A New Type of Education Loan Available Only Online
In today’s competitive world everyone wants to sponsor only the toppers! That’s the same scenario with most of the banks and NBFC’s too who would only provide education loan to students pursuing bachelors, masters or doctorate degree courses in India or abroad. This lead us to think about the other students who desire to pursue vocational, diploma or certification courses too or in fact just dream of better education. Iserve identified the gap and therefore has come up with educational loan offer for all students irrespective of their grades and courses. Iserve also helps parents to fund their child’s education right from preschool (admission fee etc) to post graduation. This way iserve promotes an equal chance for all and helps parents and students to fulfil their need to education.
Why Education Loan from My Mudra FinCorp
Loans that can be utilised
from Play Group School needs to
a Post Graduate Degree courses.
Apply for a loan today;
get the money as soon as tomorrow
Transparent and hassle free
Online Application & Instant Approval
My loan MyWay! Flexibility to plan,
avail & repay as per your choice and
convenience with various options.
Take the disbursement of loan as
required during the course of education
Flexi loan: pay interest only on used
loan amount rather than the entire
sanctioned loan amount.
Over Draft and EMI free loan options
No prepayment, no foreclosure charges,
no guarantor required
Step up or step down EMI &
Why Education Loan from My Mudra FinCorp
- Loans that can be utilised from Play Group School needs to a Post Graduate Degree courses.
- Apply for a loan today; get the money as soon as tomorrow
- Transparent and hassle free Online Application & Instant Approval
- My loan MyWay! Flexibility to plan, avail & repay as per your choice and convenience with various options.
- Take the disbursement of loan as required during the course of education
- Flexi loan: pay interest only on used loan amount rather than the entire
sanctioned loan amount.
- Over Draft and EMI free loan options
- No prepayment, no foreclosure charges, no guarantor required
- Step up or step down EMI & Insurance protection
How It WorksSimple procedure, multiple repayment options makes it more personal than a personal loan! That’s why we call it Your Loan Your Way!
Checking your loan eligibility to online loan application to disbursal can be executed within 12 to 48 working hours.
CHECK ELIGIBILITY AND APPLY ONLINE IN MINUTES BY PROVIDING BASIC DETAILS
We have simplified the loan application process. You can quickly apply online and get the decision from us within few minutes.
GET INSTANT APPROVAL
After submission of a duly completed online application form, you can get an instant approval.
UPLOAD THE REQUIRED DOCUMENTS
Post the loan is approved; you need not submit the hard copies of your documents. You can simply upload them online
COMPLETE THE DISBURSAL FORMALITIES
Post uploading the documents , we will help you complete the disbursal formalities either online or offline, as required.
GET MONEY IN YOUR ACCOUNT
Once your loan is disbursed, we will get your money credited into your account.
Begin repaying the loan through EMI by giving a mandate to your bank.
More Reasons to Take Education Loan from My Mudra FinCorp
Read More about Education Loan from My Mudra FinCorp
What is a Education Loan?
Education is the most important thing to succeed in the knowledge economy. Along with the awareness for education, the cost of education is growing rapidly. With time, higher education is becoming too expensive and unaffordable for common people. An education loan plays a vital role in helping people who wants to get the best possible education. Student loan is a type of loan that is designed to provide financial support to deserving students to pursue higher education in India or abroad. These loans are taken to cover tuition fees, books and supplies and other living expenses. An education loan is the most effective means to fund your education if you are unable to bear all the expenses or to get a full scholarship. Various banks have now launched different education loan schemes to benefit the students.
Why You Should Take an Education Loan?
In recent years, a large number of students pursuing any professional course in India or abroad are availing education loan. With increasing demands of education loan, banks are coming up with best student loans with lower interest rates and flexible tenure. There are a lot of reasons why one should opt for a study loan:
- Education loans are easy to get. Today, there are several numbers of banks that provide education loans and ready to fund even the total cost of education. They have simplified the application process and made it easier for a common man to apply for a loan.
- Student can apply for a loan without any collateral. Banks decides the loan amount as per the worthiness of the students.
- An applicant can also avail tax benefit, once they start repaying their education loan. Under section 80E one can claim reduction in the taxes for the repayment of interest on their existing loan. This benefit can be availed even if the student is pursuing his studies abroad.
- Since loans for students will provide you a flexible term of repayment, a student can repay the loan once he starts working. By taking a loan for education students can preserve family assets and can ease the burden from their shoulders.
- Taking a loan to fund their education is a good opportunity for a student to build a good credit score from an early stage. Regular repayment will not only build up your credit history but will also open door for better loan options is future.
Features and Benefits of an Education Loan
“An investment in knowledge pays the best interest”- Benjamin Franklin As the cost of higher studies going up, loan for education is the only option for most of the students. There are certain features and benefits of student loan stated below:
- Education loan not only covers the tuition fees but also other expenses like books, accommodation charges.
- Education loan also helps in improving the credit score of the students.
- The repayment of loan starts after a holiday period or moratorium period. This period starts after six months or 1 year from the completion of course.
- The loan amount depends on your lender. Generally a loan amount of 10-15 lakhs can be obtained for studies in India and the amount is extended for overseas studies.
- The tenure offered by the bank is generally goes up to 10 years. The repayment tenure also depends upon the lender and the applicant’s profile.
- Banks also ask for a third party guarantor or co-applicant.
- Most of the banks do not charge any processing fee while sanctioning an education loan. Some lenders charge an upfront fee depending on the type of loan.
- Loans for college students will also helps them claim certain tax benefit under section 80E of the Income Tax Act.
- Along with education loan some lenders also provides life insurance cover to the students who are availing student loan.
- Generally, bank does not charge any penalty for pre-closure of the loan but some lenders may charge a pre-payment penalty of up to 4%.
- Few banks also provide 0.5% concession on the applicable interest rates for the female students who wish to pursue higher education in India or abroad.
Eligibility Criteria of Education Loan
The common eligibility criteria to apply for student loan are as follows:
- The candidate must be a native citizen of India to apply for a student education loan.
- Should have obtained a seat in one of the recognized universities in India or abroad.
- The age of the applicant should be between 16 and 35 years.
- The candidate must possess a good academic record throughout.
- The co-applicant guarantor of the loan must be secondary such as parents or spouse or secondary including father-in-law, mother-in-law.
Documentation Required for Education Loan
A student needs to submit the following documents to apply for a loan for school for higher studies:
Documents from student:
- Application form completely filled and signed.
- Two passport size photographs of both applicant and co-applicant.
- Letter of admission from the institute where the student has applied.
- Cost break-up of the course to be pursued from the institute.
- Academic record of the student which will include 12 board mark sheet, certificate of graduation and post graduation.
- Mark sheet of any entrance exam taken the student have taken.
- Documents of scholarship if any.
- Affidavit confirming that there is no loan from any other bank or any financial institute.
- ID proof which can be any of the following- Passport, PAN card, Voter’s ID, Driving license or Aadhaar card.
- Proof of Address.
- Age proof like birth certificate or class X certificate.
- Visa approval documents and travel papers.
Documents from Co-Applicant:
- Proof of Address.
- Proof of Identification.
- Last 3 months salary slip.
- Last 2 years Form 16 or last 2 years Income Tax returns.
- Self-employed professionals :
- Proof of Address.
- Proof of Identification.
- Last 6 months bank statement.
- Last 2 years Income Tax returns.
- Proof of office such as lease deeds, utility bill, title deed etc.
Interest Rate of Multipurpose Loan
Multipurpose loan are unsecured loans which do not require any collateral and therefore come with a bit high interest rate as compared to other loans. A multipurpose interest rate varies from lender to lender. Interest rates offered by few top banks are as follows:
|SBI||10% - 10.75%|
|Axis Bank||10.5% - 12.5%|
|PNB||8.45% - 10.60%|
|HDFC Bank||Depending on academic track|
|Avanse||Depending on academic track|
How to Apply for an Education Loan
Before going for any education loan you need to be aware about how to apply for student loan? The process is simple as well as hassle free. All you have to do is just follow these simple steps:
- The foremost step is to collect all the student loan information from various sources available.
- Once you have completed the admission process, choose the bank which suits you best as per your requirements.
- Apply for the education loan either online or offline and keep all the documents ready.
- Calculate the EMIs according to your loan amount and proceed further. The documents submitted by you will be sent for verification by your bank.
- After the bank has verified your documents they will call you for an interview. It is advised to research well about the course and the institute you have opted.
- It will take around 15-20 days for banks to sanction your loan.
- Once the loan is sanctioned, you will receive a promissory note from the bank which they will ask you to sign.
- Read the documents properly and also check the repayment clause before signing any document.
- In most cases banks either directly pays to the institute or to you.
Fees and Charges of Education Loan
Along with interest rates there are certain charges that a bank or NBFC may levy on a student for studying in India or abroad. These charges are as follows:
- Loan processing fee :
Before processing your loan, bank will ask you to pay a small amount called processing fee. This fee is non-refundable and is between 1-2% of the total outstanding principal.
- Prepayment charges :
As per RBI’s guidelines, banks will not charge any prepayment penalty. However, some banks still charges some amount to end your loan earlier than your tenure.
- Late payment :
Bank will also charge some penalty in case of late payment of your EMIs. Make sure you pay your EMIs on time.
- Loan cancellation charges :
If you want to cancel your education loan due to any personal reason than bank will charge some loan cancellation fee. This fee is usually less than 2%.
- Stamp duty :
Banks will also charge some stamp duty for different documentation used in the entire loan process.
- Other charges :
Other charges include, cheque or ECS swapping, bouncing charges, account statement and duplicate of no due certificate.
Top Five Providers of Education Loan
Here are few banks who are considered to be top brass of education loan:
- State Bank of India :
State bank of India is country’s most preferred bank when it comes to loan. SBI offers three education loan schemes. These are SBI student loan scheme for loans starting from 7.5 lakhs, SBI scholar loan scheme for loans up to Rs 20 lakhs, and SBI global Ed-vantage scheme for more than Rs 20 lakhs. The repayment tenure ranges from 5-7 years.
- Axis Bank :
India’s third largest bank offers education loan starting from Rs 50,000 to Rs. 75 lakhs. The interest rate offered by the bank is from 10.5% to 12.5%. Axis bank offer home loan, education loan, personal loan up to 7 years.
- Punjab National Bank :
PNB offer loan schemes namely, PNB saraswati, PNB pratibha and PNB udaan for loans up to and above 7.5 lakhs. There is another loan scheme named PNB kaushal. The tenure for PNB education loan can go up to 15 years.
- HDFC Bank :
HDFC bank offers HDFC credila education loan. The minimum amount is Rs 50,000 and there is no limit for maximum loan amount. The interest rate depends on the financial and academic track of the student and the tenure ranges up to 12 years.
- Avanse :
Avanse offers Avanse education loan where minimum loan amount is Rs 50,000 and no limit for maximum loan amount. The interest rate depends on the academic track of the student while the tenure offered is up to 10 years.
Why MyMudra Financial?
MyMudra Financial connects customers with over 50 financial institutes. It provides multiple online tools to search compare and analyze different types of loans. We provide our customers with the option to apply for student loan online. We are among the best student loan websites you will come across. The online application process to apply for student loan with us is very simple, hassle free and requires minimum documentation. With easy and fast loan disbursement, MyMudra financial stands out among all its competitors. We offer best interest rates, lowest application fees, highest loan amount, suitable tenure from best suitable financier. My Mudra FinCrop is one stop solution for all your studying expenses and provides all the education loan details available. Here is why you should apply a study loan with MyMudra financial:
- Customer can choose to pay EMI immediately after disbursal or 6 months later, till then they can pay only interest.
- Customers can avail a Top- Up loan along with an education loan after 6-12 months based on your repayment track record.
- My Mudra FinCrop provide tenure of up to 60 months.
- We offer minimum loan amount of 30,000 and maximum loan amount of up to Rs 10 lakhs.
- We will help you in comparing all the education loan schemes so that you can choose a scheme best suited to you.
- The interest rates you get with MyMudra financial are affordable ranging from 1.5% to 2%p.a at flat.
- One also gets insurance protection along with the loan.
- We provide you the option of stepping up or stepping down your EMIs.
Education Loan FAQs
- What are the courses for which one can avail an education loan?
Education loan can be availed for all the courses by the UGC in India and all regular courses abroad. Each lender has its own list of institutes for which they provide loan for.
- Does a co-applicant is required to avail an education loan?
Yes, a co-applicant is required for all full time courses. A co-applicant can be a parent or spouse.
- What is a maximum limit on an education loan?
Most of the lenders have a maximum limit of Rs 10 lakhs to 15 lakhs for loans within India while the maximum limit on loans for studying overseas is between Rs 20 lakhs to Rs 30 lakhs.
- Can an applicant avail tax benefits from his education loan?
Tax benefits can be availed under Section 80E of the Income tax act. The deduction is available for a maximum period of 8 years or until the borrower pays off the full interest whichever happens earlier.
- Can a girl student be eligible for any kind of incentives on an education loan?
Banks usually provides a 0.5% concession on the education loan interest rates applicable to girl students for higher education in India or abroad.
Customer Reviews and Testimonials
When Customers feel special; they express, here we share their best reviews & testimonials.
My Mudra FinCrop Pvt Ltd provides excellent setup speed & Service terms, Excellent customer support, ethical business practices and sales transparency, would surely recommend to my
Iserve Response time is very quick and provides door to door service so that his customer is not inconvenienced in any way. Knowledge and documentation check is very thorough and
I has relation with this Team from past seven years as through my business contacts but the knowledge and dedication on work is excellent, which helped my loan got approved in requ
They offered me lowest interest rate, gift voucher and i am very thankful to My Mudra FinCrop Pvt Ltd.
Thanks lots for process my Loan Againest Property in time. i might prefer to provide you with special thanks for the service given by you. Your personal visits to my workplace for
The customer support is really appreciable and very easy to find banks offering loans at attractive rates.and also carry all the process to get loan. Thank you MyMudra Financial For
MyMudra financial has a simplified loan process. The dedicated personnel was at the doorstep for everything in the loan process. My experience for a Personal Loan application was ou
I was referred to My Mudra FinCrop and found a good help with my loan request. I want my future loans to be taken care by you since I believe you care
Iserve Is very proffesional and and transparent with entire process of my Loan. Thank you very much My Mudra FinCrop Pvt Ltd
Hi MyMudra team. Thank you for your help in getting me a Personal Loan from HDFC bank
I am thankful to MyMudra financial and ICICI bank for my Personal Loan
I applied for Business loan through My Mudra FinCrop and it got approved quickly. The executive was very helpful. Thanks to My Mudra FinCrop Team.
Have Some More Queries
Read on the FAQs
Minimum income required to apply for education loan is Rs. 30 thousand.
Security or collateral is not required to takean Education Loan from My Mudra FinCorp