Overview of Education Loan in Faridabad
Education loans in Faridabad enable students to pursue higher education domestically or internationally. In 2025, banks and NBFCs in Faridabad offer education loans with competitive interest rates and flexible repayment options. Loanpao helps you compare lenders, check eligibility, and apply seamlessly for an education loan in Faridabad.
Eligibility Criteria for Education Loan in Faridabad
| Criteria | Details |
|---|---|
| Age | 18 to 35 years |
| Residency | Must be a resident of Faridabad with valid address proof |
| Academic Record | Minimum 60% in previous examinations (HSC/Graduation) |
| Course | Admission to recognized institutions (domestic or international) |
| Co-applicant | Parent/guardian with stable income or credit score above 650 |
Documents Required for Education Loan in Faridabad
- Identity Proof: Aadhaar Card, PAN Card, Voter ID, or Passport.
- Address Proof: Utility bill, Aadhaar, or Rental Agreement (Faridabad address).
- Academic Documents: Mark sheets (10th, 12th, Graduation), admission letter.
- Income Proof (Co-applicant): Salary slips (last 3 months), ITR (last 2 years).
- Bank Statement: Last 6 months’ bank statements of co-applicant.
- Course Details: Fee structure, course duration, institute recognition proof.
- Photographs: 2 passport-sized photographs of applicant and co-applicant.
Benefits of Education Loan in Faridabad
- Interest rates starting at 8.5% per annum in 2025.
- Loan amounts up to ₹75 lakh for international studies, ₹20 lakh for domestic.
- Moratorium period (course duration + 6-12 months) with no EMI during studies.
- Tax benefits under Section 80E on interest paid.
- Quick disbursal within 7-10 days with Loanpao’s support in Faridabad.
Factors Affecting Education Loan in Faridabad
Course and Institute
Recognized institutes and professional courses improve loan approval chances.
Co-applicant’s Credit Score
A higher credit score secures better loan terms.
Loan Amount
Higher amounts for international studies may require collateral.
Academic Performance
Strong academic records enhance eligibility.
How to Apply for an Education Loan in Faridabad
Follow these steps to apply for an education loan in Faridabad through Loanpao:
- Visit loanpao.in and select "Education Loan in Faridabad."
- Complete the online application form with personal and academic details.
- Upload required documents (Aadhaar, mark sheets, admission letter).
- Schedule a doorstep document verification in Faridabad.
- Get approval within 7-10 days.
Loan Eligibility for Education Loan in Faridabad
Check your eligibility for an education loan in Faridabad with Loanpao’s eligibility tool:
- Enter academic details (course, institute, admission status).
- Provide co-applicant’s income and credit score.
- Include Faridabad residency proof.
Loanpao will assess your eligibility instantly and guide you through the application process in Faridabad.
Check Eligibility NowTrack Your Education Loan Application in Faridabad
Loanpao offers a seamless tracker for your education loan application:
- Submit your application ID on the Loanpao Tracker page.
- Monitor real-time updates (e.g., under review, document verified, approved).
- Receive notifications for document verification in Faridabad.
- Contact Loanpao support for assistance with delays in Faridabad.
Education Loan Comparison in Faridabad
Compare popular education loan options available in Faridabad:
| Lender | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| SBI Education Loan | 8.5% p.a. | Up to ₹50 lakh | Up to 15 years | ₹10,000 |
| HDFC Credila | 9.0% p.a. | Up to ₹75 lakh | Up to 12 years | 1% of loan amount |
| Axis Bank Education Loan | 8.8% p.a. | Up to ₹40 lakh | Up to 15 years | 0.75% of loan amount |
Frequently Asked Questions
Students with confirmed admission to recognized institutions and a co-applicant with stable income in Faridabad can apply.
Interest rates start at 8.5% per annum, varying by lender and course type.
Approval typically takes 7-10 days, depending on document verification.
Yes, loans up to ₹7.5 lakh are often collateral-free, subject to lender policies.
The maximum tenure can extend up to 15 years, including the moratorium period.
Yes, Loanpao offers an online application process with doorstep document verification in Faridabad.
It covers tuition fees, accommodation, books, travel (for international studies), and other academic expenses.
Up to ₹75 lakh for international studies and ₹20 lakh for domestic studies, depending on the lender.
Yes, a co-applicant (parent/guardian) is typically required to ensure repayment.
Yes, most lenders allow prepayment with no or minimal charges, subject to loan terms.