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Education Loan in Vadodara

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Brinda Khurana
Brinda Khurana
Updated on:  24 Jun 2024  | Reviewed By: 
Aman 
| 180 | 9  min read

Students can realise their goals of pursuing higher education in India or outside by choosing from a variety of education loan providers in Vadodara. Depending on a number of variables in their loan application, these loans may total up to $2 Cr. The interest rates for education loans range depending on the course and the country of travel, from 8.5% to 13%.

Students are able to pursue their academic goals because of the financial help provided by non-banking financial companies (NBFCs) and both public and private banks. Continue reading about offers from different lenders to learn more about unique education loan programmes.

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Banks that Provide Education Loan in Vadodara 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 20 lakh 

1% + GST 

Auxilo 

Up to INR 65 lakh 

Up to 2% of the sanctioned loan amount 

Avanse

Up to INR 75 lakh

0.5% - 1.5% 

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

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Banks that Provide Education Loan in Vadodara for Studies in Abroad

State Bank of India 

Up to INR 1.5 cr with collateral 

INR 10,000

Axis Bank

Prime A - INR 50 lakh 

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 2% + GST 

IDFC First Bank

Up to INR 50 lakh without collateral 

Up to 1.5% of the sanctioned loan amount 

Union Bank of India 

Up to INR 1.5 cr (secured) 

Up to INR 40 lakh (unsecured) 

INR 5000

HDFC Credila 

Up to INR 65 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 60 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 Vadodara 

Documents Required of Students Applying

  • list items Admission Letter: A formal record of enrollment at the university or college.
  • list items Loan Application Form: A completed form that our finance professionals have issued for the education loan
  • list items Passport-sized Pictures: Current pictures of the pupil.
  • list items Identity Proof: Real identification papers, like a passport, voter ID, or Aadhar card.
  • list items Address Proof: Records, such as utility bills, passports, or Aadhar cards, attesting to the student's present address.
  • list items Academic History: Mark sheets from qualifying exams, including the tenth and twelveth grades.
  • list items Exams that are competitive: Results of competitive exams, such as the GMAT, TOEFL, GRE, and IELTS
  • list items Statement of Cost of Study: A statement provided by the school that lists all of the costs associated with the courses, including tuition.
  • list items Schedule of Expenses: A breakdown of all the costs associated with the loan, such as books, tuition, and lodging
  • list items A written statement outlining the student's objectives for their education and future is called a statement of purpose.
  • list items Valid birth certificate or diploma from high school can be used as proof of age.
  • list items Income Proof: Records, if any, that show the student's exact income.
  • list items Bank Statements: Usually the previous six months' worth of bank statements.

Documents for the Co-Applicants (spouse, parents, or guardian):

  • list items Part of the loan application for the co-applicant: duly completed and signed by the co-applicant.
  • list items Passport-sized Images: Current images of the co-applicant.
  • list items Identity Proof: Real identification papers, like a passport, voter ID, or Aadhar card.
  • list items Address Proof: Records, such as utility bills, a passport, or an Aadhar card, attesting to the co-applicant's current address.
  • list items Income Proof: To demonstrate the co-applicant's financial standing, provide three months' worth of salary slips, two or three years' worth of Income Tax Returns (ITR), Form 16, a three-year profit and loss account (business proof), etc.
  • list items Bank Statements: Usually the previous six months' worth of bank statements.
  • list items Documents proving your relationship to the applicant, such as a marriage or birth certificate, if relevant.

Property Documents (Collateral, if needed): 

Some lenders could ask for collateral if the loan amount is high. The following documentation pertaining to the property must be turned in:

  • list items Title Deeds: Title to the Property: Purchase Agreement, Sale Agreement, Conveyance Agreement, etc.
  • list items Certificate of Property Valuation: Issued by a certified valuer.
  • list items A certificate of encumbrance attesting to the absence of any debts or liabilities pertaining to the property.
  • list items Property Tax Receipts: As documentation of paid property taxes.
  • list items No Objection Certificate (NOC): issued by the housing society or local government.
  • list items Allotment letter (Vadodara-specific): formal document issued by governmental bodies such as the Vadodara Urban Development Authority (VUDA) 

Additional Records:

  • list items Income Tax Returns: for the previous two to three years, for each co-applicant.
  • list items Evidence for any further debts or obligations that may exist.
  • list items Gap certificate: A statement outlining the cause of the break in study between the previous and current degrees.
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Education Loan Interest Rate in Vadodara for Studies in India 

Bank Name  Interest Rate 

State Bank of India 

Starts from 8.30% 

(0.60% Business strategy discount, 0.50% - for female students and 0.50% - Rinn Raksha)

Axis Bank 

Starts from 11.5% 

ICICI Bank 

Starts from 10.5% -11% 

IDFC First 

Starts from 8.5% - 10% 

UBI 

Starts from 11.15% 

HDFC Credila 

Starts from 10.25% - 12.75% 

Auxilo 

Starts from 11% - 13.5% 

Avanse

Starts from 11% - 13.5% 

InCred 

Starts from 11% - 13.5% 

BOB 

Starts from 8.85% 

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Education Loan Interest Rate in Vadodara for Studies in Abroad

Bank Name  Interest Rate 

State Bank of India 

Starts from 10.15% 

(0.5% concession in interest for female students and 0.5% - Rinn Raksha )

Axis 

9.99% - 12.5% 

ICICI 

10.95% - 12.5% 

IDFC First 

9.5%-11% (secured) 

10.75%-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)

Calculate your Education Loan EMI

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Eligibility Criteria for an Education Loan in Vadodara 

Indian Citizenship: To be eligible for an education loan in Vadodara, an applicant must be an Indian citizen or a resident of India, hold a valid passport, and be in possession of other valid identity documents. This applies regardless of whether the applicant intends to pursue further education in India or elsewhere.

Age Requirements: Applicants must normally be between the ages of 18 and 35 in order to be eligible for an education loan in Vadodara.

Course Eligibility: To guarantee that you get the finest financial support, the courses you choose—including undergraduate, graduate, and doctorate programs—must be approved by prestigious worldwide universities or institutions.

Academic Excellence: During the loan approval process, your exceptional academic record may provide you with a big edge. Scorecards from other competitive tests, such as the GMAT, GRE, TOEFL, IELTS, and others, are also taken into consideration.

Proof of Enrollment: The student must have been accepted into an approved school, either domestically or internationally. Before releasing the full amount of your loan, lenders will consider this.

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List of Expenses Covered by Banks Providing Education Loans in Vadodara 

Course or Tuition costs: The loan pays for the necessary course or tuition costs, which can be paid all at once or in installments. It also covers the entry fees, which are different for each educational institution and must be paid in full to reserve a spot in the course.

Fees for Hostels or Accommodations: The loan covers the cost of hostels or accommodations, guaranteeing students a decent place to live while they study.

Cost of Books and Stationery: The loan pays for the cost of the necessary books and stationery needed for the academic programme.

Travel Cost (Including Air Tickets for Abroad Studies): The loan pays for travel-related costs, such as airline tickets, for students who are studying abroad.

Expenses for Mess and Food: By paying for these costs, the loan guarantees that students will have access to a healthy diet while they are in school.

Expense of Uniform, Projects, and Thesis Work: The loan covers costs associated with academic projects, thesis work, and uniforms.

Cost of Laptop or Computer: To support effective learning and research, the Education Loan provides help with the cost of laptops or computers.

Additional Course-Related Expenses: The Education Loan provides funding to meet additional costs that are directly associated with the course of study.

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.

 

Check Your Education Loan Eligibility

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Permissible Collateral for an Education Loan in Vadodara 

Different assets can be used as collateral to secure an education loan, giving students flexibility and options. The following priceless items might be pledged in support of your academic goals:

Residential Property: You can use your home, flat, or plot of land as security for a student loan. To ensure a smooth transaction, it is necessary to confirm that the property has clear titles and is free of any legal problems.

Commercial Real Estate: Commercial real estate can be a good collateral choice, much as residential real estate. In order to use a business property as collateral, you have to prove that you are the rightful owner and meet all legal requirements.

Fixed Deposits (FDs): Individuals who have made bank investments in FDs may be able to use these as security for student loans. Financial flexibility is typically granted by the sanctioned loan amount, which is typically a specific proportion of the fixed deposit's total value.

Life Insurance plans: When applying for an education loan, the surrender value of life insurance plans may be a useful tool. Lenders typically provide a loan amount determined by a portion of the policy's value, guaranteeing you get the money you need.

Government Bonds: Educational loans can also be secured by government bonds, such as National Savings Bonds or other assets backed by the government. You can confidently follow your academic aspirations by making use of these relationships.

Land and Agricultural Property: If you own land or agricultural property, you can use it as collateral for student loans as long as it satisfies the lender's requirements and is free of liens. These resources provide you more choices when it comes to financing your education. 


In Vadodara 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.