Education Loan

The right course can help you get a step closer to your dream career and build a life full of success. And when it comes to funding your course, nothing should get in the way of that. Not even money. Because you got Zype! Get a personal loan for education up to ₹5 lakhs starting at just 1.5% interest rate.

And while the enrollment process of colleges and courses might be quick, Zype personal loans are quicker. Complete your loan application in 5 minutes and get approved for the loan in 60 seconds!  Receive the money you need in 24 hours and get started to follow your dreams.

Don’t worry about being burdened by your education loan because Zype’s repayment plan is flexible! Borrow the money you need now and pay later in 3, 6, 9 or 12 EMIs.

Features and Benefits of Education Loan

When you focus on getting enrolled into your dream course, Zype will focus on ensuring that you have a smooth experience while doing that.

Easy Application

On Zype, you complete your personal loan application in just 5 minutes. All you need to do is enter your basic information like name, phone number and PAN to get approved.

Easy Application

No Document Upload or Paperwork

Say goodbye to endless paperwork and document upload because you need none of that on Zype.

No documentation or paperwork

Instant Approval

Once you have completed your personal loan application, you can get approved for a loan in just 60 seconds!

Instant Approval

Quick Disbursal

After getting approved and accepting the loan terms, it’s only a matter of 24 hours to receive the loan amount.

Flexible repayment options

No Collateral

Zype’s personal loan for education is unsecured. This means you don’t have to provide any collateral to borrow the money.

Collateral free loans

How to calculate EMI of Education Loan

You can understand your education loan repayments better by calculating the EMIs before starting your application. This can help you create a better budget and even compare offers across various lenders.

Just use this simple formula to calculate your EMIs.

E = P x R x (1+R) ^N / [(1+R) ^N-1], where

P is your principal amount

E is your personal loan EMI amount

R is the monthly interest rate

N is the no. of months of EMI payment

Education Loan Eligibility and Required Documents

You don’t need much to get a personal loan for education because Zype’s criteria is simple!

Age
Age

18 years or above

Citizenship
Citizen of India

Valid PAN & Aadhaar card

Work experience
Work experience

Salaried individual

15000 Salary
Monthly Salary

Monthly income of at least ₹15,000

Documents Required

Mandatory documents

Proof of Photo Identity

After you’re approved for a loan, you will need to complete a real-time selfie verification to complete your KYC.

Proof of photo identity

Mandatory Documents

Enter your PAN & Aadhaar number along with a few basic details to complete your application & activate your loan (Physical documents not required)

Proof of Income

Proof of Income (Optional)

Want to increase your credit limit? All you need to do is upload your bank statement for the last 4 months & get approved for a higher amount.

Education Loan Interest Rate, Fees & Other Charges

Zype offers 100% transparency in its terms of borrowing. Here are all the education loan interest rate, fees, and other charges you need to know:

Fees & Charges Amount Chargeable
Interest Rate
Starting at as low as 1.5% (monthly)
Loan Processing Charges
Processing fees from 2% to 6% on every loan
Interest on Overdue EMIs
Penal interest & late fees will be charged to your total outstanding loan on daily basis

How to Apply for Education Loan

You can follow these simple steps to apply for education loan on Zype:

1) Download the Zype app from PlayStore/ AppStore & create your account.

2) Add PAN number along with some other basic details like name & phone number.

3) Get approved for a credit offer within 60 seconds based on your profile.

4) Complete your selfie verification and Aadhaar linked OTP to complete your KYC and unlock your credit line.

5) Select your desired loan amount & EMI option.

6) Get cash directly into your registered bank account.

How to Improve Education Loan Eligibility

An increased loan eligibility can help you unlock a higher loan amount at a lower education loan interest rate to fund your dream course. Here’s how you can do it in a few simple ways:

1) Improve Your Credit Score:

Your 3-digit credit score reflects your repayment habits and shows how risky it is to offer you credit. When you increase your credit score to at least 750 it increases your loan eligibility. This is because it shows you’re a low-risk borrower who can be trusted with a loan.

2) Increase Your Income:

Your monthly income shows your ability to repay your EMIs. A high income automatically increases your loan eligibility, making it possible for you to get high value loans.

3) Avoid Multiple Loan Applications in a Short Span:

Whenever you apply for a personal loan or credit card, it is reported to the credit bureau. This is known as an enquiry. Making too many credit enquiries in a short period of time shows credit hungry behaviour which reduces your loan eligibility.

Factors Affecting Education Loans in India

While the eligibility criteria for lenders can look very different, there are some common factors that can affect education loan in India:

1) Citizenship

You need to be a citizen of India with a valid PAN and Aadhaar to apply for an education loan.

2) Age

Most lenders offer personal loans to those individuals who are 18 years or above. If you’re under 18, you may need a guarantor or co-applicant to get an education loan.

3) Credit History

A lender always considers the repayment history of an individual when assessing the education loan eligibility.

Frequently Asked Questions

How can I get a ₹50000 Education Loan?

You can get ₹50000 on Zype with an education loan interest rate starting @ just 1.5% per month! Just download the app from PlayStore/AppStore and complete your application in 5 minutes. Get approved in 60 seconds and get the money you need.

Is CIBIL Score required for an Education Loan?

Yes, your lender will assess your credit score to give you an education loan offer. However, Zype offers personal loans to even those individuals who are new to credit and don’t have a credit history.

How do I qualify for an Education Loan?

You can qualify for a personal loan for education up to ₹5 lakhs from Zype, by meeting this simple eligibility criteria:

 

Age: 18 years or above

Citizenship: Indian with a valid PAN & Aadhaar card

Work experience: Salaried individual

Monthly salary: Monthly income of at least ₹15000

How do I repay my Educational Loan?

You can repay your personal loan for education in the form of monthly instalments (EMIs).

On Zype, you can repay the loan in 3, 6, 9 or 12 EMIs.

Which course is eligible for an Education Loan?

The best part about taking a personal loan for education from Zype is that you can use it for any course, certification, or college degree.

Can I negotiate or appeal my course fees with an Educational Institution?

While there might be educational institutions who might be ready to negotiate the course fees, you will have to enquire about it.

Can I pay an Education Loan at once?

You have to repay your education loan based on the terms of borrowing. If you want to repay your loan at once, it’s best to contact your lender for the same.