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Invest in Learning, Invest in Success

Affordable education loans for studies in India and abroad.
OVERVIEW FEATURES TYPES ELIGIBILITY DOCUMENTS EMI CALCULATOR FEES AND CHARGES REVIEWS FAQ'S

Education Loan Features

Pre Admission Sanction

Maximum Loan Repayment Tenure

Tax Benefit U/s 80 (E)

Education Loan - Benefits

1

Avail high value loans

Before applying for the loan, prepare a business plan, know your credit score, decide the loan amount, do some market research on available business loan options, and keep the documents ready.

2

Enjoy attractive interest rates

Proof of address & photo identity proof of the promoters, business proof, income proof, partnership deed for partnership firm, articles of association, memorandum of association, board resolution, PAN card, etc.

3

Pre Admission Sanction

Applicants should be aged between 21 to 65 years, having business vintage of a minimum of 3 years. The minimum business turnover and a minimum annual turnover as per the ITR will be required. The business should be profit-making for at least the last 1 year.

Features and Benefits of our Education Loan

  • Moratorium Period: Repayment typically starts after the completion of the course, providing students time to secure employment.
  • Co-borrower Option: Parents or guardians can be co-borrowers to enhance eligibility.
  • Tax Benefits: Repayment interest might be eligible for tax deductions under Section 80E of the Income Tax Act.
  • Multiple Courses and Institutions: Loans are available for various courses, from school education to higher studies, and for institutions in India and abroad.
  • Collateral and Non-Collateral Loans: Depending on the loan amount, some may require collateral, while smaller loans might not need any security. 

Types of Education Loan

1

Loan for Studies in India

A loan that covers tuition fees, living costs, and other academic expenses for students studying in India. It provides affordable financing with flexible repayment options for higher education.

2

Loan for Overseas Education

This loan supports students pursuing studies abroad by covering tuition, travel, and accommodation costs. It offers higher loan amounts and longer repayment tenures for global education.

3

Education Loan Balance Transfer

A facility that allows you to shift your existing education loan to another lender with better terms. It helps reduce interest costs and makes repayment more convenient.

Education Loan Eligibility and Documents

Read on to know the criteria required to apply for our Education Loan.
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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 have a minimum and maximum age requirement for loan applicants. Typically, you need to be of legal age (18 or older) to apply for a loan.
  • Course/Program Eligibility: Education loans are often tied to specific educational programs or courses. Lenders may have a list of eligible institutions and programs that qualify for loans.
  • Admission Offer: Many lenders require proof of admission to an eligible educational institution before approving a loan application.
  • Academic Performance: Some lenders might consider your academic performance as part of the eligibility criteria. This could include factors like your high school or previous education grades.
  • Co-borrower or Guarantor: If you have limited credit history or income, some lenders might require a co-borrower or guarantor (usually a parent or guardian) who will share the responsibility of repaying the loan if you are unable to do so.
  • Credit History: Student’s as well as their co-borrower/guarantor’s credit history and credit score can play a significant role in determining your eligibility for an education loan. A good credit history can improve your chances of approval and may lead to more favorable loan terms.
  • Income/Financial Ability: Some lenders may consider your ability to repay the loan based on your income or your co-borrower’s income.
  • Loan Amount: The loan amount you’re requesting to the program’s cost may affect your eligibility. Lenders may have specific limits on the loan amount they are willing to offer.
  • Collateral or Security: In some cases, lenders might require collateral or security against the loan, especially for larger loan amounts. This could be in the form of property, investments, or other valuable assets.
  • 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.

Documents Required to Apply for Education 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 the Student as well as the guarantor or co-borrower.

  • Student-Applicant
  • Co-applicant/Guarantor
  • Income Proof for Salaried Co-applicant/ Guarantor
  • Income Proof for Self-employed Co-applicant/ Guarantor

Explore in detail by Visiting the Documents Required Page.

Education Loan EMI Calculator

Using an Education Loan EMI  calculator can help you estimate your monthly loan repayment amount.

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

  • Enter Loan amount, interest rate, and tenure.
  • Click Calculate.
  • View EMI, total interest, and and repayment.
  • Adjust tenure if needed.
  • Consider extra costs.
  • Check budget compatibility.
  • Confirm with the lender before finalizing.

How is Education Loan EMI Calculated?

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

EMI = [P * r * (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 Loan EMI?

To use an Education Loan EMI Calculator:

  • Input Loan Details: Enter the loan amount you plan to borrow, the applicable interest rate, and the repayment tenure (in months or years).
  • Calculate: Click the “Calculate” or “Calculate EMI” button to obtain the estimated monthly EMI amount.
  • View Results:The calculator will display the monthly EMI, as well as a breakup of the principal and interest components for each payment.
  • Consider Variations: You can experiment with different loan amounts, interest rates, and repayment tenures to see how they affect your EMI.
  • Assess Affordability: The calculated EMI can help you determine whether the repayment amount fits within your budget.
  • Plan Your Finances: Use the EMI calculation to plan your monthly finances and ensure timely repayment of the loan.

Fees and Charges for Education Loan

The fees and charges of education loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to education loans:
Particulars Charges
Loan Processing Fees 0.5% to 2% of Loan Amount
Loan Cancellation 0
Stamp Duty Charges As per actuals
Legal Fees As per actuals
Penal Charges Usually @ 2% per month; 24% p.a.
EMI / Cheque Bounce Charges Around Rs 590 per bounce
Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.

Education Loan Reviews

We wanted to fund our child’s higher education but weren’t sure which bank to approach. Taurus compared multiple options and guided us to the right one. The process was smooth and transparent.

Rajesh & Meena Sharma

Taurus helped us secure an education loan for our daughter’s MBA. They handled all the documentation and liaised with the bank, making the entire process stress-free.

Anil & Sanya Verma

I was confused about the interest rates and repayment plans. Taurus explained everything clearly and helped me select the best loan option for my child’s studies abroad.

Pooja Nair

Taurus’s team guided us through eligibility checks, documentation, and bank selection. Their expertise ensured we got the loan without any delays or hassles.

Vikram & Neha Patel

FAQs on Education Loans

An education loan is a type of loan designed to help students and their families finance the cost of higher education. This loan covers expenses such as tuition fees, books, accommodation, and other related costs. The loan amount is typically disbursed directly to the educational institution. Students can repay the loan after completing their education, often with a grace period. Education loans can be offered by banks, financial institutions, and government schemes, and they may have different terms and conditions depending on the lender.
To be eligible for an education loan, applicants typically need to be within a certain age range, have a good academic record, be enrolled in a recognized educational institution for an eligible course, and have a co-applicant, often a parent or guardian. Financial stability and creditworthiness are also important factors, and the course and institution should be recognized by relevant authorities. Each lender may have specific eligibility criteria, so it's advisable to check with them for details.
A moratorium period for an education loan is a specified period during which the borrower is not required to make any repayment towards the principal amount but only the interest portion of the loan. This period usually starts from the disbursement of the loan and ends after the completion of the course or a few months after the student secures employment, whichever is earlier. The purpose of the moratorium period is to provide students with a grace period to focus on their education and secure a job before they start repaying the loan.
Repayment of an education loan typically starts after the moratorium period ends. The exact timing can vary depending on the lender and the terms of the loan agreement. In most cases, repayment begins either immediately after the moratorium period ends or after a specified grace period, such as six months to a year. It's important to check the terms of your loan agreement to understand when exactly you are required to start repaying the loan.
In education loans, repayment options typically include Equated Monthly Installments (EMIs) after a moratorium period, step-up or step-down EMIs based on expected income changes, interest-only payments during the moratorium period, and bullet repayment where the entire principal and interest are paid at the end. Borrowers can choose the option that best fits their financial situation and repayment capacity.
Yes, you can typically prepay your education loan either in part or in full. Prepayment allows you to pay off the loan before the end of the loan tenure. Some lenders may charge a prepayment penalty or fee for early repayment, so it's advisable to check with your lender regarding their prepayment policies.

Yes, you can apply for a home loan jointly with a friend or family member. Lenders generally allow spouses, parents, siblings, or any other close relatives to be joint applicants for a home loan. Some lenders may also allow unrelated individuals to apply together, provided they meet the lender's eligibility criteria. However, it's important to note that all co-owners of the property must also be co-applicants for the loan.

To start repaying your education loan, review your loan agreement for the repayment schedule and EMI amount. Set up a bank account for payments and calculate your EMI based on the loan terms. You can then start making payments either manually or through automatic deductions as per the repayment schedule.
Yes, there is a tax benefit for education loan repayment in India under Section 80E of the Income Tax Act. According to this section, the interest paid on an education loan for higher education is eligible for deduction from the total taxable income. The deduction is available for a maximum of 8 years or until the interest is fully repaid, whichever is earlier. The benefit is available for loans taken for the taxpayer, spouse, children, or for a student for whom the taxpayer is a legal guardian.
Yes, you may be able to change your repayment plan for an education loan later, depending on the lender's policies and the terms of your loan agreement. Some common options for changing your repayment plan include switching from a standard repayment plan to an income-driven repayment plan, extending the loan term to lower your monthly payments, or choosing a different repayment schedule. It's advisable to contact your lender to discuss your options and determine if changing your repayment plan is possible and beneficial for your financial situation.

To start repaying your education loan, review your loan agreement for the repayment schedule and EMI amount. Set up a bank account for payments and calculate your EMI based on the loan terms. You can then start making payments either manually or through automatic deductions as per the repayment schedule.

To start repaying your education loan, review your loan agreement for the repayment schedule and EMI amount. Set up a bank account for payments and calculate your EMI based on the loan terms. You can then start making payments either manually or through automatic deductions as per the repayment schedule.

To apply for an education loan, research lenders and compare options, check eligibility criteria, gather required documents, fill out the application form accurately, and submit it along with the documents to the lender. After verification and approval, the loan amount will be disbursed directly to the educational institution. Repayment usually starts after the moratorium period ends.To start repaying your education loan, review your loan agreement for the repayment schedule and EMI amount. Set up a bank account for payments and calculate your EMI based on the loan terms. You can then start making payments either manually or through automatic deductions as per the repayment schedule.
The maximum loan amount for an education loan varies depending on the lender, course, and your financial situation. Lenders typically offer loans covering up to 100% of tuition fees and related expenses, but the actual amount depends on factors like course fees and your ability to repay.
To apply for an education loan, you typically need to provide proof of identity (such as a passport or Aadhaar card), proof of address (such as a utility bill), proof of admission to the educational institution, course fee details, academic records, and income proof of the co-borrower or guarantor, if applicable. Additional documents may be required based on the lender's requirements. It's advisable to check with the lender for the specific documentation needed for your education loan application.To apply for an education loan, research lenders and compare options, check eligibility criteria, gather required documents, fill out the application form accurately, and submit it along with the documents to the lender. After verification and approval, the loan amount will be disbursed directly to the educational institution. Repayment usually starts after the moratorium period ends.To start repaying your education loan, review your loan agreement for the repayment schedule and EMI amount. Set up a bank account for payments and calculate your EMI based on the loan terms. You can then start making payments either manually or through automatic deductions as per the repayment schedule.
The most suitable time to apply for an education loan is after securing admission to the educational institution. Applying early allows for timely processing and disbursement of the loan amount.To apply for an education loan, research lenders and compare options, check eligibility criteria, gather required documents, fill out the application form accurately, and submit it along with the documents to the lender. After verification and approval, the loan amount will be disbursed directly to the educational institution. Repayment usually starts after the moratorium period ends.To start repaying your education loan, review your loan agreement for the repayment schedule and EMI amount. Set up a bank account for payments and calculate your EMI based on the loan terms. You can then start making payments either manually or through automatic deductions as per the repayment schedule.
Yes, Non-Resident Indians (NRIs) are eligible for education loans from banks in India, subject to certain conditions. NRIs may need to provide additional documents such as a valid passport, visa, and proof of NRI status. Additionally, they may be required to have a co-borrower or guarantor who is a resident of India. The specific eligibility criteria and terms can vary among lenders, so it's advisable to check with the bank for their requirements.The most suitable time to apply for an education loan is after securing admission to the educational institution. Applying early allows for timely processing and disbursement of the loan amount.To apply for an education loan, research lenders and compare options, check eligibility criteria, gather required documents, fill out the application form accurately, and submit it along with the documents to the lender. After verification and approval, the loan amount will be disbursed directly to the educational institution. Repayment usually starts after the moratorium period ends.To start repaying your education loan, review your loan agreement for the repayment schedule and EMI amount. Set up a bank account for payments and calculate your EMI based on the loan terms. You can then start making payments either manually or through automatic deductions as per the repayment schedule.

EMI Calculator

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