Overview of Education Loan in Panipat

Education loans in Panipat support students pursuing higher education, professional courses, or international studies. In 2025, access loans up to ₹75 lakh with interest rates starting at 8.5% p.a. Loanpao partners with lenders like SBI, Bank of Baroda, and Axis Bank to offer flexible financing options for Panipat’s students, aligning with the city’s growing educational aspirations.

Eligibility Criteria for Education Loan in Panipat

Criteria Details
Applicant Type Student (with co-applicant)
Age 16–35 years
Course Recognized UG/PG, professional, or vocational courses
Loan Amount Up to ₹75 lakh, based on course and institute
Co-applicant Income Minimum ₹15,000/month (salaried), ₹2 lakh/year (self-employed)
Residency Resident of Panipat or nearby areas

Documents Required for Education Loan in Panipat

  • Identity Proof: Aadhaar, PAN Card, or Passport (student and co-applicant).
  • Address Proof: Aadhaar, Utility Bill, or Rent Agreement.
  • Academic Records: 10th, 12th marksheets, admission letter.
  • Income Proof: Co-applicant’s salary slips (3 months), ITR (2 years).
  • Bank Statements: Last 6 months of co-applicant’s account.
  • Course Details: Fee structure, institute recognition proof.

Benefits of Education Loan in Panipat

  • Competitive rates starting at 8.5% p.a. in 2025.
  • Loans up to ₹75 lakh for domestic/international studies.
  • Flexible repayment tenures up to 15 years.
  • Moratorium period (course duration + 1 year).
  • Tax benefits under Section 80E of the Income Tax Act.

Factors Affecting Education Loan in Panipat

Course and Institute

Recognized courses and reputed institutes increase loan approval chances.

Co-applicant’s Credit Score

Scores above 700 secure better rates.

Loan Amount

Higher amounts may require collateral for loans above ₹7.5 lakh.

Co-applicant’s Income

Stable income ensures repayment capacity.

How to Apply for an Education Loan in Panipat

Follow these steps to apply for an education loan in Panipat through Loanpao:

  1. Visit Loanpao.com and select "Education Loan in Panipat."
  2. Enter student, co-applicant, and course details.
  3. Upload academic, income, and identity documents.
  4. Choose a lender (e.g., SBI, Bank of Baroda, Axis Bank) and submit.
  5. Receive funds within 7–10 days after approval.

Loan Eligibility for Education Loan in Panipat

Check your eligibility for an education loan in Panipat with Loanpao’s tool:

  • Enter student’s academic details and co-applicant’s income.
  • Specify course, institute, and loan amount preferences.
  • Receive instant eligibility and loan offer estimates.
  • Compare deals from top lenders in Panipat.

Loanpao ensures quick and hassle-free education loans.

Check Eligibility Now

Track Your Education Loan Application in Panipat

Loanpao provides a seamless tracker for your education loan application:

  • Enter your application ID on the Loanpao Tracker page.
  • View real-time status (e.g., under review, approved, disbursed).
  • Receive notifications for fund disbursal in Panipat.
  • Contact Loanpao support for assistance with delays.
Track Application Now

Education Loan Comparison in Panipat

Compare education loan offers from top lenders in Panipat:

Lender Interest Rate Loan Amount Tenure Processing Fee
SBI 8.5% p.a. Up to ₹75 lakh Up to 15 years ₹10,000 (max)
Bank of Baroda 8.75% p.a. Up to ₹60 lakh Up to 12 years 0.5% of loan amount
Axis Bank 9% p.a. Up to ₹50 lakh Up to 10 years 1% of loan amount

Frequently Asked Questions

An education loan finances higher education, covering tuition, accommodation, and other academic expenses.

Loans above ₹7.5 lakh may require collateral; below that, they are typically unsecured.

Approval typically takes 7–10 days after document verification.

Yes, loans cover international studies at recognized institutes.

Yes, repayment starts after the course duration plus 1 year.

Defaulting may damage credit scores, incur penalties, or lead to legal action, per RBI guidelines.