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Discover ways to get an education loan during your course. Our guide helps you understand options and simplifies the application process.
Are you wondering if you may receive an education loan in your third year or later? The answer is yes, and this article will help you understand how. Many students find they require further financial assistance as they proceed through their courses. Whether it's for tuition or other educational expenditures, this guide makes the process easier, teaching you how to get the money you need to continue your education without worry. We'll help you with everything from reviewing your options to applying for and selecting a repayment plan.
Yes, it is perfectly feasible to obtain an education loan halfway through your academic career. Many students confront the issue of affording their education once classes begin. Financial organizations are aware of these scenarios and consequently provide education loans to students who need financial assistance after starting their studies. Students can discover acceptable financing choices in the middle of their education, whether owing to unanticipated financial issues or the need for more resources to complete their studies. If you opt to take out an education loan midway through your degree, it will cover your future expenditures, and in some situations, a select lenders may also offer you with cash for money that has already been spent.
Education loans are primarily categorized into two types: secured and unsecured.
The market for these loans is enormous, with public banks, private banks, non-banking financial companies (NBFCs), and international lenders all taking part. Each lender provides different terms, interest rates, and loan amounts, so applicants must do a comprehensive examination to locate the greatest fit for their financial circumstances. A simplified outline of them is presented below:
To acquire an education loan, you must meet the qualifying conditions established by each lender. This applies to mid-course student loans as well; there are certain criteria to evaluate. They are:
The basic documentation that would be required for your loan application is as follows:
Documents required from co-applicants:
Different lenders might give you with an education loan to study abroad, even if you require the same course in the middle. GyanDhan can assist you secure an education loan from the following lenders:
Lender Name | Maximum Loan Amount | Rate of Interest |
---|---|---|
Up to 1.5 Cr INR |
Male: 9.15% Female: 8.65% |
|
Up to 1.5 Cr INR |
7.1% - 10.35 % | |
Up to 1.5 Cr INR |
7.5% - 12.25 % | |
Up to 2 Cr INR |
9.5% - 12.5 % | |
Up to 1.5 Cr INR |
10.8% - 13.0 % | |
Up to 1.5 Cr INR |
8.95% - 13.0 % | |
Up to 50 Lakhs INR |
11% - 14.0 % | |
Up to 60 Lakhs INR |
11% - 14.0 % | |
Up to 1.25 Cr INR |
10.25% - 14.5 % | |
Up to 100,000 USD |
9.99% - 13.99 % | |
Up to 100% cost to study |
8.47% - 13.0 % |
Interest rate as of September 2025
Read More About: Understanding Partial Interest in Education Loan
Key considerations when choosing a lender include
The application process for getting an education loan mid-course is quite simple. All you have to do is follow the given steps:
Choosing an appropriate repayment strategy can significantly ease the financial pressure during and after your studies. Here are some ways in which you can start repaying your education loan during your moratorium period only -
Finding financial support midway through your academic journey can seem daunting, but it's entirely achievable. This guide aims to demystify the process, ensuring you have the necessary tools and knowledge at your disposal. For those in their subsequent years of study looking to navigate the complexities of securing an education loan, remember assistance is just a few steps away. Start by checking your loan eligibility on platforms like GyanDhan, where a tailored approach can help simplify your journey towards securing the financial support you need to continue your education.
Loans can have either simple or compounded interest rates, affecting how much you'll end up paying back in total.
Prepayment options are available, but whether there are charges can depend on the lender's policies at the time of prepayment.
Some lenders, like Avanse Financial Services, may charge a one-time processing fee, usually around 1-2% of the total loan amount.
A margin amount is similar to a down payment. However, some lenders may offer up to 100% financing, eliminating the need for a margin amount.
Yes, some lenders can provide funds not only for future expenses but also for expenses already incurred during the course, subject to their terms and conditions.
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