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Education Loan Interest Rates

Education Loan – TCL Retail Prime Lending Rates (TCL RPLR)
 

Effective From TCL RPLR
September 1st 2024 11.50%
May 1st 2024 11.30%

Note: The above PLR will be applicable for the cases disbursed on or after 1st May 2024.
 

Effective From TCL RPLR
March 11th 2024 15.25%
December 22nd 2023 15.00%

Note: The above PLR will be applicable for the cases disbursed before 1st May 2024.

    Penal Charges

  • Penal Charges, if any, in case of delayed payments

    3% per month on overdue amount

  • Dishonour of any cheque/
    payment instruments

    These are those charges that are levied in case of an EMI bounce per instance. In other words, these charges are levied when you miss a loan EMI payment due to inadequate funds in your bank account. At Tata Capital, you’ll be required to pay Rs. 600 per instrument per instance.

  • Mandate Rejection Service Charge

    Charges will be levied if a new mandate form is not registered within 30 days from the date of rejection of the previous mandate form by the borrower’s bank for any reason whatsoever. Tata Capital charges a nominal amount of Rs. 450 + GST.

    Other Charges

  • Foreclosure Charges, if applicable

    NA

  • Charges for switching of loans from floating to fixed rate and vice versa

    NA

  • Part Payment Charges

    NIL

  • Payment Instruments Swapping Charges

    Rs. 550/- per swap instance

  • Cancellation Charges

    NA

  • Duplicate Repayment Schedule

    Rs. 550/-

  • Duplicate NOC

    Rs. 550/- 

  • Outstation Collection Charges

    At Actuals

  • Statement of Account (SOA)

    Customer Portal – Nil

    Branch walk-in – Rs. 250/- 

  • Foreclosure Letter

    Nil

  • Processing Fee

    Upto 2% + applicable taxes

  • For issue of duplicate copy of agreement

    Nil

  • List of Documents
    (LOD) Statement charges

    Nil

  • Provisional Interest certificate charges

    Nil

  • Final Interest certificate charges

    Nil

  • Other Statement request charges

    Nil

  • ROC Charges

    Nil

  • Legal and Technical Charges (incase of secured)

    RS. 5000/-

  • Document retrieval charges (incase of secured)

    Rs. 5,000/-

  • CERSAI Charges (Non Refundable)

    For loans upto ₹ 5 Lacs - ₹ 50 (per filing/modification)

    For loans above ₹ 5 Lacs - ₹ 100 (per filing/modification)

    Or such other charges as may be stipulated by Central Registry from time to time

Education loan Eligibility Criteria

Factor Eligibility
Nationality Indian
Age 18 to 35 years
Qualification Completed 10+2/diploma
To pursue course Graduation/Postgraduate degree or a PG diploma in professional education
University applied to Listed, recognized, and accredited institutes in India and abroad
Basis for loan sanction
  • Pre-admission sanction
  • Entrance exam scores like GRE, GMAT etc.
  • 12th/HSC results
  • Confirmed admission
Loan amount
  • Up to Rs. 85 lakhs unsecured
  • Up to Rs. 2 crores secured
Co-borrower Father, mother, brother, sister, spouse (husband/wife), grandparents, parents-in-law, maternal/paternal uncle
Security Property, fixed deposit, Existing Tata Capital home loan for cross collateral.

Documents Required for Education Loan

You would need a list of documents to apply for an education loan. Click here to check the list.

  • ID Proof: Passport, PAN card
  • Academic documents: 10th mark sheet, 12th mark sheet, available semester mark sheet/transcript, degree, entrance exam scores (GRE, IELTS, TOEFL, GMAT, other)
  • Financial documents: Last 3 months' salary slips, last 2 years' Form 16, last 3 years' ITRs, balance sheets and P&L accounts, business proof, bank statements for the last 6 months.

How To Apply for Student Loans?

1

Online Application for Student Loan

Want maximum convenience when applying for an education loan? Apply online through our website by just filling up your basic details.

2

Document Submission

Post receiving your basic loan eligibility, furnish the required documents to take your application ahead.

3

Verification

We will verify your application and submitted documents.

4

Approval & Sanction

Post approval, the loan is sanctioned.

5

Disbursal

Receive the amount in the bank account - it's that simple!

FAQs on Education Loan Interest Rates

Blogs on Education Loan

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