Education loans in Sonipat support students pursuing higher education in India or abroad, covering tuition, accommodation, and other expenses with flexible repayment options.
Eligibility Criteria
Criteria
Details
Applicant Type
Student with co-applicant (parent/guardian)
Age
18–35 years (student)
Admission
Confirmed admission in recognized institute
Credit Score
650+ (co-applicant)
Course Type
Graduate, postgraduate, or vocational courses
Collateral
Not required for loans up to ₹7.5 lakh
Documents Required
Identity Proof: Aadhaar, PAN Card (student and co-applicant)
Address Proof: Utility bill, Aadhaar
Admission Proof: Offer letter, fee structure
Academic Records: 10th, 12th, and degree certificates
Income Proof: Co-applicant’s salary slips (3 months), ITR (2 years)
Bank Statements: Last 6 months (co-applicant)
Benefits of Education Loan in Sonipat
Loans up to ₹50 lakh for domestic or international studies
Competitive rates starting at 8.5% p.a.
Long tenures up to 15 years with moratorium period
Quick disbursal within 7–10 days
Tax benefits under Section 80E
Compare Education Loan Lenders in Sonipat
Lender
Interest Rate
Loan Amount
Tenure
Processing Fee
SBI
8.5% p.a.
Up to ₹50 lakh
15 years
0.5%
HDFC Bank
9% p.a.
Up to ₹30 lakh
12 years
0.75%
Axis Bank
9.5% p.a.
Up to ₹25 lakh
10 years
1%
Frequently Asked Questions
What expenses does an education loan in Sonipat cover?
Tuition fees, accommodation, books, travel, and other study-related costs.
Is collateral required for an education loan?
Not required for loans up to ₹7.5 lakh; larger loans may need property or FD.
When does repayment start for an education loan?
After a moratorium period (course duration + 1 year).
Can I get an education loan for vocational courses?
Yes, for recognized institutes offering skill-based programs.
Are there tax benefits on education loans?
Yes, interest paid is deductible under Section 80E of the Income Tax Act.
What happens if I can’t repay the loan?
Lenders may offer restructuring, but default impacts the co-applicant’s credit score.
Promotional Offers for 2025
Interest rates starting at 8.5% p.a. for education loans in Sonipat
Waived processing fees for applications before 31st May 2025