How To Get Education Loan From Bank In India?

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How To Get Education Loan From Bank In India
Loan Amount –

Studies in India

Medical Courses: Upto Rs 30 lacs Other Courses: Upto Rs 10 lacs (Higher loan limit for studies in India may be considered on cases to case basis, maximum upto Rs 50 lacs

Studies abroad

Upto Rs 7.50 lacs (Higher loan limit for Studies abroad are considered under Global Ed-vantage Scheme, maximum upto Rs 1.50 Crores)

Checklist of Documents to be submitted along-with duly filled Loan Application Form

Mark sheet of 10th, 12th, Graduation (if applicable), Entrance Exam Result Proof of admission to course Schedule of expenses for course Copies of letter conferring scholarship, free-ship, etc. Gap certificate, if applicable (self-declaration from student for gap in studies) Passport size photographs of Student / Parent / Co-borrower / Guarantor (1copy each) Asset-Liability Statement of Co-applicant / Guarantor (Applicable for loans above Rs 7.50 lacs) For Salaried Persons

(a) Latest Salary Slip (b) Form 16 OR latest IT Return (ITR V)

For other than Salaried Person:

(a) Business address proof (if applicable) (b) Latest IT Returns (if applicable)

Bank Account Statement for the last six months of Parent / Guardian/ Guarantor Copy of Sale Deed and other documents of title to property in respect of immovable property offered as collateral security / Photocopy of Liquid Security offered as collateral Permanent Account Number (PAN) of Student / Parent / Co-borrower / Guarantor AADHAAR (mandatory, if eligible under various interest subsidy schemes of GOI) Passport (mandatory for Studies Abroad) Submission of OVD (refer to table below)

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Which bank is best for education loan in India?

List of Educational Loans – Leverage Edu has formulated a list of best education loans in India that can help you reach your dream university:

Bank Student Loan Interest for Indian Universities Student Loan Interest to Study Abroad
Axis Bank 13.70% 13.70%
Bank of Baroda 7.70% 8.35%
Bank of India 9.05% 9.05%
Canara Bank 8.50% 8.50%
Central Bank of India 8.50% 8.50%
Federal Bank 10.05% 10.05%
IDBI Bank 6.90% 8.40%
Indian Overseas Bank 10.65% 10.65%
PNB 7.05% 10.65%
SBI 7.00% 8.80%
UCO Bank 9.30% 9.30%
Union Bank of India 8.40% 8.05%

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What is eligibility for education loan?

What Are the Eligibility Criteria for Education Loan?- ICICI Blog April 02, 2022 Make your child’s academic dream come true, with an Education Loan. As a student, you can avail of an ICICI Bank Education Loan, up to Rs 50 lakh, for education in India and up to Rs 1 crore for overseas. Know about the Student Loan eligibility criteria for Education Loan applications.

The rapidly rising cost of education is the biggest concern for students who want to pursue studies, whether in India or overseas. As a parent, your first priority is to choose an educational institute that not only provides quality education, but also fits within your budget. The education system has altered in recent times and there is also a rise in the number of students pursuing higher education, despite the COVID-19 crisis.

If your child aspires to study overseas and financing is a big issue, you can still fulfil their dreams, with the help of an Education Loan. These days, any student can avail an Education Loan. One can readily apply for a loan with ICICI Bank. Whether your child is planning a professional higher education in India or overseas, the Bank offers loans ranging from Rs 50 lakh to Rs 1 crore, depending on your requirements.

Any Resident Indian can apply for the loan The loan applicant’s minimum age should be 18 years and the maximum should be 35 years Students should have secured admission to a higher education course in recognised institutions, Indian or abroad, through entrance tests Documents displaying regular income are mandatory for the co-applicant (parents/sibling/guarantor).

Why should you opt for an education loan? Every student aspires to join a certain university or apply for a course. However, many of them drop the idea of pursuing the course or going overseas, due to a lack of funds. Today, several banks offer Education Loans. Here are some of the advantages of getting a loan from ICICI Bank.

Seamless remittance to international institutes Hassle-free process for timely disbursement of loan Students who want to take their own financial responsibilities, without depending on their parent’s savings Interest deduction applicable on the Education Loan under Section 80E of the Income Tax Act of 1961 Get a collateral-free loan of up to Rs 40 lakh, for select institutes Pre-Visa disbursal, for students applying for education in a foreign country Other student expenses, such as laptop or exchange travel are also covered Attractive interest rate starting at 10.50% per annum.

If money is the only constraint that is stopping your child from professional goals, consider availing a Student Education Loan. At ICICI Bank, you can avail the loan for both domestic and international institutes. As a parent, if you are looking to apply for an Education Loan for your child, the Bank offers a loan starting at an interest rate of 10.50% p.a.
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Can I get education loan easily in India?

Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs.2 lakh and Rs.
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What is the EMI for education loan?

Education Loan EMI Calculator – Calculate Student Loan EMI Online

Monthly EMI
Principal amount
Total interest
Total amount

Principal amount Interest amount Your Amortization Details (Yearly/Monthly) EMIs are made up of the principal and the interest portions. It is the whole amount that you pay every month till you repay the full loan. The EMI is generally fixed on the whole tenure of the loan.
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Which bank gives cheapest education loan in India?

Central Bank of India provides education loans to students to study in India and abroad with interest rates starting from 6.85%. The bank also offers concession rates for female students. Students can get generous loan amounts that help them cover all the expenses related to the courses. Interest Rates (p.a.)
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Which Government bank is best for education loan?

Education Loan Interest Rate in India – A student can apply for an education loan as per their financial needs, but for that, students must have a thorough knowledge of the interest rates that the banks are offering. All banks provide loans with a variety of interest rates. So, refer to this table below to know the education loan interest India.

S.no Name of the bank Interest rate offered Maximum loan amount in India Repayment tenure
1. State Bank of India 9.30% for males 8.80% for females 1.5 Cr Upto 15 years
2. Bank of Baroda Upto 7.5 lakhs- 7.95% Above 7.5 lakhs-7.70% Prime: Upto 80 Lakhs Non-Prime: Upto 60 Lakhs Up to 15 years
3. Punjab National Bank Upto 7.5 lakhs- 11.40% for males 10.90% for females Above 7.5 lakhs- 11.15% for males 10.65% for females Upto 10 Lacs- In India Upto 20 Lacs- In Abroad Up to 15 years
4. Canara bank Upto Rs 7.5 Lacs – 10.70% for males 10.20% for females Above 7.5 Lacs – 10.50 % for males 9.95% for females Upto 10 Lacs- In India Upto 20 Lacs- In Abroad Up to 15 years
5. Central bank of India Upto Rs 7.5 Lacs – 9.00% for males 8.50% for females Above 7.5 Lacs – 9.00% for males 8.50% for females Upto 10 Lacs- In India Upto 20 Lacs- In Abroad Up to 15 years
6. Bank of Maharashtra Upto Rs 7.5 Lacs 8.90 % Above 7.5 Lacs – 8.55 % Upto 10 Lacs- In India Upto 20 Lacs- In Abroad Up to 7 years
7. Bank of India Upto Rs 7.5 Lacs- 10.35 % Above 7.5 Lacs – 9.85 % Upto 10 Lacs- In India Upto 20 Lacs- In Abroad Up to 15 years
8. UCO Bank Upto Rs 7.5 Lacs- 9.10 % Above 7.5 Lacs – 9.50 % Upto 10 Lacs- In India Upto 20 Lacs- In Abroad Up to 15 years
9. Indian Overseas Bank Upto Rs 7.5 Lacs- 10.65 % Above 7.5 Lacs- 11.65 % Upto 30 Lacs- In India Upto 40 Lacs- In Abroad Up to 7 years
10. United Bank of India Upto Rs 7.5 Lacs- 11.40 % for males 10.90% for females Above 7.5 Lacs- 11.15 % for males 10.65% for females Upto 10 Lacs- In India Upto 20 Lacs- In Abroad Up to 15 years
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Note: The above-mentioned interest rates are correct as of the date of publishing the article as they are subject to change with the change in the market factors. These are the top 10 Government bank’s latest education loan interest rates in India. Many students prefer Government banks because of the low interest rates they offer but as we all know how slow the Government banks are, we recommend you to apply through Vidyaloans.
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What happens if I dont pay my education loan?

FAQs – How to repay an education loan? – Education loan repayment is not an extensive process. You can contact your bank manager or lender, who will note your account details and start your repayment on an auto deduction mode. How do I get education loan? – You can get education loan from banks and digital lenders.

Some of the banks offer lowest education loan interest rates, You also have education loan for CA students as directed by ICAI. What happens if you cannot pay an education loan? – If you cannot repay your education loan, you will get notices and warnings from your lender. If you fail to comply with them, you will be declared a defaulter.

It will be then tough for you to secure any other kind of loan for a considerable time. What happens if I don’t pay my education loan in India? – If you do not pay your education loan in India, the lender will start sending notices to you and your guarantor, if there is one. Or Click Here to Apply for Instant Personal Loan from the PaySense Website.
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Who is eligible for SBI education loan?

SBI Education Loan Schemes – State Bank of India has brought out many schemes that aim to cater to the diverse needs of India’s youth. The scheme target specific groups of students that might want to pursue higher education in India, abroad, or simply want to develop a specific vocational skill. The schemes are:

SBI Scholar Loan Scheme

State Bank of India Scholar Loan Scheme was brought out by the bank to provide financial aid to meritorious students who have secured admission in a premier institute of India. The list of premier institutes can be found here, Maximum Loan Amount

Grade of Institute Maximum Loan Amount
Without Security. Parent as co-borrower 100% tangible security with parent as co-borrower
List AA ₹ 40.00 lakh
List A ₹ 20 Lakh ₹ 30.00 lakh
List B ₹ 20 Lakh
List C ₹ 7.5 Lakh ₹ 30.00 lakh

In case of married person, co-obligator can either be spouse or parent, parent-in-law. Parental obligation can also be substituted by a suitable third party guarantee. Courses Covered Courses covered in this education loan are only regular full time Degree or Diploma courses that the student secured through selection or merit.

Eligibility Should be an Indian national residing in India.
Student should have secured admission in a premier institute as set by SBI,
Moratorium Period Course Period with additional 1 year
Expenses Covered Fee payable to College or University, Hostel charges.
Travel Expenses or passage money from destination country to back even in case of student exchange program.
Insurance premium if any Life Insurance is opted by the student borrower
Examination, Library, and Laboratory Fee.
Any other expenses required to complete the course like study tour, etc
Books, instruments, uniforms.
Personal Computers or Laptops if required.
Caution deposit, building fund, refundable deposit supported by institution bills. As long as it is less than 10% of total tuition fee for the course.
Repayment Period Repay within 15 years after completion of course and additional 1 year
In case second loan is availed for higher studies later then repay within 15 years after completion of the second course
EMI Generation The accrued interest during moratorium and course period is added to principal amount and repayment EMI is fixed. If interest is paid off within moratorium period then EMI is fixed based on principal amount only.

Documents Required The bank requires certain documents under Know Your Customer Policy (KYC). The documents are required from both the student and co-borrower:

Identity Proof Passport, PAN Card, Aadhaar Card, Voter’s ID Card, Driving Licence, Photo Credit Card, Central and State Govt. issued Photo ID Proof, Defence ID Card, etc.
Residence Proof Aadhaar Card, Ration Card, Passport, Bank Account Statement, Voter’s ID Card, Letter from any recognized public authority, Telephone Bill, Electricity Bill, Water Bill etc (not more than 3 months old), etc.
Income Proof in case of salaried co-borrower Salary Slips (not more than 3 months old), Bank Statements (not more than 3 months old), ITR, Form-16 for last 2 years, bank account statement for last 6 months of salary account.
Income proof for self-employed co-applicant Business address proof, IT returns for last two years (If IT payee). TDS certificate Form 16A if applicable, Certificate of qualification (for CA, doctor, and other professions). Bank account statement for last 6 months.

Aside from KYC documents banks require some additional documents as well.

Student Applicant Mandatory Passport submission
Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission
Proof of admission. Conditional application letter may be considered
Cost of education, schedule of expenses.
2-passport size photographs
If Loan was taken out before then loan account statement for last 1 year.
Co-applicant 2-passport size photographs
If Loan was taken out before then loan account statement for last 1 year.

Do note that all documents need to be self-attested. SBI Global Ed-Vantage Scheme State Bank of India has also brought out schemes that cater to students that plan to go abroad to pursue their education. This scheme only caters to them and has faster application review and offers better interest rate.

Also under this scheme student can avail a loan before their I-20 visa/Visa is approved. Maximum Loan Amount SBI Global ED-Vantage scheme allows a maximum of ₹ 1.5 crore loan amount for foreign education. The minimum loan amount is ₹ 20.00 Lakh. Eligible Courses Regular Graduate or Post Graduate courses offered by institutes or universities located in USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand.

Other details of SBI Global Ed-Vantage Scheme are:

Eligibility Should be an Indian national.
Margin Scholarship or assistance to be considered in Margin
Margin will be brought in on year-on-year basis as and when disbursements are made on a pro-rata basis.
Moratorium Period Course Period with additional 6 months
Processing Fees ₹ 10,000 per application
Expenses Covered Fee payable to College or University, Hostel charges.
Travel Expenses or passage money from destination country to back even in case of student exchange program.
Insurance premium of Rinn Raksha insurance scheme
Examination, Library, and Laboratory Fee.
Any other expenses required to complete the course like study tour, etc
Books, instruments, uniforms, capped at 20% of total tuition fees.
Personal Computers or Laptops if required.
Caution deposit, building fund, refundable deposit supported by institution bills. As long as it is less than 10% of total tuition fee for the course.
Repayment Period Repay within 15 years after completion of course and additional 1 year
EMI Generation The accrued interest during moratorium and course period is added to principal amount and repayment EMI is fixed. If interest is paid off within moratorium period then EMI is fixed based on principal amount only.
Security Tangible collateral security Collateral security offered by third party, other than parents, can also be considered.
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Documents Required The bank requires certain documents under Know Your Customer Policy (KYC). The documents are required from both the student and co-borrower:

Identity Proof Passport, PAN Card, Aadhaar Card, Voter’s ID Card, Driving Licence, Photo Credit Card, Central and State Govt. issued Photo ID Proof, Defence ID Card, etc.
Residence Proof Aadhaar Card, Ration Card, Passport, Bank Account Statement, Voter’s ID Card, Letter from any recognized public authority, Telephone Bill, Electricity Bill, Water Bill etc (not more than 3 months old), etc.
Income Proof in case of salaried co-borrower Salary Slips (not more than 3 months old), Bank Statements (not more than 3 months old), ITR, Form-16 for last 2 years, bank account statement for last 6 months of salary account.
Income proof for self-employed co-applicant Business address proof, IT returns for last two years (If IT payee). TDS certificate Form 16A if applicable, Certificate of qualification (for CA, doctor, and other professions). Bank account statement for last 6 months.

Aside from KYC documents banks require some additional documents as well.

Student Applicant Mandatory Passport submission
Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission
Proof of admission. Conditional application letter may be considered
Cost of education, schedule of expenses.
2-passport size photographs
If Loan was taken out before then loan account statement for last 1 year.
Co-applicant 2-passport size photographs
If Loan was taken out before then loan account statement for last 1 year.

Do note that all documents need to be self-attested. SBI Student Loan Scheme Under State Bank of India Student Loan Scheme the bank extends loan to students who want to secure higher education but don’t have the finances at the moment or want to disburse the financial burden over a greater time period.

This student loan scheme can be availed by any prospective student seeking education in India or abroad. The Maximum Loan Amount is ₹ 10.00 Lakh if pursuing education in India. It is ₹ 20.00 Lakh if pursuing in a foreign land. Higher loan limit for domestic education can be considered on a case to case basis.

If the student plans to move abroad to pursue higher education and want additional loan amount they can apply for Global Ed-Vantage Scheme. Eligible Courses

Domestic Courses

Graduation, Post-graduation including regular technical and professional Degree or Diploma courses conducted by colleges or universities approved by UGC, AICTE,IMC, Government, etc. Regular Degree or Diploma Courses conducted by autonomous institutions like IIT, IIM, etc.

International Courses

Job oriented professional, technical Graduation Degree courses, Post Graduation Degree, and Diploma courses like MCA, MBA, MS, etc. that are offered by reputed universities Courses conducted by CIMA (Chartered Institute of Management Accountants) – London, CPA (Certified Public Accountant) in USA etc. Other details regarding the scheme are:

Eligibility Should be an Indian national who has secured an admission.
Margin Up to ₹ 4.00 Lakh Nil
Above ₹ 4.00 Lakh Domestic 5% International 15 %
Moratorium Period Course Period with additional 1 year
Expenses Covered Fee payable to College or University, Hostel charges.
Travel Expenses or passage money for those that are headed abroad.
Cost of a two wheeler, capped at ₹ 50,000.
Examination, Library, and Laboratory Fee.
Any other expenses required to complete the course like study tour, etc.
Books, instruments, uniforms, capped at 20% of total tuition fees.
Personal Computers or Laptops if required.
Caution deposit, building fund, refundable deposit supported by institution bills. As long as it is less than 10% of total tuition fee for the course.
Repayment Period Repay within 15 years after completion of course and additional 1 year.
In case second loan is availed for higher studies later then repay within 15 years after completion of the second course.
EMI Generation The accrued interest during moratorium and course period is added to principal amount and repayment EMI is fixed. If interest is paid off within moratorium period then EMI is fixed based on principal amount only.
Security Up to ₹ 7.50 Lakh Only parent or Guardian as co-borrower
Above ₹ 7.50 Lakh Parent, parent in law, spouse, guardian as co-borrower with tangible security

Documents Required The bank requires certain documents under Know Your Customer Policy (KYC). The documents are required from both the student and co-borrower:

Identity Proof Passport, PAN Card, Aadhaar Card, Voter’s ID Card, Driving Licence, Photo Credit Card, Central and State Govt. issued Photo ID Proof, Defence ID Card, etc.
Residence Proof Aadhaar Card, Ration Card, Passport, Bank Account Statement, Voter’s ID Card, Letter from any recognized public authority, Telephone Bill, Electricity Bill, Water Bill etc (not more than 3 months old), etc.
Income Proof in case of salaried co-borrower Salary Slips (not more than 3 months old), Bank Statements (not more than 3 months old), ITR, Form-16 for last 2 years, bank account statement for last 6 months of salary account.
Income proof for self-employed co-applicant Business address proof, IT returns for last two years (If IT payee). TDS certificate Form 16A if applicable, Certificate of qualification (for CA, doctor, and other professions). Bank account statement for last 6 months.

Aside from KYC documents banks require some additional documents as well.

Student Applicant Mandatory Passport submission if going abroad.
Academic Records: X, XII grade results. Graduation results semester wise. Entrance Exam results that formed the basis of admission
Proof of admission. Conditional application letter may be considered
Cost of education, schedule of expenses.
2-passport size photographs
If Loan was taken out before then loan account statement for last 1 year.
Co-applicant 2-passport size photographs
If Loan was taken out before then loan account statement for last 1 year.

Do note that all documents need to be self-attested. SBI Skill Loan Scheme State Bank of India has also brought out Skill Loan scheme to cater to those individuals that want to develop their future by acquiring vocational skills. The individuals can avail this loan at attractive interest rate.

The maximum Loan amount is ₹ 1.50 Lakh. However individuals can also seek loan amount as little as ₹ 5,000. Eligible Courses and Schools Courses run by Industrial Training Institutes (ITIs), Polytechnics, training partners affiliated to National Skill Development Corporation (NSDC), Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate, diploma, degree issued by such organizations as per National Skill Qualification Framework (NSQF) are eligible for a Skill Loan.

Schools recognized by Central or State Education Boards or Colleges affiliated to recognized university leading to a certificate, diploma, degree issued by such organization as per National Skill Qualification Framework (NSQF) is eligible for a Skill Loan.

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Eligibility Should be an Indian national who has secured an admission.
Margin Nil
Moratorium Period Course period less than 1 year 6 Months after course completion
Course period more than 1 year 12 Months after course completion
Expenses Covered Caution Deposit
Examination, Library, and Laboratory Fee.
Cost of Books, and Equipment.
Tuition Fees
Any other expenses required to complete the course like study tour, etc.
If deemed necessary Lodging or Hostel Fees will also be provided.
Repayment Period Loans up to ₹ 50,000 Up to 3 years
Loans between ₹ 50,000 and ₹ 1.00 Lakh Up to 5 years
Loans above ₹ 1.00 Lakh Up to 7 years
Timeline for Disposal of Loan Maximum 6 days after receiving duly completed application. Additional 15 days required where verification is sought
Security No collateral required, parents or guardian will sign as co-borrower

Documents Required

Duly Filled Application FormMark Sheet of last qualifying ExamProof of admission, scholarship, etc.Schedule of expenses2 passport size photographs PAN Card of student and co-borrowerAadhaar Card of student and co-borrowerCo- borrower’s bank account statement for past 6 monthsCo-borrower’s income tax Returns or IT assessment order for the last 2 years (if IT Assesse)Statement of assets and liabilities of co-borrowerProof of Income, salary slips or form 16, for co-borrower

Take-Over of Education Loans State Bank of India in its drive to help secure students’ academic career has brought out a scheme where they help financially struggling families by buying their Student Loans from their creditors and levying smaller interest rate.

The scheme is really useful for those who have taken out an education loan and after their course end they have a hard time getting a job or had a huge financial loss. This scheme lets the user take the burden off the student and getting an extension of the loan. The scheme covers outstanding amount, Limits sanctioned as Top up Loan, and Prepayment penalty if any.

Salient Features

Education loans up to ₹ 1.50 Crore can be consideredAttractive Interest RateRepayment tenure can be up to 15 yearsNo processing feeNo hidden chargesGet top-up loan for pursuing higher studies

Maximum Loan Amount is ₹ 1.5 Crore. The minimum education loan amount should be ₹ 10.00 Lakh. Other important details for Take-Over of Education Loan are:

Eligibility The Education Loan should be fresh
Student should be an adult
Loan should be fully disbursed
Repayments should have started with regular EMIs registered with the creditor
Processing Fee NIL
Security The collateral security should be 100% of the value of the proposed loan
Documents Required Duly filled application form
2 passport size photographs
PAN Card of student and co-borrower
Aadhaar Card of student and co-borrower
Identity and Residence KYC documents
Bank account statement of borrower and co borrower
IT return or IT assessment order, pertaining to previous 2 years, of borrower and co-borrower (if IT Payee)
Statement of assets and liabilities
Proof of Income

For proof of income and KYC the following documents will do:

Identity Proof Passport, PAN Card, Aadhaar Card, Voter’s ID Card, Driving Licence, Photo Credit Card, Central and State Govt. issued Photo ID Proof, Defence ID Card, etc.
Residence Proof Aadhaar Card, Ration Card, Passport, Bank Account Statement, Voter’s ID Card, Letter from any recognized public authority, Telephone Bill, Electricity Bill, Water Bill etc (not more than 3 months old), etc.
Income Proof Salary Slips (not more than 3 months old), Bank Statements (not more than 3 months old), ITR, Form-16, etc.

Other documents sought by the bank are:

Mark sheet of latest qualifying exam for school and graduate course pursued in IndiaProof of admission to the instituteSchedule of expensesCopies of letter confirming scholarship, etc.Copies of foreign exchange permit, if seeking travel expenses.Statement of Bank account for the last six months of guarantor

If you are not an existing bank customer you would also need to establish your identity and give proof of residence.
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Which student loans are interest free?

If your loans are subsidized, you are not responsible for paying the interest that accrues while you’re in school. If your loans are unsubsidized, you’re responsible for all the interest that accrues, even while you’re in school. Learn about the differences between subsidized and unsubsidized loans.
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Is education loan interest monthly or yearly?

The education loan interest rate calculation of most of the government banks is done on a simple interest basis. As opposed to private lenders, public banks calculate your monthly interest amount purely on a simple interest basis during the moratorium period (i.e. Course duration + 6 months after the course).
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What is the minimum education loan amount?

What are the Eligibility Criteria For Axis Bank Education Loans? – For Student:

  • The student should be a citizen of India.
  • The student should have scored a minimum of 50% marks in high school as well as in the bachelors.
  • The student must have secured admission into a reputed university or college abroad and must have the admission letter at the time of loan application.

For Co-Applicants:

  • The co-applicant should be an Indian resident citizen.
  • The co-applicant should have a stable monthly income and should be a regular tax-payer.
  • The co-applicant should have a CIBIL score of at least 700.

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Which Bank provides fastest loan?

How quickly can you get a Personal Loan? It happens to all of us. There was a family emergency, and you had to take loans at high interest rates to meet pressing demands. But you’ve fallen behind in your payments and the interest and principal are accumulating at breakneck speed.

You’re in danger of falling into a debt trap, and you’re thinking of how to get an to climb out of it. The best choice could be a Personal Loan from a bank. Here’s why: It’s quick: You can get a Personal Loan in a matter of hours. Apply in the morning, and you could have the cash in hand by late afternoon.

HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours. If you’ve wondered how to get an instant loan, wonder no more. You don’t need collateral: Since Personal Loans are unsecured (without collateral or security) loans, banks will look at your income, cash flows, strength or stability of your business or employment to make sure you are able to repay the loan.

HDFC Bank customers can get Personal Loans with minimal or no documentation. In fact, if they are pre- approved for a Personal Loan, they can easily apply for it. Lower interest rates: Interest rates on Personal Loans are lower than other sources. If you have a good credit history, strong income proof, and a long relationship with the bank, you should be able to get good terms.

Easy repayment terms: Personal Loans are short to medium term (12 to 60 months) loans with a flexible repayment structure. You will typically repay the loan in equated monthly instalments (EMIs). You can adjust your repayment tenure to make your EMIs pocket-friendly.

HDFC Bank offers loans with EMIs starting at Rs 2,162per lakh. Check the to plan your repayment better. It’s easy: Getting a Personal Loan from HDFC Bank is easy, especially if you have your documents in order and you have a good credit track record. It helps if you are an existing customer. You can apply for a loan via, on the HDFC Bank website, at an ATM, or by visiting a branch near you.

Check out everything you need to know about, Apply now and Jio Shaan Se! Looking to apply for a Personal Loan? to get started. * Terms & conditions apply. Personal Loan disbursal at sole discretion of HDFC Bank Ltd. : How quickly can you get a Personal Loan?
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