Education Loan For Working Professionals
✓ Working professionals can get loan amount upto 2 Cr.
✓ With an interest rate starting at 8.55% P.A.
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Funded By
Govt. of India
Supported By
IT Ministry, Govt. of India
1 Lakh+
Students Assisted
ZERO
Service Charge
Many individuals pursue their education and professional development through part-time or distance learning programs, even while working full-time. However, not everyone can afford the high costs associated with these programs. Education loans provide a solution for those who want to continue their education but cannot afford the fees. With an education loan, individuals can finance their expenses, such as tuition and course materials, without worrying about paying out of pocket.
Secured or Unsecured Loan: What suits you?
Answer a few questions and check which loan style fits you: secured or unsecured
Check your applicable loan type
Education Loan For Working Professionals For Higher education in India or Abroad
Axis Bank
Axis Bank offers an education loan product specifically designed for working professionals in India who want to pursue higher education or professional certification courses.
Under the education loan product offered by Axis Bank for self-employed applicants
|
Loan parameter |
Details |
|
Loan Limit |
Upto 40 Lakhs Unsecured |
|
Expenses Covered |
|
|
Accepted Co-applicant |
Parents, Parents-in-law, Spouse, Sibling |
|
Interest Rate |
11.5% to 12.5% |
|
Moratorium Period |
Course duration + 12 months |
|
Repayment Duration |
15 years including the moratorium period |
Avanse
Avanse's education loan product is designed to provide financial assistance to individuals who want to pursue higher education or professional certification courses while continuing to work. The loan covers tuition fees, program fees, and other related expenses. The loan amount is determined based on the individual's educational and professional profile, and the repayment tenor can be flexible, with a repayment period of up to 60 months.
|
Loan parameter |
Details |
|
Loan Limit |
100% of the loan amount |
|
Expenses Covered |
|
|
Accepted Co-Applicant |
Parents, Siblings, Spouse, Parents-in-law |
|
Interest Rate |
11 to 13.5% |
|
Moratorium Period |
The total duration of the course plus 6 months |
|
Repayment Duration |
120 Months |
HDFC Credila
Under this education loan product HDFC credila funds up to 100% of the tuition fee/ loan amount for residential and non-residential executive management courses.
|
Loan Parameter |
Details |
|
Loan Limit |
100% of the loan amount |
|
Expenses Covered |
|
|
Accepted Co-Applicant |
Parents, Siblings, Spouse, Parents-in-law |
|
Interest Rate |
10.5 to 11% |
|
Moratorium Period |
The total duration of the course plus 6 months |
|
Repayment Duration |
120 Months |
Documents Required For An Education Loan For Working Professionals
|
Loan Parameter |
Details |
|
Basic Documents |
Note: If your permanent and current addresses are different, you'll need to show two proofs of residency. All the documents should be self-attested. |
|
Applicant Academic Documents
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|
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Financial Co-applicant Income Documents
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|
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Other Documents
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A letter confirming that any extra amount (which is not covered by the education loan would be covered by the co-applicant). |
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Additional Docs
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If you decide to take out a secured education loan, you will be required to provide collateral documentation as part of the loan application process. Collateral is an asset, such as property or savings, that is pledged to the lender as security for the loan. The purpose of collateral is to protect the lender in case the borrower defaults on the loan.
- Property Title Deed
- Registered Sale Agreement / Gift Deed / Will
- The original receipt of registration for the above-mentioned agreement
- If applicable, a letter of allotment by the Municipal Corporation / Authorized Govt. Authorities like MHADA, CIDCO, HUDA, DDA, JDA, GIDC, etc.
- Link documents for 30 years or Past chain of sale deed establishing title or EC is required. (If you have owned the property for more than 30 years, then the previous sale deed is enough.)
- The newest property tax bill and latest electricity bill bearing the same address
- A copy of the municipality-approved building plan or plot layout.
The following is a general list of collateral documents needed to apply for an education loan. It's important to note that certain states may have additional documentation requirements that are specific to the type of collateral being used. If you would like more information on the city-specific collateral requirements, you can reach out to the lender by requesting a callback. The lender will be able to provide you with a detailed explanation of the specific documents required for your area.
Education Loans Simplified by The Experts - LOANFLIX
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Benefits Of Going Through WeMakeScholars For An Education Loan
Free Services: WeMakeScholars provides its services free of charge, as we are funded by the Indian government through the Ministry of IT under the Digital India Campaign.
Reduced Interest Rates: WeMakeScholars partners with various public and private banks in India to offer reduced interest rates, ranging from a 0.5% to a 2% discount to students when obtaining an education loan through them.
Professional Guidance: Students receive support from WeMakeScholars throughout the loan application process, including document preparation and submission. Our financial officers provide regular follow-ups with the lender to track loan processing status, ensuring a smooth and efficient loan experience.
Quick Processing Time: Thanks to our close relationships with banks and NBFCs, we can expedite loan processing, saving students time and effort.
Digitized Loan Processing: The loan application process is convenient, user-friendly, and can be done online, eliminating the need for students to visit a bank in person. Our financial officers are available to assist with any questions or difficulties throughout the process.
End-to-end Assistance: Our financial officers provide end-to-end assistance and keep students informed throughout the loan process, ensuring a smooth and stress-free experience.
Cashback: After loan disbursement, students are eligible for a cashback of up to Rs 3000.
What’s Your Next Step in The Education Loan Journey
WeMakeScholars has created comprehensive guides and tools for every stage of your education loan journey. Pick from the resources below to make the process easier.
Education loan questions, answered
- An education loan is a type of loan specifically designed for working professionals who want to pursue further education and professional development, but may not have the financial resources to pay for it upfront.
- Working professionals who are employed and meet the eligibility criteria set by the lender can apply for an education loan.
- The amount you can borrow with an education loan for working professionals will vary based on the lender and your specific circumstances. Factors such as your income, credit history, and education expenses will all be considered when determining the loan amount.
- Education loans for working professionals can be used to cover a variety of costs, including tuition fees, course materials, and related expenses.
- This will depend on the lender. Some lenders may require collateral, while others may offer education loans without the need for collateral.
- The repayment period for an education loan for working professionals can vary based on the lender but typically ranges from 12 to 60 months.
- The interest rate for an education loan for working professionals will depend on the lender and your specific circumstances. It's important to compare rates from multiple lenders to find the best option for you.
- This will depend on the lender. Some lenders may allow prepayments without penalty, while others may charge a fee for early repayment.
- It is important to review the terms and conditions of your education loan for working professionals and understand what options are available in case of unemployment. Some lenders may offer loan forbearance or a temporary payment reduction during this time.
- The time it takes to get approved for an education loan for working professionals will depend on the lender and the complexity of your application. It can take around 2-6 days for NBFCs or private banks to process an education loan and 10-15 days for public banks.
*Interest rates and limits shown are indicative samples and change with RBI policy, lender approval, collateral and applicant profile. Replace with live figures before publishing. T&C apply.
The same loan, handled two ways
Category | Direct with Bank | Via WeMakeScholars |
Application Support | Branch visits and tedious follow-ups | Dedicated financial officer for timely updates and online coordination |
Bank and Scheme Selection | Restricted to the selected bank | Compare options from 20+ lenders |
Post-Sanction Support | Limited support | Dedicated post-sanction team |
Cashback and Offers | No offers or rewards | Cashback up to ₹3,000 |
Calculators For Your Need
Education Loan Calculator
This calculator is a self-help tool for illustrative purposes only. Figures shown above are indicative, and actual values may differ based on the applicant's profile. All loans are subject to the bank's policy and approval.
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