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✓ Working professionals can get loan amount upto 2 Cr.
✓ With an interest rate starting at 8.55% P.A.
Many individuals choose to further 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 education expenses, such as tuition and course materials, without having to worry about paying out of pocket.
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
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Loan parameter |
Details |
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Loan Limit |
Upto 40 Lakhs Unsecured |
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Expenses Covered |
Academic expenses: Tuition and Fees payable to the institute Additional expenses: Travel expenses |
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Accepted Co-applicant |
Parents, Parents-in-law, Spouse, Sibling |
|
Interest Rate |
11.5% to 12.5% |
|
Moratorium Period |
Course duration + 12 months |
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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 |
Academic expenses Tuition fee for the course Additional costs Travel expenses |
|
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 upto 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 |
Academic expenses Tuition fee for the course Additional costs Travel expenses |
|
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 |
|
Loan Parameter |
Details |
|
Basic Documents |
- WeMakeScholars education loan form filled in with all the necessary details Telephone bill 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. |
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Applicant Academic Documents
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1. Records of your grades and diplomas from 10th, 12th, and degree programs. 2. Documentation confirming your admission to the educational institution. 3. Detailed information on the expenses or fees associated with the course. 4. Evidence of your IELTS/GMAT/GRE test results. 5. A printed copy of the university's ranking in your field of study. |
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Financial Co-applicant Income Documents
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If Salaried: 1. 3-month salary slips 2. Form 16 of the previous 2 years 3. ID card of the employer 4. ITR of previous 2 years If Self-employed: 1. ITR for the previous 3 years 2. Profit & Loss account and balance sheet of last 3 years 3. Business address proof |
|
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1. 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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1. An invoice for expenses such as travel, laptop, etc has to be brought if a loan is being asked for it. 2. Receipt for any transactions made in advance. 3. Any remaining loan statements from the preceding year. 4. Letter explaining the gap. Sample- on Rs. 100 stamp paper. 5. If relevant, a letter explaining the lack of a co-applicant Income tax return |
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.
1. Property Title Deed
2. Registered Sale Agreement / Gift Deed / Will
3. The original receipt of registration for the above-mentioned agreement
4. If applicable, a letter of allotment by the Municipal Corporation / Authorized Govt. Authorities like MHADA, CIDCO, HUDA, DDA, JDA, GIDC, etc.
5. Link documents for 30 years or Past chain of sale deed establishing title or EC is required.
(If you own the property for more than 30 years, then the previous sale deed is enough.)
6. The newest property tax bill and latest electricity bill bearing the same address
7. 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.
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.
Education Loan FAQsWhat is an education loan for working professionals?
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.
Who can apply for an education loan for working professionals?
Working professionals who are employed and meet the eligibility criteria set by the lender can apply for an education loan.
How much can I borrow with an education loan for working professionals?
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.
What expenses can I use an education loan for working professionals to cover?
Education loans for working professionals can be used to cover a variety of costs, including tuition fees, course materials, and related expenses.
Is collateral required to get an education loan for working professionals?
This will depend on the lender. Some lenders may require collateral, while others may offer education loans without the need for collateral.
What is the repayment period for an education loan for working professionals?
The repayment period for an education loan for working professionals can vary based on the lender but typically ranges from 12 to 60 months.
What is the interest rate for an education loan for working professionals?
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.
Can I make prepayments on an education loan for working professionals?
This will depend on the lender. Some lenders may allow prepayments without penalty, while others may charge a fee for early repayment.
What happens if I lose my job while repaying an education loan for working professionals?
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.
How long does it take to get approved for an education loan for working professionals?
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.