Accessible Education Loans to Fulfill Your Academic Goals!

Explore a range of Education Loans from India's leading lenders through Ruloans, tailored to empower your academic ambitions with financial ease.

Education Loan Features

Pre Admission Sanction.

Maximum Loan Repayment Tenure.

Tax Benefit U/s 80 (E).

Education Loan - Benefits

Unlock substantial loans

Prepare a detailed business proposal before seeking the loan. Assess your credit score, determine the loan amount needed, research various business loan offerings in the market, and organize all necessary documentation in advance.

Benefit from competitive interest rates

Submit proofs of address and photo identification for the owners, evidence of business existence, income verification, partnership deed for partnership firms, articles of association, memorandum of association, board resolution, and PAN card.

Pre-approval for admission

Applicants should be aged between 21 and 65 years, with a business operating for at least 3 years. Minimum business turnover and annual income as per the tax returns will be necessary. The business should have been profitable for at least the past year.

Features and Benefits of our Education Loan

Grace Period: Typically, repayment begins after completing the course, allowing students time to secure employment.
Joint Applicant Option: Parents or guardians can co-apply to increase eligibility.
Tax Benefits: Interest on repayments may qualify for tax deductions under Section 80E of the Income Tax Act.
Diverse Courses and Institutions: Loans cover various educational levels, including school and higher education, in both Indian and international institutions.
Secured and Unsecured Loans: Depending on the loan amount, some loans require collateral, while smaller ones may be unsecured.

Education Loan Eligibility and Documents

Read on to know the criteria required to apply for our Educational Loan.

Eligibility Criteria

Education loan eligibility criteria can vary depending on the country of study, the lender, and the type of loan you're applying for. However in a general overview the factors that often influence education loan eligibility are

Age: Most lenders establish both minimum and maximum age requirements for loan applicants. Typically, you must be of legal age (18 years or older) to qualify for a loan.
Program Eligibility: Education loans are usually associated with specific educational programs or courses. Lenders often maintain a list of eligible institutions and programs that qualify for loans.
Admission Offer: Many lenders require proof of admission to an accredited educational institution as part of the loan application process.
Academic Performance: Some lenders consider your academic performance, such as your previous grades or educational achievements, when evaluating loan eligibility.
Co-borrower or Guarantor: If you have limited credit history or income, lenders may require a co-borrower or guarantor (typically a parent or guardian) to share responsibility for loan repayment.
Credit History: Both the student's and their co-borrower/guarantor's credit history and credit score are important factors in loan approval. A strong credit history can improve your chances of obtaining favorable loan terms.
Income and Financial Capability: Some lenders assess your ability to repay the loan based on your income or your co-borrower's income.
Loan Amount: The amount you request in relation to the program's cost may impact your eligibility. Lenders often set specific limits on the maximum loan amount they will provide.
Collateral or Security: For larger loan amounts, lenders may require collateral or security, such as property, investments, or other valuable assets.
Documentation: As part of the loan application process, you will likely need to submit various documents, including proof of identity, admission confirmation, income statements, and more.

Documents Required for Applying for an Educational Loan:

Documentation: You will likely need to provide various documents as part of your loan application, such as proof of identity, proof of admission, income documents, and more for both Student as well as the Guarantor or co-borrower.

Student Applicant

Co-signer/Guarantor

Income Verification for Salaried Co-signer/Guarantor

Income Verification for Self-employed Co-signer/Guarantor

Explore in detail by Visiting the Documents Required Page

Education Loan EMI Calculator

Using an Education Loan EMI (Equated Monthly Installment) calculator can help you estimate your monthly loan repayment amount.

Follow these steps to use a Education Loan EMI calculator effectively:

Input loan amount, interest rate, and tenure.
Click to calculate.
View monthly EMI, total interest payable, and overall repayment.
Adjust tenure as required.
Include additional expenses if applicable.
Assess financial compatibility.
Seek lender confirmation before finalizing.

How is Education Loan EMI Calculated?

Education Loan EMI (Equated Monthly Installment) is calculated using the following Compound Interest formula:

$$ \text{EMI} = \frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1} $$

Where:

EMI = Equated Monthly Installment

P = Loan principal amount

r = Monthly interest rate (Annual interest rate divided by 12, expressed as a decimal)

n = Loan tenure in months

How to Calculate the Educational Loans EMI?

To use an Education Loan EMI Calculator:

Loan Details: Provide details such as the loan amount you intend to borrow, the applicable interest rate, and choose the repayment tenure in months or years.
Calculate: Click the "Calculate" or "Calculate EMI" button to compute the estimated monthly EMI amount based on your inputs.
View Results: The calculator will display the monthly EMI and break down the principal and interest components for each payment.
Explore Variations: Experiment with different loan amounts, interest rates, and repayment tenures to observe how they impact your monthly EMI.
Assess Affordability: Determine whether the calculated EMI fits comfortably within your budget to ensure manageable repayment.
Plan Your Finances: Utilize the EMI calculation to plan your monthly financial obligations and maintain timely loan repayment.

Education Loan FAQs

What are the eligibility criteria for an educational loan?

Educational loans typically require the applicant to be a resident citizen of the country, have secured admission to a recognized course, and provide necessary documents like admission letter, academic records, etc.

What expenses can an educational loan cover?

Educational loans typically cover tuition fees, examination fees, library fees, cost of books, equipment required for the course, and hostel or accommodation charges.

What is the interest rate charged on educational loans?

Interest rates on educational loans can vary based on the lender, the amount borrowed, and the repayment period. They may be fixed or variable and often come with concessions for certain categories of students.

What are the repayment options for educational loans?

Repayment of educational loans typically starts after the completion of the course or a grace period thereafter. It can be repaid in EMIs spread over a few years, with flexibility in repayment terms.

Can educational loans cover study abroad programs?

Yes, educational loans can cover expenses for studying abroad, including tuition fees, travel expenses, living costs, and other related expenses as per the lender's policy.

Are there any tax benefits available on educational loans?

Under certain conditions, educational loans may qualify for tax benefits under Section 80E of the Income Tax Act, allowing deductions on the interest paid during the repayment period.

How can one apply for an educational loan?

To apply for an educational loan, one typically needs to approach a bank or financial institution, submit the required documents, provide details about the course and institution, and meet the eligibility criteria set by the lender.