Education Loan for Working Professionals in India

Eligibility Criteria 

• The applicant must be an Indian national
• The applicant must be a permanent employee in either central government, state government, reputed private sector companies, MNCs or institutions
• The applicant must be employed during the tenure of the course taken
• The applicant must be below 55 years of age and should at least have 2 years of work experience
• The applicant must not have adverse credit history 

Courses covered under the loan 

• The applicant must secure an admission in any part-time or distance education courses from reputed universities
• The applicant must secure an admission in any online or offline Executive Diploma/ Certificate Programs (EDP) provided by top B schools  

Required Margin 

• For loan up to Rs.4 lakh, the required margin is 5%
• For loan above Rs.4 lakh and up to Rs.7.5 lakh, the required margin is 10%
• For loan above Rs.7.5 lakh, the required margin is 15% 

Required Security 

• No security required or loan up to Rs.4 lakh
• Tangible collateral security suitable for the loan amount taken is required for loan above Rs.4 lakh
• The future income of the applicant is assessed by the bank prior to approving the loan

Quantum of Loan 

• The maximum loan amount given is Rs.20 lakh 

Required Documents 

• Aadhaar and PAN card of the applicant
• Address and income proof
• Academic records
• Proof of admission
• Schedule of study expenses
• Two passport size photographs
• One year bank statement
• VLP portal reference/ application number
• Collateral security documents (if applicable)

Additional Features 

• No document charges
• No hidden charges taken
• No prepayment penalty
• No processing fee charged 

Rate of Interest 

• For loans up to Rs.7.50 lakh, the rate of interest is 1-year RBLR + 1.70%
• For loans above Rs.7.50 lakh, the rate of interest is 1-year RBLR + 2.50%

Eligibility Criteria 

• The applicant and co-applicant must be an Indian citizens
• The applicant must have the ability to offer collateral
• The co-applicant must have a bank account in any bank in India with cheque writing facilities
• The applicant must secure a confirmed college admission 

Required Documents 

• Two passport size photos of applicant and co-applicant
• Residence proof
• The applicant’s academic documents
• Proof of admission
• Co-applicant's bank statements of last eight months
• Income proof of co-applicant
• Collateral documents (if applicable) 

Loan Amount 

• The entire cost of education is covered with no upper limit and suitablecollateral
• Unsecured loan up to Rs.45 lakh is offered 

Repayment Tenure 

• The repayment tenure offered is up to 14 years including the Moratorium period 

Collateral options 

• Moveable options – Fixed Deposits (FD) with HFDC bank
• Immoveable options – House, flat, Non-agricultural land, and shop 

Rate of Interest 

• The ROI is 12.5% 

Eligibility Criteria 

• The applicant must be an Indian citizen
• The applicant must have secured at least 50% marks in HSC and graduation
• The applicant must have secured an admission in courses from reputed universities 

Required Documents 

• KYC documents
• Bank statements from last six months
• Copy of admission letter along with fees schedule
• Mark sheets of S.S.C, H.SC and graduation 

Quantum of Finance 

• Unsecured loan up to Rs.40 lakh is offered to working professionals
• No co-applicant is required 

Repayment tenure 

• Maximum of 10 years is provided for repaying the loan 

Rate of Interest 

• For loans up to Rs.4 lakh, the rate of interest is 15.20%
• For loans above Rs.4 lakh and up to Rs.7.5 lakh, the rate of interest is 14.70%
• For loans, above Rs.7.5 lakh, the rate of interest is 13.70% 

Eligibility Criteria 

• The applicant must be an Indian citizen
• The applicant must be between 16 and 35 years of age
• The applicant must have a good academic record
• The applicant must have completed at least 12th standard or Diploma
• The applicant must have secured an admission in listed, recognised and accredited institutes either in India or abroad 

Quantum of Finance 

• The maximum loan given to pursue education in India is Rs.1 crore
• The maximum loan given to pursue studies abroad is Rs.3 crores
• Unsecured loan amount up to Rs.1 crore is offered 

Required Collateral 

• The required collateral is either a house/ flat or Fixed Deposits (FD)
• Existing ICICI Bank home loan or cross-collateral 

Co-borrowers 

• Family members including father, mother, brother, sister, spouse, grandparents, maternal/paternal uncles 

Repayment Tenure 

• The repayment tenure is up to 10/12 years for undergraduate courses
• The repayment tenure is 12/14 years for postgraduation courses 

Additional Features 

• The bank provides special product offering for studying in Canada, U.K., and Germany
• No margin for premium institutions
• 15% margin for other institutions
• No required branch visits as the process is completely digital
• Pre-admission sanction 

Rate of Interest  

• Repo rate + 3.75% onwards for courses in India as well as abroad 

Eligibility Criteria 

• The applicant must be an Indian national (NRIs are included)
• The applicant must have secured an admission either by an entrance test or an offer letter from the college
• The applicant must be a meritorious student
• The applicant must have completed their graduation or any equivalent course
• The applicant must have at least three years of work experience 

Quantum of Finance  

• The maximum loan amount given is Rs.25 lakh 

Margin 

• For executive MBA program for working professionals therequired margin is 25% 

Required Documents 

• Identity and address proof
• Aadhaar card
• Proof of academic records
• Proof of admission letter
• Statement of cost of study and schedule of expenses
• Passport size photographs
• Suitable documentary evidence to be obtained if any previous/ existing loans
• Passport (if pursuing education abroad) 

Required Collateral 

• No collateral required for premium elite institutions
• For premier special and premier institutes collateral security for full loan amount is required 

Repayment Tenure 

• The repayment tenure is up to 10 EMIs(Moratorium period – course period plus the holiday period of one year) 

Rate of Interest 

• Rate of interest for education loan is 8.60% to 11.40%
• Rate of interest for education loan in premier elite category institutions is 8.20% 

Eligibility Criteria 

• The applicant must be an Indian citizen and older the 18 years
• The applicant must secure a confirmed admission from a reputed college
• The applicant must have a co-borrower, who is either their parent, legal guardian, sibling or relative and earns in India
• The co-borrower must have a back account in India that allows them to sign cheques
• The co-borrower must be the primary debtor

Required Documents 

• The applicant’s KYC and educational documents
• Details regarding the course and fee
• KYC and income details of the co-borrower
• Collateral documents
• Bank statements of eight months
• Two colour passport-sized photograph 

Quantum of Finance 

• The minimum loan amount given is Rs.1 lakh
• There is no cap on the maximum loan amount given 

Required Collateral 

• Residential Property
• Fixed Deposits (FD) by any registered deposit-taking organisation
• Life insurance with a surrender value equal to the required security coverage
• Non-agricultural land 

Loan Processing Fee 

• Avanse charges 1-2% of the loan amount as the processing fee 

Repayment Tenure 

• The minimum loan repayment tenure is 12 months
• The maximum loan repayment tenure is 120 months (including the course duration)
• Avanse also offers grace period of six months from the time the applicant completes the course or three months from the time the applicant secures their first job 

Interest Rates 

• 13.15% (effective from July 2022)