Education Loan 

Apply for Best Education loans in Mumbai 2024

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Education Loan Mumbai – Instant Apply for Lowest Interest Rates Education loans Mumbai with easy repayment options from banks such as SBI, HDFC, Credila, ICICI, Pnb, Bank of baroda, Axis Bank, Canara bank in Mumbai.

Get Eligibility for Studies in India & overseas, loan amount, security & expenses details like university fees, rent, tuition fees, tax benefits & other charges etc.

Apply for Education Loan

Full Name

Country of Study

Course of Study

Co-borrower’s* Income

Email ID

Residence City

Course Name

Required Loan Amount

Mobile Number

Applicant’s Income Status

* Co-borrower : Relative with good income who can support your education loan application. Typically it can be your Father, Mother, Brother, Sister, Spouse, Cousin, Paternal Uncle (Chacha), Paternal Aunt (Chachi), Maternal Uncle (Mama), Maternal Aunt (Mami), Grandfather, Grandmother

List of Banks which offered education loans in India:

SBI Education Loan HDFC Education Loan Credila Education Loan UCO Bank Education Loan
Vijaya Bank Education Loan Bank of India Education Loan Union bank Education Loan

Expenses considered for loan

  • Fees payable to college/school/hostel
  • Examination/Library/Laboratory fees
  • Purchase of Books/Equipment/Instruments/Uniforms, Purchase of computers- essential for completion of the course (maximum 20% of the total tuition fees payable for completion of the course)
  • Caution Deposit/Building Fund/Refundable Deposit (maximum 10% tuition fees for the entire course)
  • Travel Expenses/Passage money for studies abroad

Any other expenses required to complete the course like study tours, project work etc.

Amount of Education Loan:

  • For studies in India, maximum Rs. 10 lacs
  • Studies abroad, maximum Rs. 30 lacs

Repayment Tenure:

  • Repayment will commence 1 year after completion of course or 6 months after securing a job, whichever is earlier.
  • Repayment tenure option varies from bank to bank. Tenure period normally lies between 3 to 10 years maximum & mostly it depends on the loan amount too.

List of Documents Required for Education loan

  • Completed Education Loan Application Form.
  • Mark sheets of last qualifying examination
  • Proof of admission scholarship, studentship etc
  • Schedule of expenses for the specified course
  • 2 passport size photographs
  • PAN Card of the student and the Parent/ Guardian
  • Borrower’s Bank account statement for the last six months
  • Income tax Returns/ IT assessment order, of last 2 yrs (If IT Payee)
  • Brief statement of assets and liabilities, of the Co-borrower
  • Proof of Income (i.e. Salary slips/ Form 16 etc. if applicable)
  • Other documents are varies from bank to bank. Know more

Studies in India

Studies Abroad
Approved courses leading to Graduate/ Post Graduate degree and PG Diplomas conducted by recognized colleges/ universities recognized by UGC/ Govt./ AICTE/ AIBMS/ ICMR etc. Graduation: For job oriented professional/technical courses offered by reputed universities.
Courses like ICWA, CA, CFA etc. Post graduation: MCA, MBA, MS, etc.
Courses conducted by IIMs, IITs, IISc, XLRI. NIFT, NID etc. Courses conducted by CIMA- London, CPA in USA etc.
Approved courses offered in India by reputed foreign universities. Degree/Diploma courses* like aeronautical, pilot training, shipping etc. provided these are recognized by competent regulatory bodies in India/abroad for the purpose of employment in India/abroad.
Admission under Management Quota may also be considered. *Diploma Course and certificate courses shall not be covered under the eligible courses for study abroad except as mentioned above.
For studying part-time job oriented courses (evening classes or otherwise), which are approved/recognized by the regulatory body/ authority. Other courses varies from bank to bank.
Job oriented specialized programmes like maritime courses which are offered in collaboration with foreign institutions and may not be having recognition in India.

Banks Address in Mumbai for Education Loan:

Corporation Bank: 1/c, Wajida House, Kalina-kurla Road, kalina Market, p&t Colony, Aerodrome, Air India Rd, Kalina, Vidya Nagari, Mumbai, Maharashtra 400029
State Bank Of India: 3rd Floor, G Block, Synergy Buidling, Behind National Stock Exchange, Bandra Kurla Complex-Bandra East, Mumbai – 400051
Punjab National Bank: 130, Next To KFC Restaurant, S V Road, Andheri West, Mumbai – 400058
Dena Bank: C-10, G Block, Bandra Kurla Complex, Bandra East, Mumbai – 400051
IDBI Bank Ltd: Gopi Chambers, Opposite Citi Mall, Lokhandwala Complex, New Link Road, Andheri West, Mumbai – 400053

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