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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.
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:
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:
Let’s see the details of education loan offered by different lenders to working professionals.
Check Your Education Loan Eligibility
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 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:
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.
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.
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.
Queries regarding education loans for experienced professionals? See the discussion forum and raise your queries.
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:
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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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.
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.
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.
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.
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.
Check Your Education Loan Eligibility
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