and get the fee structure.
Decide between secured (cheaper) or unsecured (faster) loan.
Submit KYC and income proofs of co-applicant.
Disbursement is usually done directly to the University.
How to Calculate Education Loan EMI Online?
You can calculate your education loan EMI using a free online education loan EMI calculator. You just need to enter your interest rate, loan amount and tenure in the calculator to get instant and accurate results.
Education Loan vs Personal Loan for Studies
Why specialized education loans are preferred over using personal funds.
| Parameter | Education Loan | Personal Loan |
|---|---|---|
| Tax Benefit | Sec 80E (Interest Deductible) | No Tax Benefit |
| Moratorium | Payment holiday during course | EMI starts immediately |
| Tenure | Up to 15 Years | Up to 5 Years |
| Co-Applicant | Mandatory | Not always required |
Student Success Stories
Ishaan Malhotra — MS in USA
"My visa interview was in 10 days and I needed a sanction letter. Six Finance helped me connect with a lender who provided a Pre-Visa Disbursement letter based on my GRE score."
Sanya Mir — MBA in India
"I got into a premier institute. The loan covered 100% of my tuition and hostel fees. The best part is the moratorium period where I don't have to pay EMIs until I get a job."
Student Loan Application Tips
Secure your funding for higher studies efficiently:
- Apply as soon as you receive the admission letter.
- If studying abroad, check for Pre-Visa Disbursement options.
- Ensure your co-applicant (parent) has a clean credit history.
- Compare secured (with collateral) vs unsecured loan rates.
- Check for scholarship adjustments in the loan amount.
Education Loan Facts
- Interest paid is 100% tax-deductible under Section 80E for 8 years.
- Moratorium period covers the course duration + 6 to 12 months.
- Govt schemes allow interest subsidy for EWS categories.
- Loans for premier institutes (IIM/IIT) usually need no collateral.
- Expenses covered include tuition, hostel, laptop, and travel.
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