Overview of Education Loan in Mahendragarh
Education loans in Mahendragarh empower students to fund higher education, both domestically and internationally. In 2025, these loans start at 8.5% p.a., offering up to ₹75 lakh with repayment tenures up to 15 years. Lenders like SBI, Bank of Baroda, and HDFC Credila cater to Mahendragarh’s growing student population, especially in Narnaul. With a population of ~921,680 and a 13.30 km² urban area, Mahendragarh residents can use Loanpao’s platform for quick applications, lender comparisons, and real-time tracking.
Eligibility Criteria for Education Loan in Mahendragarh
| Criteria | Details |
|---|---|
| Applicant Type | Students with co-applicant (parent/guardian) |
| Age | 16–35 years (student) |
| Academic Record | Minimum 60% in Class 10/12 or equivalent |
| Course | Approved undergraduate/postgraduate courses (domestic/international) |
| Residence | Resident of Mahendragarh or nearby areas |
| Co-applicant Income | Stable income (salaried/self-employed); ₹15,000/month or ₹2 lakh/year |
Documents Required for Education Loan in Mahendragarh
- Identity Proof: Aadhaar, PAN Card, or Voter ID (student and co-applicant).
- Address Proof: Utility bill, Aadhaar, or rental agreement for Mahendragarh address.
- Academic Records: Class 10/12 mark sheets, degree certificates, admission letter.
- Income Proof: Salary slips (3 months) and Form 16 for salaried co-applicant; ITR (2 years) for self-employed.
- Bank Statement: Last 6 months for co-applicant with e-KYC verification.
- Course Details: Fee structure, course duration, and institute recognition proof.
- Photograph: Recent passport-size photo (student and co-applicant).
Benefits of Education Loan in Mahendragarh
- Competitive interest rates starting at 8.5% p.a. in 2025.
- Loan amounts up to ₹75 lakh for tuition, accommodation, and other expenses.
- Extended repayment tenures up to 15 years with moratorium period.
- Tax benefits under Section 80E for interest paid.
- Quick disbursal within 7–10 days via Loanpao.
Factors Affecting Education Loan in Mahendragarh
Interest Rate
Rates range from 8.5% to 13% p.a., based on course, institute, and co-applicant’s credit profile.
Loan Amount
Up to ₹75 lakh, depending on course costs and co-applicant’s income.
Co-applicant’s Credit Score
A score of 700+ secures better rates; lower scores may require collateral.
Institute Recognition
Loans for recognized institutes (e.g., UGC/AICTE-approved) are prioritized with better terms.
How to Apply for an Education Loan in Mahendragarh
Follow these steps to apply for an education loan in Mahendragarh through Loanpao:
- Visit loanpao.in and select "Education Loan in Mahendragarh."
- Complete the online application with student and co-applicant details (name, Mahendragarh address, income).
- Upload required documents (Aadhaar, PAN, mark sheets, admission letter).
- Compare offers from lenders like SBI, Bank of Baroda, and HDFC Credila in Mahendragarh.
- Receive approval and funds within 7–10 days after verification.
Loan Eligibility for Education Loan in Mahendragarh
Check your eligibility for an education loan in Mahendragarh with Loanpao’s tool:
- Enter student details (age, Mahendragarh address, academic records).
- Provide co-applicant income details (salary or business income).
- Submit course details (institute, fee structure, duration).
- Allow e-KYC verification for co-applicant’s credit profile.
Loanpao will evaluate your eligibility and recommend the best education loan offers in Mahendragarh.
Check Eligibility NowTrack Your Education Loan Application in Mahendragarh
Loanpao offers a seamless tracker for your education loan application:
- Enter your application ID on the Loanpao Tracker page.
- Receive real-time updates on status (e.g., under review, approved, disbursed).
- Get notifications for fund disbursal in Mahendragarh.
- Contact Loanpao support for assistance with delays in Mahendragarh.
Education Loan Comparison in Mahendragarh
Compare education loan offers from top lenders in Mahendragarh:
| Lender | Interest Rate | Loan Amount | Tenure | Processing Fee |
|---|---|---|---|---|
| SBI | 8.5% p.a. | Up to ₹75 lakh | Up to 15 years | Up to ₹10,000 |
| Bank of Baroda | 8.75% p.a. | Up to ₹60 lakh | Up to 12 years | Up to 1% of loan amount |
| HDFC Credila | 9% p.a. | Up to ₹50 lakh | Up to 10 years | Up to 1.5% of loan amount |
Frequently Asked Questions
Education loans cover tuition fees, accommodation, books, travel (for international studies), and other course-related expenses.
Education loan approvals typically take 7–10 days in Mahendragarh, depending on document verification.
Loan amounts can go up to ₹75 lakh, based on course costs and co-applicant’s income.
Collateral is not required for loans up to ₹7.5 lakh; higher amounts may require security like property or fixed deposits.
Yes, a moratorium period (course duration + 1 year) is offered, during which only simple interest may be payable.
Yes, interest paid on education loans is eligible for tax deduction under Section 80E of the Income Tax Act.