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Quality education is the key to a successful life. Nowadays, the cost of education is increasing rapidly, and parents are struggling with admissions for higher education in India and abroad. Enrolling in reputed educational institutes requires a lot of funds. Hence, parents invest the money rightly in fixed deposits, recurring deposits, or mutual funds as a long-term investment. If you don’t have enough savings or want to save for emergency expenses, taking an education loan for higher studies is the best option to accomplish academic milestones.

Personal loan for education plays a significant role; it is designed to borrow funds for student-related expenses who aspire for higher education or post-secondary education. Education loan covers the cost of tuition fees, books, library, and hostel expenses. However, education loan online differs from other types of loans, as the rate of interest levied is considerably less and the repayment tenure may get postponed, while the student is in due course of his/her curriculum.

Many financial organizations in India support educational loans so that the students get maximum benefits to secure their future. The maximum education loan amount varies according to the kind of course covered under the educational loan program.

Education Loan
Education Loan Eligibility

Why Simply Cash for Education Loan?

SimplyCash personal loan app qualifies as one of the flexible digital platforms that enable easy registration and loan disbursal process without any physical documentation. Download the SimplyCash app from Google Play Store and get started with a quick education loan application process for timely academic admissions done annually. The information entered is 100% secured and only limited to the education loan sanction purpose.

As SimplyCash loan app offers an online education loan ranging between 50,000 to 1.50 lakh, it is best suited for students or professionals seeking finance for short-term courses, certification courses, or vocational training programs. For example, Online Digital Marketing certification, Diploma in Photography or Merchandising, etc. As the education loan amount is less, it is easy to pay off the full amount in EMIs. It not only helps you meet all your instant financial needs in just a few clicks but also gives flexible repayment options between 6-24 months on an interest rate as low as 2.08% per month. The interest rate for educational loans may vary as per the income and profession of the borrower.

SimplyCash educational loan is an unsecured and collateral-free loan that does not require any kind of security against the loan amount. Instant loan apps give 24/7 access, whether you are travelling, in the office, or at home.

A personal loan for education becomes far easier with the SimplyCash Emi calculator as it permits you to customize your monthly EMI of interest as per your budget and convenience.

Hence, do not compromise on upgrading your skills. Download SimplyCash on the Android Play store & avail a personal loan for education and accomplish your academic goals, promising a great future.

Features and Benefits of Education Loan

No boundaries for higher education

You can borrow an education loan for studying in India as well as for foreign universities. Many financial organizations offer collateral-free education loans for overseas studies.

Discounts and scholarships for female students

Female students applying for an education loan get discounts on the rate of interest. The majority of the financial services and organizations have introduced various schemes giving low-interest rates and rebates on girl's education loans online.

A Subsidized education loan scheme

Interest rate subsidy on education loans is given to the economically weaker section of the society whose annual parental income is less than 5 Lakhs. In a subsidized scheme, the student is offered an educational loan at a very low interest rate, which can be paid when the student becomes self-independent or after the completion of professional or vocational studies. In this way, a personal loan for education doesn’t become a burden for the borrower during the course of studying.

Maximum Education Loan

The maximum education loan amount sanctioned depends upon lender to lender. Depending upon the course fees, the maximum loan amount can be requested. There is no cap onto it.

Collateral Free

Standard education loan does not require any collateral or a guarantor. Collateral is imposed when the education loan amount tends to be higher, for example, more than 5 lakhs or above. Personal loans for education loans can be secured as well as unsecured.

Quick loan approval

Personal loans are a quick and easy way to apply for an education loan online. With several instant personal loan apps, it has become possible to avail of speedy loans for education in just a few clicks.

Education Loan Interest Rate

Several financial organizations and banks have launched schemes for availing of easy education loans in India. Usually, the concessions laid down for education loans are affordable and attractive. Education loans for female students who aim to pursue higher education abroad or in India are very reasonable at a low interest rate. Moreover, the interest rate for education will remain fixed for the entire tenure.

With the development of instant personal loan apps and websites, the EMI calculator is one important feature that equates the monthly instalment considering the principal loan amount, interest rate, and tenure. Accordingly, you can decide whether to proceed or not with an education loan.

The interest rate on education loans may differ if compared with public and private financial services. The rate of interest and concessions are levied as per the RBI rules. Public financial organizations have a low rate of interest on education loans as compared to private banks and financial services. Most importantly, the interest rate remains the same and does not fluctuate in an education loan.

Education Loan Eligibility and Required Documents

When you think of applying for an education loan online, it is advisable to know the education loan eligibility criteria to eliminate all the chances of loan rejection or delay. Students and parents should be aware of the eligibility criteria and required documents before applying for an education loan:

  • 1

    Citizenship should be compulsorily Indian

  • 2

    Students applying for education loan should have scored 50% at least in HSC and graduation level

  • 3

    Obtained admission in India or abroad on a merit basis

  • 4

    Income proofs reflecting a regular income of the student’s parents/guarantor

  • 5

    KYC documents

  • 6

    Last 6months of bank statement

  • 7

    Copy of admission letter from the college/institute with fees structure

  • 8

    Academic certificates – mark sheets and passing certificate

Documents/details are not required to avail loans with SimplyCash.

Salaried and self-employed individuals starting from 21 years of age can apply for a personal loan at simply cash specifically for education.


Education Loan Fees and Charges

When you avail an education personal loan online, the lenders charge a minimum processing fee. It varies from lender to lender. At SimplyCash, all the terms of personal loans are transparent. Whether an education loan or any other type of loan, there is a minimum processing fee @ 2.5% +GST (as applicable).

How to Apply for Education Loan

Don’t let the financial crunch keep you deprived of graduation and higher studies. Personal loan for education is easy to avail nowadays with minimal documentation. SimplyCash brings an instant education loan facility to fulfil your aspiration of getting a higher degree. Follow the below to quick start the education loan application process:

How To Get Education Loan
  • Download Simply Cash App on Android

  • Register with your email id and mobile number

  • Enter area pin code for clarity on location details

  • Add KYC details plus other mentioned documents and get a real-time credit assessment

  • Get a loan approved and disbursed instantly during business hours

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Accepted Banks:

ICICI BANK LTD HDFC BANK LTD IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK KOTAK MAHINDRA BANK LTD

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

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