Invest in Your Future with Easy Education Loans
Higher education is the key to a bright future, but financial constraints should never hold you back. At Mera Loan Doctor, we help students access Education Loans for domestic and overseas studies with attractive interest rates, flexible repayment options, and hassle-free approvals.
Features of Education Loan
- Covers tuition fees, hostel charges, exam fees, and other academic expenses.
- Loan available for studies in India or abroad.
- Competitive interest rates with flexible repayment tenure.
- Some banks offer moratorium period during the course duration.
- Loan amounts typically range from ₹50,000 to several lakhs depending on course and institution.
- Option to cover living expenses, travel, and other study-related costs.
Eligibility for Education Loan
- Indian citizen with confirmed admission to a recognized college, university, or professional course.
- Minimum age: 18 years; Maximum age at loan maturity: 35–40 years (varies by lender).
- Co-applicant (parent, guardian, or spouse) usually required.
- Proof of academic records and admission confirmation.
- Good credit history for co-applicant (if applicable).
Documents Required
KYC Documents: PAN Card, Aadhaar Card, Address Proof.
Admission proof: Letter of admission from the institution.
Academic records: Mark sheets, certificates of previous qualifications.
Income proof of co-applicant: Salary slips, IT returns, bank statements.
Fee structure or invoice from the institution.
Passport copy for overseas education (if applicable).
Fees and Charges
- Processing Fee: 0.25% – 1% of loan amount (varies by lender).
- Interest Rate: Competitive, depending on lender and course type.
- Prepayment/Foreclosure Charges: Applicable as per bank policy.
- Other charges: Documentation, late payment charges, and statutory taxes.
Faq's for Loan Top up
Can I take a loan for studies abroad?
Yes, most banks provide education loans for overseas studies with flexible repayment terms.
Is collateral required for an education loan?
Loans up to a certain limit (e.g., ₹7.5 lakh) may be unsecured. Higher amounts may require collateral or third-party guarantee.
What is the repayment tenure?
Typically ranges from 5–15 years, including moratorium period for course duration.
Can I get a loan for living expenses too?
Yes, education loans can cover tuition, hostel, travel, and other study-related expenses.
Who can be a co-applicant?
Usually a parent, guardian, or spouse, whose income and credit history will support the loan application.