Education Loan for Working Professionals in India

Eligibility Criteria 

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

Courses covered under the loan 

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

Required Margin 

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

Required Security 

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

Quantum of Loan 

1. The maximum loan amount given is Rs.20 lakh 

Required Documents 

1. Aadhaar and PAN card of the applicant
2. Address and income proof
3. Academic records
4. Proof of admission
5. Schedule of study expenses
6. Two passport size photographs
7. One year bank statement
8. VLP portal reference/ application number
9. Collateral security documents (if applicable)

Additional Features 

1. No document charges
2. No hidden charges taken
3. No prepayment penalty
4. No processing fee charged 

Rate of Interest 

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

Eligibility Criteria 

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

Required Documents 

1. Two passport size photos of applicant and co-applicant
2. Residence proof
3. The applicant’s academic documents
4. Proof of admission
5. Co-applicant's bank statements of last eight months
6. Income proof of co-applicant
7. Collateral documents (if applicable) 

Loan Amount 

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

Repayment Tenure 

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

Collateral options 

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

Rate of Interest 

1. The ROI is 12.5% 

Eligibility Criteria 

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

Required Documents 

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

Quantum of Finance 

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

Repayment tenure 

1. Maximum of 10 years is provided for repaying the loan 

Rate of Interest 

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

Eligibility Criteria 

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

Quantum of Finance 

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

Required Collateral 

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

Co-borrowers 

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

Repayment Tenure 

1. The repayment tenure is up to 10/12 years for undergraduate courses
2. The repayment tenure is 12/14 years for postgraduation courses 

Additional Features 

1. The bank provides special product offering for studying in Canada, U.K., and Germany
2. No margin for premium institutions
3. 15% margin for other institutions
4. No required branch visits as the process is completely digital
5. Pre-admission sanction 

Rate of Interest  

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

Eligibility Criteria 

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

Quantum of Finance  

1. The maximum loan amount given is Rs.25 lakh 

Margin 

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

Required Documents 

1. Identity and address proof
2. Aadhaar card
3. Proof of academic records
4. Proof of admission letter
5. Statement of cost of study and schedule of expenses
6. Passport size photographs
7. Suitable documentary evidence to be obtained if any previous/ existing loans
8. Passport (if pursuing education abroad) 

Required Collateral 

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

Repayment Tenure 

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

Rate of Interest 

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

Eligibility Criteria 

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

Required Documents 

1. The applicant’s KYC and educational documents
2. Details regarding the course and fee
3. KYC and income details of the co-borrower
4. Collateral documents
5. Bank statements of eight months
6. Two colour passport-sized photograph 

Quantum of Finance 

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

Required Collateral 

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

Loan Processing Fee 

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

Repayment Tenure 

1. The minimum loan repayment tenure is 12 months
2. The maximum loan repayment tenure is 120 months (including the course duration)
3. 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 

1. 13.15% (effective from July 2022)