Education Loan @ 9.75% Onwards

• Loan upto 30 lacs
• Get tax benefit under 80c

• No processing fee will be charged

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      Calculator Disclaimer

      The repayment amount shown using this calculator is an estimate, based on information you have provided. It is provided for illustrative purposes only and actual repayment amounts may vary. To find out actual repayment amounts, contact us. This calculation does not constitute a quote, loan approval, agreement or advice by My Finance. It does not take into account your personal or financial circumstances.

      Eligibility Criteria

      What you mean by Education Loan Eligibility Criteria?

      If you are looking for your higher studies in India or aboard, but don’t have sufficient money in hand. Don’t worry you can apply for an education loan, there are multiple banks & NBFs before that check education loan eligibility criteria in India & make sure you carry mandatory documents with you to avoid any kind of loan application rejection.

      Education Loan Eligibility Criteria

      Usually, Education Loan Eligibility Criteria depends on various factors like age of applicant, monthly salary or business income of co-applicant, course type & residency..etc.

      • • Age Limit of Individuals – 18 to 35 years of age
      • • The Applicant must be undergoing a graduate or post graduate degree or diploma
      • • CFor obtaining Student Loan if the applicant wanted to pursue full-time then he / she needed to add their working parents or guardian as a Co-applicant
      • • Nationality – Resident of Indian

      Education Loan Eligible Course: –

      For within India studies below mentioned course are eligible to get loan: –

      • • Regular Degree or Diploma Course that should be approved by Directory General of Shipping, Indian Nursing Council, Civil Aviation or any regular body.
      • • For professional types of course – CA, ICWA, CS, CFA , Medical, Law, Dental Management, Veterinary, Engineering & computer science.
      • • For Post-Graduation – PH. D & Masters Course from accredited institutions.
      • • Other Degree & Diploma by universities/colleges approved by UGC, Govt / AICTE / AIBMS / ICMR, etc.

      For Abroad studies below mentioned course are eligible to get loan: –

      • • Graduation & Post-Graduation from reputed university.
      • • Specific course type for Post – Graduation like MCA, MBA & MS.
      • • Other Degree & Diploma course must be recognized by competent regulatory bodies.

      Note: – Maximum Loan Amount for obtaining Education Loan/Student Loan for studies within India can avail 15 and for abroad studies you can avail the loan amount of 25 lakhs as maximum.

      What are the factors generally affecting Education Loan Eligibility Criteria?

      There are Top 5 factors that generally affects Education Loan Eligibility Criteria as given below: –

      Applicant Citizenship: – The main factor that affect the eligibility criteria is applicant citizenship that from which country he/she belongs to if not from India, then they are unable to get loan. Only resident of Indian applicant can apply & get a loan.

      Applicant Age: – Usually, applicant age matters when he/she apply for education loan / student loan. Applicant should not be below 18 years of age & above 35 years of age.

      University & Institute: – Another factor that affect education loan eligibility criteria is university & Institute from which the applicant is chosen to study. It issignificant to choose a reputed & accredited educational board to avail educationloan. Because it’s asked by Bank & NBFCs to provide admission letter issued by university & Institute.

      Parents or Guardian Income: – You are required to show proof of monthly income of your co-applicant whomsoever you are adding in your loan application. Lenders will check that do you have a stable income. If not, then your chances of getting loan lower.

      Applicant Academic History: –This is done to ensure that you have enough potential to repay your principal loan amount within a specific period as allocated as tenure by showing your previous academic performance level. You will get higher salary package after the completion of course or degree. If your Previous academic performance is below to average ratio, then it’s likely that your loan application might reject.

      What are the ways to increase Education Loan eligibility?

      To increase Education Loan eligibility, you need to consider Top 3 points as given below, this will aid you in increasing your eligibility level.

      Excellence Academic Records: – Lenders usually want to know your previous academic records to ensure you have capacity to complete your degree or diploma with good grades that would help you in getting better placement with good salary to repay the loan amount within the specified tenure period. It will be possible only when you obtain excellence academic records.

      Getting Seats in reputed university or institute: – When you passed your 12 th or Graduation with good grades, then only you will be eligible to get seats in reputed university or institute. It’s one of the best ways to increase education loan eligibility.

      Stable Income of parents or Guardians: –Most of the student don’t prefer to do job until they finish their final dreamed qualifications. Therefore, bank & NBFC’s offer this feature to add your parents or guardians as a co-applicant while applying for loan. To make the lender confident that you will pay back the loan amount without any difficulty, thus having a stable income will increase your eligibility.

      Documents Required



      Frequently Asked Questions


      As we all know MBA is an expensive degree to pursue wherein it requires much cost to spend. Therefore, if you are planning to get finance then hopefully you can get up to 1 Cr depending on multiple factors.

      • Yes, it can be easily transferred from one bank to another, all you need to do is making a choice of banking partners & requesting for the procedure to change.
      • 5 top banks preferred by applicant are below mentioned –
      • State Bank of India
      • Bank of Baroda
      • Kotak Mahindra
      • HDFC Bank
      • Axis Bank

      Yes, because it is also a loan. Every loan has a impact on Cibil Score all repayment history will be showed. So, make sure you do payment on time.

      • Identity proof
      • Adress proof
      • Bank Statement
      • 10th  & 12th Marksheet if graduated then marksheet of degree
      • Co-applicant identity, address & Income proof

      Maximum you can expect up to 4 lacs.

      In general, ranging from 7.35% to 14.50% per annum.

      Firstly, match the criteria if all seems okay then request for a loan application from your preferred lenders & attach all the documents to submitted. Once reviewed by lender they will contact you to explain benefits & rates for re-confirmation after shortly disbursement take place.

      If you are planning for Education Loan, Compare & choose your banking partner thereafter make sure you carry all the relevant documents with you & adding a co-applicant is mandatory.

      Many banks are ready to offer finance for your higher studies whether its within India or abroad. Ranging from 1 lakh to 1 Crore you can get for Education Loan.

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