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.
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.
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.
Pre Admission Sanction
Maximum Loan Repayment Tenure
Tax Benefit U/s 80 (E)
Education Loan - Benefits
Features of Education Loan
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.
Education Loan 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 in relation to the cost of the program might 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.
Education Loan EMI Calculator
Using an Education Loan EMI (Equated Monthly Installment) 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, tenure.
Click Calculate.
View EMI, total interest, repayment.
Adjust tenure if needed.
Consider extra costs.
Check budget compatibility.
Confirm with the lender before finalizing.
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:
Loan Processing Fees: 0.5% to 4% of loan amount
Loan Cancellation: Usually around Rs 3,000
Stamp Duty Charges: As per actuals
Legal Fees: As per actuals
Penal Charges: Usually @ 2% per month; 24% p.a.
EMI/Cheque Bounce: Around Rs 400 per bounce
Other fees and charges that lenders may levy on your Education loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
Education Loan Reviews
Maximaloans personnel helped me in getting an education loan from axis bank for my son who wanted to complete his medical studies in UK. I was happy with the deal and rate of interest they helped me in getting from the bank.
Priya Rao
Hdfc rejected my education loan application as I didn't had any collateral to provide and also my income was a little low than required. I got in touch with Mr. Rohan from Maximaloans, he was successful in getting me the loan, the rate was a little higher than usual but I was okay with it as I was happy that atleast I got the loan.
Arjun Menon
Hdfc rejected my education loan application as I didn't had any collateral to provide and also my income was a little low than required. I got in touch with Mr. Rohan from Maximaloans, he was successful in getting me the loan, the rate was a little higher than usual but I was okay with it as I was happy that atleast I got the loan.
Arjun Menon
Maximaloans personnel helped me in getting an education loan from axis bank for my son who wanted to complete his medical studies in UK. I was happy with the deal and rate of interest they helped me in getting from the bank.
Priya Rao
Maximaloans Education Loan FAQs
An education loan is a type of financial assistance designed to help students and their families cover the expenses associated with higher education. These loans typically cover costs such as tuition fees, books, accommodation, and other related expenses. The loan amount is often disbursed directly to the educational institution.
To apply for an education loan with Maximaloans, follow these steps:
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Research lenders and compare options.
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Check eligibility criteria provided by Maximaloans.
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Gather the required documents, such as proof of admission, identity proof, income documents, etc.
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Fill out the application form accurately and completely.
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Submit the application form along with the required documents to Maximaloans.
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After verification and approval, the loan amount will be disbursed directly to the educational institution.
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The maximum loan amount offered by Maximaloans for education loans varies depending on factors such as the course, your financial situation, and Maximaloans's policies. Typically, Maximaloans may offer loans covering up to 100% of tuition fees and related expenses, but the actual amount disbursed will be based on various factors.
The most suitable time to apply for an education loan with Maximaloans is after securing admission to the educational institution. Applying early allows for timely processing and disbursement of the loan amount, ensuring that you have the necessary funds when required.
Yes, Non-Resident Indians (NRIs) are eligible for education loans from Maximaloans, 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. Specific eligibility criteria and terms may vary, so it's advisable to check with Maximaloans for their requirements.
Documents Required to Apply for Education Loan
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 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