Education Loan For Abroad Studies
Education Loan in Lucknow

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Education Loan in Lucknow

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Brinda Khurana
Brinda Khurana

Study Abroad Expert

Updated on:  22 Nov 2024 | 
Reviewed By:  Aman  
| 537 | 56  min read

We aim to provide you with the knowledge and guidance to make informed decisions regarding education loans in Lucknow. The loan application considers a number of factors, and based on those factors, individuals can access loans of significant amounts, up to 2 Cr. The interest rates for education loans in Lucknow range from 8.5% to 13%, offering a variety of options. Let us help you plan your education, whether you're planning to study in India or abroad.

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Best Banks for Education Loan in Lucknow for Studies in India

Bank Name  Loan Amount  Processing Fee

State Bank of India 

Up to INR 50 lakh

Nil - INR 10,000+Tax 

Axis Bank 

Up to INR 75 lakh (unsecured) 

Up to 2% of the amount+GST 

ICICI Bank 

Up to INR 1 crore 

Up to 2% of the amount +GST

IDFC First 

Up to INR 30 lakh (unsecured) 

Up to 1.5% of the amount 

UBI 

Up to INR 1.5 cr (secured) 

Up to INR 40 lakh (unsecured)

INR 5000 (refundable) 

HDFC Credila 

Up to INR 40 lakh 

1% + GST 

Auxilo 

Up to INR 65 lakh 

Up to 2% of the sanctioned loan amount 

InCred 

Up to INR 60 lakh

0.75% - 1% of the sanctioned loan amount

BOB 

INR 7.5 lakh - INR 1.5 cr 

1% (max. INR 10,000) 

 

Check Your Education Loan Eligibility

Apply Here
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Best Banks for Education Loan in Lucknow for Studies in Abroad

Bank Name  Loan Amount  Processing Fee

State Bank of India

Up to INR 1.5 cr with collateral 

INR 10,000

Axis Bank

Prime A - INR 1 cr

Prime B - INR 40 lakh 

0.75% on the sanctioned loan amount 

ICICI Bank 

Up to INR 2 cr (secured) 

Up to INR 1 cr (unsecured) 

Up to 0.75% to 1% + GST 

IDFC First Bank

Up to INR 75 lakh without collateral 

Up to 1.5% of the sanctioned loan amount 

Union Bank of India 

Up to INR 2 cr (secured) 

Up to INR 40 lakh (unsecured) 

INR 5000

HDFC Credila 

Up to INR 75 lakh 

0.5% - 1% 

Avanse 

Up to INR 75 lakh 

1% - 1.5% 

Auxilo 

Up to INR 65 lakh 

0.5% - 1.5% 

InCred 

Up to INR 80 lakh 

1% - 2% 

MPower Financing

Up to 100,000 USD 

5% (adjusted in the loan amount) 

Prodigy Finance 

Up to 100% cost to study 

Up to 5%, added to loan amount*

Bank of Baroda 

Up to 1.5 cr with collateral 

INR 10,000 + GST 

*Note: Upon loan approval, students are required to pay an upfront fee of $100 to receive their sanction letter.

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Documents Required for an Unsecured Loan in Lucknow 

Applicants Documents 

  • list items Letter of Confirmation: Official university letter attesting to your enrollment in the chosen course.
  • list items Academic Qualifications: Academic records, certifications, and documents from your school of departure attesting to your educational accomplishments.
  • list items Fee Breakdown: A thorough explanation of the course costs, which include tuition, test fees, and housing costs.
  • list items Age Validation: For the purpose of confirming age, present legitimate identity documents (birth certificate, passport, or Aadhaar card).
  • list items Verification of Identity: Identification documents to verify identity and personal information, such as a driver's license, passport, PAN card, or Adhaar card.
  • list items Test Findings: Official test results that validate your success (e.g., IELTS, TOEFL, GRE, GMAT, etc.).
  • list items Residential Proof: Original documents attesting to your residential address, such as utility bills, rental agreement, voter ID, or Aadhaar card.
  • list items Passport-sized Images: Current photos that fit the required format and size requirements.

    • Co-applicants Documents 

  • list items Identity Confirmation: Identity documents (driver's license, passport, PAN card, or Adhaar card) for co-applicant(s).
  • list items Address Verification: Original documents (rental agreement, utility bills, voter ID, Aadhaar card) attesting to the co-applicant's residential address.
  • list items Income Evidence: Records from the last two years' income tax returns, Form 16 (last two years), bank statements (latest six months if self-employed, or one year's worth of business transactions if salaried), and salary slips (last three months) that attest to the co-applicant(s)' ability to pay.
  • list items Relationship Authentication: Records attesting to the student's and co-applicant's relationship (birth certificates, legal documents).
  • list items Photos the size of a passport: Current, formatted photos of a co-applicant or co-applicants that fit the requirements.

    • Other Documents 

  • list items Loan Application Form 
  • list items Gap Certificate: A document outlining any voids in the student's academic background.
  • list items Additional Supporting Documents: Extra papers, like academic references, guarantor documentation, or course-specific needs.
  • list items Bills: Official bills and receipts for the costs of travel, computers, stationery, and other educational expenses. 

    •  

    Check Your Education Loan Eligibility

    Apply Here
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    Documents Required for a Secured Education Loan in Lucknow 

  • list items Evidence of Ownership of Property: This document certifies that the borrower is the legitimate owner of the collateral. Sale deeds, certificates of possession, or property registration paperwork are required documents.
    • Evidence of Ownership of Property: This document certifies that the borrower is the legitimate owner of the collateral. Sale deeds, certificates of possession, or property registration paperwork are required documents.
  • list items Certificate of Encumbrance: Document from the appropriate authority attesting to the fact that the collateral property is unencumbered by debt or other obligations. Make sure there are no unresolved debts or claims against the property.
  • list items Title Deed: Court document attesting to the borrower's ownership and legitimate claim to the collateral property. It serves as proof of ownership rights and legal control over the property.
  • list items Report on Property Valuation: A report evaluating the collateral property's current market value, prepared by a qualified valuer. Provides an objective assessment to ascertain the property's market value.
  • list items Certificate of No Objection (NOC) from Housing Society or Association: A certificate from the housing society or association attesting to the owner's permission to use the property as collateral for a loan. Shows that the borrower and the society/association are in agreement.
  • list items Land Documents: Documents from the government proving the borrower owns the land where the collateral property is situated. Survey maps, approved income records, or land registration records are required documents.
  • list items Possession Certificate: Certified record attesting to the borrower's actual possession of the collateral. Verifies the borrower's custody rights and acts as evidence of property control, respectively.
  • list items Letter of Allotment (Particular to Lucknow): Official letter verifying the borrower's precise allocation inside Lucknow in accordance with local requirements, given by the Lucknow Development Authority (LDA).
    • Sprinkles

    Education Loan Interest Rate in Lucknow for Studies in India

    Bank Name  Interest Rate  Interest Rate Concession 

    State Bank of India 

    Starts from 8.30% 

    0.60% Business strategy discount 0.50% - for female students 

    0.50% - Rinn Raksha 

    Axis Bank 

    Starts from 11.5% 

    0.5% - 2% 

    ICICI Bank 

    Starts from 10.5% -11% 

    0.5% - 2% 

    IDFC First 

    Starts from 8.5% - 10% 

    0.5% - 2% 

    UBI 

    Starts from 11.15% 

    0.5% for female students

    1% if the SI is paid in full 

    HDFC Credila 

    Starts from 10.25% - 12.75% 

    		  -

    Auxilo 

    Starts from 11% - 13.5% 

    0.5% - 2% 

    InCred 

    Starts from 11% - 13.5% 

    0.5% - 2% 

    BOB 

    Starts from 8.85% 

    0.5% 

     

    Check Your Education Loan Eligibility

    Apply Here
    Sprinkles

    Education Loan Interest Rate in Lucknow for Studies in Abroad

    Bank Name  Interest Rate  Interest Rate Concession 

    State Bank of India 

    Starts from 10.15% 

    0.5% concession in interest for female students 

    0.5% - Rinn Raksha 

    Axis 

    9.99% - 12.5% 

    		 -

    ICICI 

    10.25% - 12.5% 

    		 -

    IDFC First 

    9.5%-11% (secured) 

    11%-13% (unsecured) 

    		 -

    UBI 

    9.25% - 9.75% 

    		 -

    HDFC Credila 

    10.25% - 12.75% 

    		 -

    Avanse 

    10.75% - 13% 

    		 -

    Auxilo 

    11.5% - 13% 

    		 -

    InCred 

    11.85% - 13.25% 

    		 -

    MPower 

    12.99% - 15.99% 

    -

    Prodigy 

    11.5% - 13.5% 

    -

    BOB 

    9.7% (fixed) 

    0.20% concession in interest for female applicants of non-premier institutes
    Sprinkles

    Other Education Loan Features Offered by Banks and NBFCs in Lucknow 

  • list items Admission Fees: In order to reserve your spot in a course, you must pay an entry fee in advance. This charge, which varies depending on the educational institution, is meant to compensate for administrative costs.
  • list items Tuition: The real expense of the course is what is referred to as tuition. At the start of each academic year, students can choose to pay the fees in full or in installments.
  • list items Mess and Hostel Fees: You could have to pay for housing and food if you decide to live on campus. The price of dorms and mess facilities varies according to the particular institution and kind of accommodation selected.
  • list items Fees for the library, lab, and exams: These extra costs cover using lab equipment, registering for tests, and accessing library resources.
  • list items Fees for Visas: Students who want to study abroad must apply for and receive a visa, which carries a specific cost.
  • list items Insurance Premium: Students can choose to pay for insurance coverage even if it is not required. In the event of unforeseen events like death or permanent incapacity, this offers protection.
  • list items Miscellaneous charges: This area consists of any other charges that might come up while you're studying, like travel costs, study supplies, and costs associated with projects or assignments.


    • In Lucknow and exploring education loan options? GyanDhan is your go-to platform, offering a pathway to secure financing for your higher studies in India or abroad. Our education loan experts help you in securing high loan amounts under favourable terms with a track record of higher loan approval rates. We also assist with pre-visa loan disbursement, crucial for your visa application. Best of all? Our expert, end-to-end service comes at absolutely no extra cost to you. Check your loan eligibility on GyanDhan now and take the first step towards realizing your academic dreams.

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