About Education Loans
Loanpao’s Education Loans support your academic aspirations in Delhi, India, for both domestic and international studies. With competitive interest rates, quick disbursal, and flexible repayment options, we help you invest in your future.
Why Choose Our Education Loan?
- Interest Rates starting at 10.0% p.a.
- Loan Amount from ₹50,000 to ₹1.5 Crore
- Flexible Tenure up to 15 Years
- Covers 100% of tuition fees, living expenses, and other costs
- Approval within 5-7 business days
- Minimal documentation
- Collateral: Optional (required for loans above ₹7.5 Lakh)
- Moratorium period during the course
Are You Eligible?
| Criteria | Requirement |
|---|---|
| Applicant | Student with co-applicant (parent/guardian) |
| Age | 18-35 years (student) |
| Admission | Confirmed admission in a recognized institution |
| Credit History | No major defaults (co-applicant); credit score 700+ preferred |
What Documents Do You Need?
- KYC: Aadhaar / PAN / Voter ID (student and co-applicant)
- Admission Proof: Offer letter, fee structure
- Income Proof (Co-applicant): Salary slips, ITR, Form 16
- Bank Statements: Latest 6 months (co-applicant)
- Collateral (if applicable): Property documents
Attractive Interest Rates & Affordable Fees
| Bank/Lender | Interest Rate | Processing Fee |
|---|---|---|
| SBI | 10.0% p.a. | ₹10,000 |
| HDFC Bank | 10.5% p.a. | 0.5% or ₹15,000 |
| ICICI Bank | 10.75% p.a. | 0.5% or ₹15,000 |
| Axis Bank | 11.0% p.a. | 0.4% or ₹12,000 |
| Kotak Mahindra Bank | 11.25% p.a. | 0.5% or ₹15,000 |
| Bank of Baroda | 10.25% p.a. | ₹10,000 |
| Union Bank of India | 10.5% p.a. | ₹10,000 |
| Punjab National Bank | 10.25% p.a. | ₹10,000 |
| IDFC FIRST Bank | 11.0% p.a. | 0.4% or ₹12,000 |
| Yes Bank | 11.5% p.a. | 0.5% or ₹15,000 |
| NBFCs | 12.0% p.a. | 1.0% or ₹20,000 |
| Co-operative Banks | 10.5% p.a. | ₹10,000 |
Extra Charges:
- Late Payment Charges: 2% p.m. on overdue amount
- Prepayment Charges: Nil
- GST: Applicable on processing fees
Note: Rates and fees are indicative as of April 2025 and subject to change.
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How to Apply for an Education Loan
- Complete the online application with student and co-applicant details.
- Submit KYC, admission proof, income, and collateral (if applicable) documents.
- Undergo verification of admission, income, and credit history.
- Review and accept the loan offer.
- Complete legal formalities for collateral, if required.
- Receive funds within 5-7 business days.
Common Questions About Education Loan
What is an Education Loan?
An Education Loan is a financial product to fund higher education, covering tuition, living expenses, and other costs.
Who can apply for an Education Loan?
Students aged 18-35 with confirmed admission in a recognized institution, along with a co-applicant.
What is the maximum loan amount?
Up to ₹1.5 Crore, covering 100% of education-related expenses.
How long does approval take?
Approval takes 5-7 business days after verification.
Can I prepay the loan?
Yes, prepayment is allowed with no charges.
Is collateral required?
Collateral is optional for loans up to ₹7.5 Lakh; required for higher amounts.
What is the repayment tenure?
Up to 15 years, with a moratorium period during the course.
Are there special offers?
Yes, interest subsidies for select government schemes and waived processing fees for certain courses.
What documents are needed?
KYC, admission proof, income proof, bank statements, and collateral documents (if applicable).
How does it affect my credit?
Timely repayment boosts your credit score, while defaults may impact future loan eligibility.