Education Loan: Apply For Student Loan Online In India

Education Loan

Pursue higher education with our easy and convenient Education Loan. Our Education Loan is a tenor based instalment loan that can be availed for higher education in India and abroad.

Education Loan starts at

10* % p.a.

*T&C Apply

Key Benefits

Up to 100% of Eligible Cost of Education can be funded
Loan for Domestic & International Study
Covers wide range of Courses & Universities
Secured Loan up to INR 2 Cr.
Moratorium option Available
Floating Rate of Interest
Flexible Tenure up to 180 Months
TAX Benefit Under Section 80E
Simple Documentation & Quick Process

Applicant and co-applicant should be an Indian resident.
Minimum net income of INR 2.4 lakhs per annum.
Co-applicant can be any one: Father/Mother/Brother/Sister/Spouse.
Co-applicant can be salaried or self-employed individual.

Completely filled application form with signature
Proof of Identity and Age Proof - Any one (e.g. Pan Card, Passport, Valid Driving License, Voter ID Card)
Proof of Address and Signature - Any one [Voter ID Card, Valid Driving License, Valid Passport, Utility Bill (Electricity/Telephone/Mobile - not more than 2 months old), Bank Statement (Monthly Statement not more than 3 months old)]
Relationship Proof with co-applicant
Passport Size Photograph
Document evidencing duration of the course & commencement viz copy of college / Course prospectus or Certificate from the competent authority of the Institution
Educational proof of the applicant: Mark sheets of standard 10th, 12th, Graduation or Diploma etc.
Admission proof confirming the admission of the applicant along with the tuition fee, course fee details, duration of the course etc

Additional Documents for Education Abroad

Passport copy is a mandatory document for students pursuing the course abroad.
In case of US institutes I-20 Form will be mandatory. Also, scholarship certificates, if applicable.
Mark Sheets/Certificates of English proficiency test and other qualifying tests like GRE, GMAT, SAT, TOEFL etc.

List of Financial Documents Required

For Salaried Individuals:

Latest 3 months pay slips or salary certificates and Form 16 issued by the employer.
Bank statement for the last 6 months.

For Self-Employed Individuals/Sole Proprietorships:

Latest 2 years ITR with Certified Financials (Balance Sheet, Profit & Loss A/c and Computation of Income along with all schedules).
Bank statements for the last 12 months.

For Self-Employed Professionals:

Latest 2 years ITR with Certified Financials (Balance Sheet, Profit & Loss A/c, and Computation of Income along with all schedules).
Bank statements for the last 12 months.
Professional qualification certificate and Degree certificate for professionals (Doctors, Architects, Chartered Accountants etc.)

Additional Documents:

Repayment track record, if any
Business proof
Total employment stability proof
Collateral-related documents

How much loan amount I can borrow Education Loan?

Secured Loan Up to INR 2 Cr.

Which type of security I need to provide to avail Education Loan?

Residential/Commercial Property, RBL Fixed Deposits.

Processing Fees or charges to avail for Education Loan?

Up to 1% + GST will be applicable.

Can I Transfer my current Education Loan from other lender to RBL Bank or Refinance my Education expenses which already paid to university?

Yes, Can transfer current Balance amount of Education Loan with attractive rate of interest as well we can Refinance your Education expenses paid to the university.

Is there any charges to prepay my Education Loan earlier ? Are there any charges?

No foreclosure charges are levied for prepayment of Education loan. Please refer to the schedule of charges for more details.

Are there any benefit of having Current/Saving account with RBL for availing Education Loan?

You get the benefit of easier documentation if you have a Current / Savings Account with RBL Bank. You can avail paying your EMI through Standing Instructions to debit your RBL Bank Account for the loan. This will be taken into consideration at the time of disbursal of the loan.

Since there is a moratorium period, how will my repayments be determined?

The repayments will be determined basis the moratorium option chosen. Our team will guide you on the same.

How can I apply for RBL Educational Loan?

You may apply for an Education Loan by online from website and also at a RBL Bank branch nearest to the permanent residential address/ place of domicile.