Education Loan in Vadodara
For study in India or abroad.
Studying in India or abroad? We prepare the papers for you and your co-applicant, usually a parent, and take the file to the bank. We follow up until the bank answers.
- We do not lend. The bank decides
- We check your papers before the bank does
- We follow up until the bank answers
What is an education loan?
An education loan is money from a bank to pay for a course: tuition fees, hostel, books and other study costs. The student is the main borrower. A parent or guardian with a steady income usually joins as the co-applicant.
Many banks give you time to start paying. You may not need to pay EMIs while you study and for a few months after. This is called a moratorium. Interest may still be added during this time, so ask how it works.
For bigger amounts, some banks ask for security such as a property. This depends on the bank and the amount. We tell you early.
How Jensi Finloan helps
- Check which banks suit your course and your college
- Prepare the papers for you and your co-applicant
- Tell you how much the bank may give and what it may cover
- Fill in the forms and send a complete file
- Answer the bank's questions and follow up
- Explain the repayment plan before you accept
Papers you need
This is a general list. Your bank or insurance company will confirm the exact papers.
The student
- Admission letter or offer letter
- Fee details of the course
- Mark sheets of earlier exams and entrance exam score, if any
- PAN card (if available) and Aadhaar card
- Passport and visa papers, for study abroad
The co-applicant (parent or guardian)
- PAN card and Aadhaar card
- Income proof: salary slips, or income tax returns (ITR)
- Bank statements, last 6 to 12 months
Security, if the bank asks
- Ownership papers of the property
- Recent property tax receipt
How it works
Five simple steps, from your first call to the bank's answer.
Call or message us
Tell us the course, the college, the country and the fees.
We check the papers
We look at the student's papers and the co-applicant's income.
We choose the bank and apply
We pick banks that suit your course and send the complete file.
The bank checks and asks questions
We answer for you and follow up.
Sanction and payment
After the sanction letter, the bank usually pays the fees to the college.
Check your monthly EMI
Move the sliders to see a rough EMI for a education loan. This is only an example.
- Loan amount
- Total interest
- You pay in total
This is only an estimate. Your bank's real interest rate and fees can be different.
Check this with MrugeshCommon questions
When do I start paying the loan?
Many banks give relief while you study and for some months after. This is called a moratorium. Interest may still be added in that time, so ask us how it works for your bank.
Do I need a co-applicant?
Usually yes. A parent or guardian with a steady income joins the student in the loan.
Do I need to give security?
It depends on the bank and the amount. For smaller amounts it may not be needed. For bigger amounts the bank may ask for property papers.
Can I get an education loan for study abroad?
Yes, many banks give loans for study abroad. The rules and the papers are different from a loan for India, so we check them with you early.
Is there any tax benefit?
The interest you pay on an education loan can be claimed as a deduction under section 80E of the income tax law, as per current rules. Please ask your tax adviser (CA) for your case.
Our other services
Jensi Finloan helps with 8 kinds of loans and insurance.
Talk to Mrugesh about your Education Loan
Send your details on WhatsApp or the enquiry form. Mrugesh will contact you. Office: 14 Sai Vihar Society, Waghodia Rd, near Sharnam, Char Rasta, Vadodara 390019.