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Education Loan in Ludhiana

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Brinda Khurana
Brinda Khurana

Study Abroad Expert

Updated on:  21 Nov 2024 | 
Reviewed By:  Aman  
| 522 | 59  min read

Students can explore an array of educational possibilities in the energetic city of Ludhiana. Whether a student wants to go overseas or continue their studies in India, a variety of education loan companies can now make their dreams come true. The available loan amounts, which can reach up to 2 crore, are customised to meet each borrower's needs and are based on a number of variables that are looked at throughout the loan application process.

The interest rates for education loans, an essential component of any loan, range from 8.5% to 13%, depending on the particular programme of study and the fascinating country that the students have selected as their destination. This flexibility guarantees that borrowers can select a plan that precisely matches their financial resources.

Financial support is kindly provided by public and commercial banks as well as Non-Banking Financial Companies (NBFCs). Now, let's examine the alluring deals that different lenders are offering. 

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Education Loan Providers in Ludhiana 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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Education Loan Providers in Ludhiana 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 
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Documents Required for an Education Loan in Ludhiana 

Important Documents for Applicants:

  • list items Admission Confirmation: A formal letter from the selected school confirming your acceptance.
  • list items Education Loan Application Form: Our financial specialists have prepared a thorough application form to streamline the loan request procedure.
  • list items Passport size photographs: Current pictures of the learner.
  • list items Evidence of Identity: legitimate identity credentials, like a voter ID, passport, or Aadhar card.
  • list items Verification of Address: Records attesting to the student's present residence address, such as utility bills, passports, or Aadhar cards.
  • list items Educational Records: Records of qualifying tests as well as 10th and 12th grades.
  • list items Competitive Exam Scores: If applicable, the outcomes of tests like the GMAT, TOEFL, GRE, and IELTS.
  • list items Expense Breakdown: An extensive list classifying several aspects of the loan, such as tuition, housing, and other costs.
  • list items A written declaration of the student's goals for their studies and career is called a statement of purpose.
  • list items Valid birth certificate or diploma from high school is required for age verification.
  • list items Income Verification: If applicable, pertinent documentation pertaining to income.
  • list items Bank Records: Usually the latest six months' worth of bank statements.

    • Necessary Documents for Co-Applicants (Parents, Guardians, and Spouse):

  • list items Co-Applicant Form: A correctly filled-out form with the co-applicant's signature.
  • list items Passport-sized Images: Current passport-sized images of the co-applicant.
  • list items Verification of identity: Accurate identifying papers such as a passport, voter ID, or Aadhar card.
  • list items Address Proof: Records, such as utility bills or an Aadhar card, attesting to the co-applicant's present living address.
  • list items Income Validation: As a measure of the co-applicant's financial capacity, income validation materials may include salary slips from the preceding three months, Income Tax Returns (ITR) for the last two or three years, Form 16, Profit and Loss Account for the previous three years (for business proof), etc.
  • list items Bank Statements: Typically, bank statements provide information for the six months prior.
  • list items Relationship Proof with the Student: official records, like a marriage or birth certificate, if relevant.

    • Essential Property Records (if needed):

    These property-related documents are essential for large loan amounts that require collateral:

  • list items Property Title Deeds: Title papers pertaining to ownership, conveyance, sale, and other paperwork.
  • list items Certificate of Property Valuation: Evaluation carried out by an accredited valuer.
  • list items A certificate of encumbrance attests to the property's status as unencumbered.
  • list items Proof of Property Tax Payment: Verification of the settlement for property taxes.
  • list items No Objection Certificate (NOC): Obtained from housing society or local government.
  • list items Allotment Letter (Ludhiana Specific): A formal letter sent by the Greater Ludhiana Area Development Authority (GLADA) or another government agency.

    • Further documentation (upon request):

  • list items Income Tax Returns: For co-applicants for the two to three years prior, they are required.
  • list items Verification of Current Debts: All records relating to current debts or financial obligations.
  • list items Attestation of Academic Vacancies: A statement explaining any breaks between previous and present coursework.
    • Sprinkles

    Education Loan Interest Rate in Ludhiana 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
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    Education Loan Interest Rate in Ludhiana 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
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    Eligibility Criteria for an Education Loan in Ludhiana 

  • list items Indian Citizenship: In order to be eligible for an education loan in Ludhiana, a student must be a resident of India or possess a valid passport, among other identity documents, proving their Indian citizenship.
  • list items Age Requirements: Candidates asking for a Ludhiana education loan must normally be between the ages of 18 and 35.
  • list items Qualification for Academic Work: Applicants who have stellar academic records during the loan process will always have an advantage. In addition to numerous other advantages, they can receive larger loans with reduced interest rates. Furthermore, having scorecards from competitive tests such as the GRE, GMAT, IELTS, TOEFL, and so on would further enhance your advantages. 
  • list items Enrollment proof: Lenders consider the fact that borrowers have been accepted into reputable, accredited institutions and universities in India or overseas while processing loans or disbursing funds. 
    • Sprinkles

    Expenses Covered by banks and NBFCs under Education Loan in Ludhiana 

  • list items Course Fees: The education loan covers the price for the required foundational courses. This includes payments made up front, over time, or even entry fees to guarantee a spot in the selected course of study. These can vary depending on the institution.
  • list items Charges for Hostels or Accommodations: The loan's financial support includes reimbursement for these costs. This guarantees that students will have a decent place to live while they study.
  • list items Funding for Books and Stationery: The loan ensures that students have the resources they need to learn by covering the cost of books and stationery that are important for the academic curriculum.
  • list items Travel Expenses (Including airline for International Studies): The loan covers travel expenses, including airline, for students studying overseas, making it more affordable to pursue higher education abroad.
  • list items Coverage for Mess and Food: The loan covers mess and food costs, guaranteeing students a healthy diet throughout their academic career.
  • list items Assistance with Thesis, Projects, and Uniforms: The loan's financial support helps students finish their education by paying for academic projects, thesis work, and uniforms.
  • list items Provision of a Laptop or Computer: The Education Loan provides funding for the purchase of laptops or computers, which promotes efficient research and learning activities.
  • list items Additional Course-Associated Expenses: The Education Loan provides additional support to pay for additional necessary costs that are directly related to the selected course of study. This guarantees a thorough system of financial assistance for the educational needs of pupils.

    • It is critical to thoroughly examine the loan terms and conditions to determine what expenses are covered in education loan. The lender may have certain rules or limits regarding how the loan might be used.

    Calculate your Education Loan EMI

    Click Here
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    Permissible Collaterals for an Education Loan in Ludhiana 

  • list items Residential Property: You can use your flat, home or plot of land in Ludhiana as security for an education loan. For the collateral procedure to proceed smoothly, it is essential to confirm that the property is free from legal problems and has clear titles.
  • list items Commercial Real Estate: Like residential real estate, commercial real estate can be a good option for collateral. You must prove unequivocal ownership of a commercial property and follow all legal procedures in order to leverage it.
  • list items Fixed Deposits (FDs): You can use your bank-owned fixed deposits as collateral for an education loan if you have made any investments in them. You are typically granted financial flexibility when the loan amount sanctioned is either a specific percentage or the entire value of the fixed deposit.
  • list items Life Insurance plans: When applying for an education loan, the surrender value of life insurance plans may be a useful tool. Lenders usually provide a loan amount determined by a portion of the policy's value, guaranteeing you get the money you need.
  • list items Government Bonds: National Savings Bonds and other government-backed securities, as well as government bonds, may be used as collateral for student loans. Making use of these connections gives you the courage to follow your academic goals.
  • list items Land or Agricultural Property: Provided you fulfill the lender's conditions and make sure your assets are free of any liens, you may use your land or agricultural property as collateral for student loans. These resources provide you with more options for paying your education in Ludhiana.


    • In Ludhiana 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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