Education Loans FAQs
What type of interest is applicable on my loan? Simple or compounded?
Simple interest will be calculated on your loan.
Will my scholarship be considered as a margin money?
Yes. Scholarship awarded to the applicant from the institute will be considered as a margin money.
What is the eligibility criteria to apply for an Education Loan?
The eligibility criteria includes Indian nationality, age between 16 and 35 years, good academic record and completion of 10+2 or diploma. If your child is enrolled in a recognised institute in India or overseas, loans are sanctioned based on pre-admission requirements, entrance exam scores or confirmed admissions.
What is the salary requirement for an Education Loan?
There is no fixed salary requirement for an Education Loan. However, the lender may require a co-borrower with a regular source of income to ensure loan repayment. Other factors such as credit history, collateral and academic performance may also be considered.
What is the interest rate on an Education Loan?
We charge interest on the amount borrowed. The interest rate may vary depending on the loan amount. We may offer lower interest rates for certain borrowers such as students pursuing higher education in certain fields.
In how many days can I expect my loan to be disbursed?
Post submission of complete documents, the loan will be disbursed within 15 working days.
Can I avail partial fee as loan?
Yes, you can avail a partial fee as loan at any point of time during your studies.
Can I pre pay my loan? What will be the charges for pre-payment?
Yes, you can pre-pay your loan any time. There are no charges for pre-payment.
Can I pre-close my loan?
Yes, you can pre-close your loan any time during the tenure.
Can I get my tenure of loan increased?
Yes. You can get the tenure increased, if the course is extended by the university.
Is my repayment amount calculated on the sanctioned or as per the disbursed amount?
Who can be my co-applicant?
Parents, brother, sister, spouse, parents-in-law and grandparents can be your co-applicant.
Can I apply for an education loan if I do not have a co-applicant with income?
For post graduate courses, applicants with 3+ years of experience can apply for a loan with a non-financial co-applicant.