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Education Loan
No collateral and 100% Finance
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Easy application and speedy approval
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Get a Education Loan up to 50 Lakhs
What is an Education Loan?
In simple terms, an education loan is a kind of loan in which the loan amount is used to fund the educational expenses of a child. There are numerous banks and NBFCs in India that provide education loans to people at reasonable interest rates with exceptionally extended payback periods. This makes education loans quite easy to avail as compared to other types of loans.
Since educational expenses are going higher and higher with every passing year, it is necessary to have a proper financial backup to fund education. This is where InvestKraft’s education loan emerges as the best support for those who want to give the best education to their children by providing all types of financial support.
There are essentially two types of education loans:
- Domestic Education Loan
- This education loan is for those who want to pursue education within the country. If a student is willing to study in an Indian educational institute, this type of loan will get approved by the lenders.
- Overseas Education Loan
- As its name implies, an overseas education loan is to help students pursue education in other countries. This type of loan covers a wide range of expenses like accommodation, travel, and tuition fees if the applicant fulfils the eligibility criteria.
- An education loan is like a big support for those families that want to give quality education to their children but due to the lack of money, they refrain from the same. Due to easy eligibility criteria and easy repayment terms, an education loan is an easy way to finance education and ensure a better future for a child.
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Features and Benefits of Investkraft’s Education Loan
Whether you want to stay in a national educational institute or a reputed institute in another country, our education loan can help you meet the financial requirements related to your education in the easiest possible way. Check out the major features of InvestKraft’s education loan.
. Completely Digital Loan Application
You don’t need to visit any branch or office to apply for an education loan with InvestKraft. The entire application process is 100% digital which means you can check the eligibility criteria online and apply for an education loan with InvestKraft today.
Minimal Documentation
While applying for an education loan, there is no need to upload a lot of documents. At InvestKraft, we have put in place an easy documentation protocol which means you will be asked to submit fewer documents to avail of this loan. Upload a few documents and expect to get faster approval on your application.
Affordable Interest Rates
Our education loan comes at relatively lower interest rates. Since our interest rates are repo-linked, you can expect to shell lower amounts in your EMIs against the borrowed loan amount. At InvestKraft, your monthly EMI would be much lower than other lenders.
Faster Approval
Don’t need to worry if you made up your mind at the last minute. You can apply for an education loan with InvestKraft anytime, anywhere and we make no delay in assessing your application and approving if everything falls in your favour. Our loan approval process is fully digital and the loan amount will be transferred to your bank account in no time.
Higher Loan Amount
Due to the rapidly surging inflation rate, things have become costlier like never before and we are fully aware of the same. You can easily avail an education loan of 30 lakhs from InvestKraft anytime for domestic education and up to Rs. 70 lakhs for overseas education. So, stay rest assured about the money when it comes to dealing with lenders through InvestKraft.
Zero Collateral
To avail of an education loan from InvestKraft, you don’t need to pledge any security or collateral with us. Our education loan is an unsecured loan which means if you are eligible for the loan, you can get the approved loan amount right in your bank account without pledging any security.
No Prepayment Penalty
You can easily choose to prepay your pending loan amount without facing any kind of penalty amount. This makes InvestKraft’s education loan for women an easy affair in all aspects of education funding.
As education is one of the essential elements in a child’s growth, it is necessary to provide top-quality education to children. However, with the rise in the cost of quality education, many students refrain from seeking education, particularly higher education.
For those looking to chase their career ambitions, an education loan gives an excellent opportunity as getting money for educational purposes is very easy with InvestKraft’s education loan.
Who can apply for an Education Loan?
Individuals pursuing higher education, such as undergraduate, postgraduate, or professional courses.
Parents can apply for education loans on behalf of their children to fund their education.
Legal guardians can apply for education loans for their wards.
Self-employed individuals can apply for education loans to fund their own education or that of their dependents.
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Eligibility Criteria
If you have made up your mind to get an education, the first thing you should check is the eligibility criteria for the same.
- Age: The age of the student should not be over 40 years at the time of application. The age of the co-applicant should lie between 21 and 58 years.
- Occupation: The applicant can be either a salaried employee or self-employed.
- The student should be a resident of India.
- The student must have admission approval to the said course (Both domestic and overseas)
Documents for Education Loan
The next thing to look for is the documents required to avail an education loan from a reputed lender through InvestKraft. You need to arrange the following documents that are generally demanded by a lender:
- KYC
- Mark sheets of 12th, graduation and entrance exams
- Admission letter
- Fee structure
- Income Proof
Additional documents may be requested in case of collateral required.
- Accepted Security/ Collateral:
- Residential/ commercial property/ plots (Non-agricultural)
- Fixed deposits.
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Apply in 4 Easy Steps
Your dreams matter to You and Us. We strive to ensure our every user gets the required online Education loan on priority.
Apply Education Loan
2 Gather Your Documents
Get all the paperwork ready.
3 Submit Your Application
Fill out the application form and upload your documents.
4 Wait for Approval
The lender will review your application and let you know if you are approved.
Interest Rate & Charges
Like other types of loans, education loans also attract certain charges and interest rates. The rate of interest and other charges vary from one lender to another. Hence, it is better to gain a better understanding of the same before applying for an education loan in India.
| Interest rate | Beginning from [REPO Rate + 3.45%(Spread)] |
|---|---|
| Processing Charges | IDFC First Bank - Above Rs. 7.5 Lacs -Up to 1.5%*; up to 2% of the loan amount + GST (Axis Bank) |
| Pre-closure charge | No charges applicable |
| Bounce charges | Rs. 400/- per dishonoured cheque (HDFC) |
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Frequently asked questions
There are several reasons to choose an education loan to finance your child’s education.
- Lower interest rates – Lenders at InvestKraft levy affordable interest rates on education loans as compared to other types of loans that are on offer.
- Tax benefits – You can also get income tax benefits when you take an education loan under Section 80E of the Income Tax Act of 1961.
- Flexible repayment – Due to longer repayment tenure and extended grace period, repaying an education loan is easier than you think.
In typical cases when everything is set, it doesn’t take more than 7 days to get the education loan disbursed.
Applying for an education loan through InvestKraft can save your time as the process is completely digital. You can expect quick approval, fast disbursal, lower interest rates, higher loan amounts, and more.
Digital Journey
Lower Interest Rates
Easy Documentation Process