Education Loan

Education Loan for Working Professionals

Education Loan for Working Professionals

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Get details of education loans for working professionals here. Know the details of study-abroad education loans for working professionals from different lenders.

vishakha Bhagia
Updated on:  25 Oct 2023  | Reviewed By: 
| 7.24K | 6  min read
Can working professionals get an education loan to study abroad


Upskilling is key to professional growth in today's dynamic world. For working professionals seeking part-time, distance, or full-time courses, education loans provide crucial financial support without draining savings.

Working professionals hold several advantages in the eyes of lenders:

  • list items Enhanced earning potential: Their expertise and experience make them more likely to receive salary increments and promotions.
  • list items Assured income source: Stable employment improves their creditworthiness, though some lenders may require interest deposits before loan disbursement.
  • list items Lower risk of loan default: With an established credit history, their chances of loan approval are higher.

Do lenders in India provide education loans for working professionals?

Yes, a few Indian banks, such as, Axis Bank, ICICI Bank, and Indian Bank offer education loans for working professionals. NBFCs like Avanse too offer education loans for working professionals. 

The following are some of the advantages lenders see in a working professional: 

  • list items Better earning potential: Since working professionals have relevant experience and expertise in the field, the chances are more for salary increments and promotions.
  • list items Assured income source: Working professionals have a stable source of income, and that benefits their creditworthiness compared to unemployed applicants. However, some lenders demand that applicants deposit the interest amount prior to loan disbursement. 
  • list items Lower risk of loan default: Applicants with a job or work experience pose a lesser risk of loan default as they have an established credit history. When the creditworthiness and financial history are convenient, the applicant has more chances of getting a loan application accepted.

Let’s see the details of education loan offered by different lenders to working professionals. 

Check Your Education Loan Eligibility


Education loan options For working professionals

In India, many banks in the public and private sectors offer education loans to working professionals, and some of them are listed below: 

Apart from these banks, you can apply for education loans offered by any banks with the added advantage of work experience to your profile.

Let’s see the details of education loan schemes by banks listed above for working professionals: 

Axis Bank education loan for working professionals

Axis bank offers education loans for applicants with prior work experience to study in India and abroad at an interest rate of 13.70%. The details of education loans by Axis bank for working professionals are given below: 

  • list items Unsecured Loan up to INR 40 Lakhs
  • list items No requirement of a co-applicant
  • list items Loan repayment tenure will be up to 10 years

ICICI Bank education loan for experienced professionals

ICICI bank’s work experience based education loan is beneficial for applicants who secure admission to a university or college listed by the bank for degree or diploma courses. At the time of application the applicant must have a minimum of 3 years work experience. 

  • list items Collateral free education loans up to INR 1 Cr is possible if the admission is to a premium institute in ICICI list.
  • list items The interest rate is 11.78% per annum
  • list items Repayment tenure is 8 - 12 years + 6 months, including course years
  • list items Applicants need to pay a fixed deposit of the amount equivalent to the interest to be paid in the moratorium period

Indian Bank education loan for working professionals

Indian Bank offers education loans to experienced professionals who want to study management courses like MBA. Eligible applicants must have secured admission to an institution in the Premium or Prime categories of the Indian Bank. 

  • list items Minimum 3 years of work experience is required
  • list items Interest rate for abroad education loans is 15% - 20%

Avanse Executive Education Loans

Avanse is an NBFC offering education loans for working professionals. However, you can apply for an education loan from other NBFCs since you have the relevant work experience in your field of study. Avanse executive education loans help eligible applicants with 100% funding for academic and living costs. Avanse loans are flexible for the customer and cover 50+ countries and 27,000 courses.

  • list items Applicants of an MBA or a postgraduate diploma course are eligible
  • list items Current interest rate is 14.25% (w.e.f. 01.05.2023)


Queries regarding education loans for experienced professionals? See the discussion forum and raise your queries. 


Documents required for education loans from working professionals

Submitting proper documents is crucial to prove your work experience and permanent employee status in a central or state government institution or reputed MNC, public sector, or private sector company. Apart from the basic documents required for an education loan, the documents you must submit include the following: 

  • list items Form 16 or ITR and 3 month salary slip, showing work experience of the last 2 - 3 years (minimum required years of work experience)
  • list items Proof of permanent employee status
  • list items Letter of consent from the employer
  • list items Admission letter to the program of study. Generally, education loans for working professionals are provided for part-time or distance learning programs
  • list items Bank statement of your fixed deposit


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There can be case-specific additions or deletions in the list of documents required. Once you submit the documents, it won’t take much time to process your application. Keep in touch with the lender for timely updates regarding the loan sanction and disbursement. 

According to your eligibility and convenience, the education loan for working professionals can be availed from banks such as Axis Bank, ICICI Bank, Indian Bank, etc., or from an NBFC like Avanse. In general, having a minimum of 2 - 3 years of work experience and a fixed deposit is crucial to get an education loan dedicated to working professionals. 

If you are a working professional planning to take an education loan, but confused about which to choose, here’s your help - check your education loan eligibility right now.

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Frequently asked questions

Is a salary slip mandatory to get an education loan for working professionals?

The salary slip is crucial for a working professional to get an education loan through experience-based schemes as the lender needs proof of your past earnings to determine your eligibility.

Is there any prior deposit needed to get an experience-based education loan?

Some lenders may require you to deposit a prior amount, like the interest to be accrued, before the loan disbursement. But the requirement may vary depending on the lender, and you must contact your lender for information regarding prior deposit. 

Working professionals from what fields can apply for an education loan? 

Education loans for working professionals mandate that higher education must be related to the same field of work and past study. Such customized education loans for professionals are available for higher studies in IT, management, STEM, hospitality, etc. If you need to study a subject different from your working field, you may apply for eligible general education loans from banks, NBFCs, and international lenders, and not for schemes specialized for working professionals.

What is the minimum work experience required for education loans for working professionals? 

In general, it can vary from 2 - 3 years, although the minimum work experience requirement may vary depending on the lender and your field of work.

Can government employees take long leave and apply for education loans?

Government employees with more than 5 years of experience are allowed to take leave for higher education. They can apply for education loans for higher studies.

Check Your Education Loan Eligibility


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