Overview of Education Loan in Greater Faridabad
Education loans in Greater Faridabad for 2025 support students pursuing higher education in India or abroad. Loanpao connects you with lenders like SBI, HDFC Credila, and Axis Bank, offering loans up to ₹1.5 crore at interest rates starting at 8.5% p.a. with repayment tenures up to 15 years.
Eligibility Criteria for Education Loan in Greater Faridabad
| Criteria | Details |
|---|---|
| Age | 18–35 years |
| Academic Record | Minimum 60% in 10th, 12th, or graduation |
| Course | Approved courses (UG/PG, technical, professional) in recognized institutions |
| Co-applicant | Parent/guardian with stable income (minimum ₹3 lakh p.a.) |
| Residence | Resident of Greater Faridabad or nearby areas |
Documents Required for Education Loan in Greater Faridabad
- Identity Proof: Aadhaar, PAN Card, or Passport (student and co-applicant).
- Address Proof: Utility bill, Aadhaar, or rental agreement (Greater Faridabad address).
- Academic Documents: 10th, 12th, and graduation mark sheets; admission letter.
- Income Proof: Co-applicant’s salary slips (last 3 months), ITR (last 2 years), or Form 16.
- Bank Statements: Last 6 months’ bank statements of co-applicant.
- Course Details: Fee structure, course duration, and institute recognition proof.
- Photograph: Recent passport-size photographs of student and co-applicant.
Benefits of Education Loan in Greater Faridabad
- Loan amounts up to ₹1.5 crore for domestic and international studies.
- Competitive interest rates starting at 8.5% p.a. in 2025.
- Repayment tenures up to 15 years with a moratorium period (course duration + 1 year).
- Covers tuition fees, hostel, books, and travel expenses (for abroad studies).
- Tax benefits under Section 80E of the Income Tax Act.
Factors Affecting Education Loan in Greater Faridabad
Interest Rate
Rates range from 8.5% to 13% p.a., based on course type, institute ranking, and co-applicant’s credit profile.
Loan Amount
Up to ₹1.5 crore, depending on course costs and co-applicant’s income.
Co-applicant’s Credit Score
A score above 700 for the co-applicant ensures better terms.
Institute Recognition
Loans for top-tier institutes (e.g., IITs, IIMs, or reputed foreign universities) get preferential rates.
How to Apply for an Education Loan in Greater Faridabad
Follow these steps to apply for an education loan in Greater Faridabad through Loanpao:
- Visit loanpao.in and select "Education Loan in Greater Faridabad."
- Fill out the online application form with student and co-applicant details (name, Greater Faridabad address, income).
- Upload required documents (Aadhaar, academic records, admission letter).
- Compare offers from top Greater Faridabad lenders like SBI, HDFC Credila, and Axis Bank.
- Get approval and funds disbursed within 7–15 days in Greater Faridabad.
Loan Eligibility for Education Loan in Greater Faridabad
Check your eligibility for an education loan in Greater Faridabad with Loanpao’s tool:
- Enter academic details (marks, course, institute).
- Provide co-applicant’s income details (minimum ₹3 lakh p.a.).
- Specify Greater Faridabad residency and course cost.
- Include co-applicant’s credit score (preferably above 700).
Loanpao will assess your eligibility and suggest the best education loan offers in Greater Faridabad.
Check Eligibility NowTrack Your Education Loan Application in Greater Faridabad
Loanpao provides a seamless tracker for your education loan application:
- Submit your application ID on the Loanpao Tracker page.
- Get real-time updates on status (e.g., under review, approved, disbursed).
- Receive notifications for disbursal updates in Greater Faridabad.
- Contact Loanpao support for assistance with delays in Greater Faridabad.
Education Loan Comparison in Greater Faridabad
Compare education loan offers from top lenders in Greater Faridabad:
| Lender | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| SBI | 8.50% p.a. | Up to ₹1.5 crore | Up to 15 years | Up to ₹10,000 |
| HDFC Credila | 9.00% p.a. | Up to ₹1 crore | Up to 12 years | 1% of loan amount |
| Axis Bank | 9.50% p.a. | Up to ₹75 lakh | Up to 10 years | 0.5–1% of loan amount |
Frequently Asked Questions
A minimum of 60% in 10th, 12th, or graduation is required.
Education loans in Greater Faridabad are disbursed within 7–15 days after approval.
Collateral may be required for loans above ₹7.5 lakh, depending on the lender.
Yes, a moratorium period (course duration + 1 year) is available, during which only simple interest or no repayment may be required.
Yes, interest paid on education loans is eligible for tax deduction under Section 80E of the Income Tax Act.