Top Apps & Platforms for Education Loans
If you want a fast education loan, these apps are widely used across India:
- HDFC Education Loan App – Quick online application, flexible EMI
- SBI Student Loan – Low interest, simple process
- ICICI Education Loan – Fast sanction and disbursal
- Axis Bank Education Loan – Minimal documents for national and abroad studies
- Bajaj Finserv Education Loan – Instant approval for eligible candidates
- Avanse Education Loan – Custom loan plans for higher education
Download these apps to start your education loan application online today.
What is an Education Loan?
An education loan is a financial support offered by banks or NBFCs to students pursuing higher studies in India or abroad. These loans cover tuition fees, living expenses, travel, and exam fees.
Benefits:
- Fast approval and disbursal
- Low interest rates compared to personal loans
- Flexible repayment after course completion
- Accessible via mobile apps and websites
Eligibility Criteria
- Indian citizen with valid Aadhaar and PAN
- Student admitted to a recognized institution
- Co-applicant (parent/guardian) usually required
- Good academic record helps in approval
- Minimum age: 18 years, Maximum age: 35 years (varies by bank)
Documents Required
- Admission proof from the educational institution
- Mark sheets & certificates of last qualification
- PAN & Aadhaar of applicant and co-applicant
- Income proof of co-applicant (salary slip, IT returns)
- Bank account statement of co-applicant for last 6 months
Loan Application Process
- Download app or visit lender website
- Fill personal and course details
- Upload required documents online
- Check eligibility and submit application
- Get quick approval within 24–48 hours
- Funds transferred to institution or applicant’s account
Interest Rates & Loan Amounts
| Lender | Loan Amount | Interest Rate | Processing Time |
|---|
| SBI | ₹50,000–₹50,00,000 | 10%–14% p.a. | 24–48 hrs |
| HDFC | ₹50,000–₹40,00,000 | 11%–15% p.a. | 24 hrs |
| ICICI | ₹50,000–₹35,00,000 | 11%–16% p.a. | 24–48 hrs |
| Axis Bank | ₹50,000–₹25,00,000 | 10.5%–14% p.a. | 24–48 hrs |
| Avanse | ₹50,000–₹20,00,000 | 12%–17% p.a. | 24–48 hrs |
Advantages of Education Loans
- Helps students pursue higher studies without financial stress
- Flexible repayment after course completion
- Tax benefits under Section 80E
- Online process and app-based application
- Partial or full loan coverage for tuition and living expenses
Tips for Quick Sanction
- Maintain good academic record
- Keep co-applicant documents ready
- Use official apps/websites to apply
- Check eligibility before applying
- Apply to multiple lenders for faster sanction
FAQs About Education Loans
Q1: Can I apply for a loan without a co-applicant?
Most banks require a co-applicant, usually a parent or guardian.
Q2: How fast is the sanction?
Quick approval apps can sanction within 24–48 hours.
Q3: Can I study abroad?
Yes, most lenders offer education loans for abroad studies.
Q4: Are there prepayment options?
Yes, prepayment is allowed with minimal or no charges.
Q5: Is online application safe?
Official apps/websites are secure for online applications.
Disclaimer
This page provides general information about education loans for educational purposes. It is not financial advice. For personalized advice, consult a certified financial advisor. All Finance Store is not responsible for any financial loss or disputes resulting from decisions based on this information.