https://www.wemakescholars.com/education-loan/working-professionals
Education Loan For Working Professionals
✓ Working professionals can get loan amount upto 2 Cr.
✓ With an interest rate starting at 8.55% P.A.
Check your Education Loan Eligibility
Table of content
- Education Loan For Working Professionals For Higher education in India or Abroad
- Documents Required For An Education Loan For Working Professionals
- Benefits Of Going Through WeMakeScholars For An Education Loan
- FAQ's
- Need Help? Ask Here!
Many individuals choose to further their education and professional development through part-time or distance learning programs, even while working full-time. However, not everyone can afford the high costs associated with these programs. Education loans provide a solution for those who want to continue their education but cannot afford the fees. With an education loan, individuals can finance their education expenses, such as tuition and course materials, without having to worry about paying out of pocket.
Education Loan For Working Professionals For Higher education in India or Abroad
Axis Bank
Axis Bank offers an education loan product specifically designed for working professionals in India who want to pursue higher education or professional certification courses.
Under the education loan product offered by axis bank for self-employed applicants
|
Loan parameter |
Details |
|
Loan Limit |
Upto 40 Lakhs Unsecured |
|
Expenses Covered |
Academic expenses: Tuition and Fees payable to the institute Additional expenses: Travel expenses |
|
Accepted Co-applicant |
Parents, Parents-in-law, Spouse, Sibling |
|
Interest Rate |
11.5% to 12.5% |
|
Moratorium Period |
Course duration + 12 months |
|
Repayment Duration |
15 years including the moratorium period |
Avanse
Avanse's education loan product is designed to provide financial assistance to individuals who want to pursue higher education or professional certification courses while continuing to work. The loan covers tuition fees, program fees, and other related expenses. The loan amount is determined based on the individual's educational and professional profile, and the repayment tenor can be flexible, with a repayment period of up to 60 months.
|
Loan parameter |
Details |
|
Loan Limit |
100% of the loan amount |
|
Expenses Covered |
Academic expenses Tuition fee for the course Additional costs Travel expenses |
|
Accepted Co-Applicant |
Parents, Siblings, Spouse, Parents-in-law |
|
Interest Rate |
11 to 13.5% |
|
Moratorium Period |
The total duration of the course plus 6 months |
|
Repayment Duration |
120 Months |
HDFC Credila
Under this education loan product HDFC credila funds upto 100% of the tuition fee/ loan amount for residential and non-residential executive management courses.
|
Loan Parameter |
Details |
|
Loan Limit |
100% of the loan amount |
|
Expenses Covered |
Academic expenses Tuition fee for the course Additional costs Travel expenses |
|
Accepted Co-Applicant |
Parents, Siblings, Spouse, Parents-in-law |
|
Interest Rate |
10.5 to 11% |
|
Moratorium Period |
The total duration of the course plus 6 months |
|
Repayment Duration |
120 Months |
Documents Required For An Education Loan For Working Professionals
|
Loan Parameter |
Details |
|
Basic Documents |
- WeMakeScholars education loan form filled in with all the necessary details Telephone bill Note: If your permanent and current addresses are different, you'll need to show two proofs of residency. All the documents should be self-attested. |
|
Applicant Academic Documents
|
1. Records of your grades and diplomas from 10th, 12th, and degree programs. 2. Documentation confirming your admission to the educational institution. 3. Detailed information on the expenses or fees associated with the course. 4. Evidence of your IELTS/GMAT/GRE test results. 5. A printed copy of the university's ranking in your field of study. |
|
Financial Co-applicant Income Documents
|
If Salaried: 1. 3-month salary slips 2. Form 16 of the previous 2 years 3. ID card of the employer 4. ITR of previous 2 years If Self-employed: 1. ITR for the previous 3 years 2. Profit & Loss account and balance sheet of last 3 years 3. Business address proof |
|
|
1. A letter confirming that any extra amount (which is not covered by the education loan would be covered by the co-applicant). |
|
|
1. An invoice for expenses such as travel, laptop, etc has to be brought if a loan is being asked for it. 2. Receipt for any transactions made in advance. 3. Any remaining loan statements from the preceding year. 4. Letter explaining the gap. Sample- on Rs. 100 stamp paper. 5. If relevant, a letter explaining the lack of a co-applicant Income tax return |
If you decide to take out a secured education loan, you will be required to provide collateral documentation as part of the loan application process. Collateral is an asset, such as property or savings, that is pledged to the lender as security for the loan. The purpose of collateral is to protect the lender in case the borrower defaults on the loan.
1. Property Title Deed
2. Registered Sale Agreement / Gift Deed / Will
3. The original receipt of registration for the above-mentioned agreement
4. If applicable, a letter of allotment by the Municipal Corporation / Authorized Govt. Authorities like MHADA, CIDCO, HUDA, DDA, JDA, GIDC, etc.
5. Link documents for 30 years or Past chain of sale deed establishing title or EC is required.
(If you own the property for more than 30 years, then the previous sale deed is enough.)
6. The newest property tax bill and latest electricity bill bearing the same address
7. A copy of the municipality-approved building plan or plot layout.
The following is a general list of collateral documents needed to apply for an education loan. It's important to note that certain states may have additional documentation requirements that are specific to the type of collateral being used. If you would like more information on the city-specific collateral requirements, you can reach out to the lender by requesting a callback. The lender will be able to provide you with a detailed explanation of the specific documents required for your area.
Benefits Of Going Through WeMakeScholars For An Education Loan
Free Services: WeMakeScholars provides its services free of charge, as we are funded by the Indian government through the Ministry of IT under the Digital India Campaign.
Reduced Interest Rates: WeMakeScholars partners with various public and private banks in India to offer reduced interest rates, ranging from a 0.5% to a 2% discount to students when obtaining an education loan through them.
Professional Guidance: Students receive support from WeMakeScholars throughout the loan application process, including document preparation and submission. Our financial officers provide regular follow-ups with the lender to track loan processing status, ensuring a smooth and efficient loan experience.
Quick Processing Time: Thanks to our close relationships with banks and NBFCs, we can expedite loan processing, saving students time and effort.
Digitized Loan Processing: The loan application process is convenient, user-friendly, and can be done online, eliminating the need for students to visit a bank in person. Our financial officers are available to assist with any questions or difficulties throughout the process.
End-to-end Assistance: Our financial officers provide end-to-end assistance and keep students informed throughout the loan process, ensuring a smooth and stress-free experience.
Cashback: After loan disbursement, students are eligible for a cashback of up to Rs 3000.
WeMakeScholars- supported by IT Ministry, Govt. of India.
Our Education Loan team will help you with any questions
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