Check your education loan eligibility
Answer a few questions once and see which lenders you meet the published criteria for — with their rates, collateral limits and processing times side by side.
Not published yet
We don't show rates or ceilings here until a lender's current published terms have been checked and entered. Nothing is estimated.
info Lender list not published yet
We are not showing any lenders here until their current published terms have been checked and entered. Nothing is compared from memory or estimate.
How an education loan works
An education loan pays your tuition and, in most cases, the costs that come with studying — hostel, books, equipment, and for overseas study, travel and insurance. You repay it after you finish, not while you are studying.
Two things decide most of what you are offered: how much you need and who is standing behind the loan with you. Almost every education loan in India needs a co-applicant — usually a parent or guardian — whose income and credit history the lender assesses alongside your course and institution.
Above a certain amount, lenders ask for collateral: property, a fixed deposit or an insurance policy pledged against the loan. Below that amount the loan is unsecured. Where that line falls is the single biggest difference between lenders, which is why it has its own column in the table above.
The moratorium — when repayment starts
You do not start repaying while you are studying. The gap between taking the loan and your first full instalment is the moratorium, and it normally runs for the length of your course plus a further period after it ends, so you have time to find work.
Interest usually still accrues during the moratorium. Some lenders let you pay just the interest through this period — doing so keeps it from being added to the principal, which otherwise means paying interest on interest. Ask any lender you shortlist how they treat it, because the answer changes what the loan costs you overall.
Who lenders will consider
- check_circle You are an Indian citizen with a confirmed admission to a recognised institution.
- check_circle You have a co-applicant — usually a parent or guardian — with a verifiable income.
- check_circle Your academic record meets any minimum the lender publishes. Banks often set none; some NBFCs do.
- check_circle The course is one the lender funds. Not every lender funds every stream, and fewer fund study abroad.
What you will be asked for
- description Your KYC — Aadhaar and PAN.
- description Academic records: Class 10 and 12 marksheets, degree marksheets, and your entrance scorecard.
- description The admission or offer letter from the institution.
- description A fee schedule or cost breakdown from the institution.
- description Co-applicant's income proof — salary slips and bank statements, or ITRs if self-employed.
- description Collateral papers, only where the loan amount requires security.
You send these to the lender directly. MyKollege does not collect or store your identity or financial documents.
Tax relief on the interest — Section 80E
Under Section 80E of the Income Tax Act, the interest paid on an education loan is deductible for whoever repays it — you or your co-applicant. The deduction applies to interest only, not to the principal, and runs for up to eight years from the year repayment begins, or until the interest is fully repaid, whichever comes first. The loan must be taken from a bank or an approved financial institution for higher education.
General information, not tax advice — and it applies to the old tax regime. Check your own position with a tax adviser before you rely on it.
Common questions
Can I get an education loan without collateral? expand_more
Yes, up to the limit each lender publishes — that is the "collateral-free up to" column above. Above that line you will be asked to pledge security. The threshold varies widely between lenders, so it is worth comparing before you assume you need collateral.
Do I need a co-applicant? expand_more
In almost all cases, yes. Lenders assess the co-applicant's income and credit history alongside your admission, because you have no income yet. A co-applicant with a stronger credit record generally improves what you are offered.
When do I start repaying? expand_more
After the moratorium — normally your course length plus a further period once it ends. Interest usually accrues during that time, so ask each lender whether you can service the interest while studying.
Does the college I choose affect my loan? expand_more
It can. Lenders assess the institution and the course alongside you, and some maintain their own lists of institutions they fund more readily. A confirmed admission to a recognised institution is the starting point for any application.
Will applying here affect my credit score? expand_more
No. Checking eligibility on this page is a comparison against criteria lenders publish. Nothing is submitted to any lender and no credit check is run until you choose a lender and apply to them.
Is there any charge for using this? expand_more
No. There is no fee to check eligibility, compare lenders or submit an enquiry. Lenders charge their own processing fees, which they will tell you about directly.
Disclaimer. Indicative only, based on terms each lender publishes. Approval, the final rate and the sanctioned amount are decided solely by the lender after their own assessment. MyKollege is not a lender and does not guarantee any loan. MyKollege is not a bank, an NBFC or a lending intermediary, and receives no part of any interest you pay. Figures shown are each lender's published terms as last checked on the date stated, and can change without notice.
