Checkout BANK Offers

Check out special rates, offers & benefits by various banks and financial institutions offering education loans in India.

We help you get the education loan

Our dedicated education loan team will coordinate with financial institutions on your behalf for processing, negotiation and time saving resulting in the lowest interest rates possible and faster outcomes. Be assured about the best support.

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Education Loan Process

Simplify your education loan process with Mysto! Our digital tool streamlines applications, eliminates paperwork, and removes delays. Compare options, upload documents, and track progress—all in one place. Focus on your education while we handle the rest.

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Check Eligibility

Create Loan Proposal on our tool, submit information & documents and get a quick primary assessment response in hours time.

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Submit Application

Submit application to multiple lenders in single request providing you ease of process and better negotiation power.

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Get Approvals

Get quick outcomes, compare the offers and choose the best one fitting your requirements.

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Accept the offer

Complete the formalities and accept the loan offer, be ready to realise your career goals hassle free.

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Basic Eligibility to Apply for Education Loan

  • You should have offer letter or have applied for admission in India or Abroad
  • You should be a citizen of India.
  • You must be over 18 years of age or should take the loan through your parents
  • You are required to have suitable academic profile
  • You and your co borrowers should have required ID and income evidences
Apply Now
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Documents Required to complete Education Loan Process

  • A complete and error free application form(Paper/E-Application)
  • Passport size photographs of both the applicant as well as any co-applicant/s.
  • Photo ID proof provided by the government (Aadhar Card, Voter Card, Driving License, Passport)
  • Proof of residence (Electricity Bill, Municipal Tax Bill)
  • Proof of acceptance to educational institute abroad (Offer Letter from University)
  • Proof of age such as birth certificate
  • PAN Card or form 60
  • Documents for signature verification
  • Academic Records of Qualifications
  • If working, then details of ITR and form 16
  • 2 years ITR with the statement of income, Income certificate from Tehsil/collector's office
  • Property Documents (If Secured Loan)
  • Any technical certifications (Financial Institution may ask for additional documents deemed necessary)
Download the list
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Realise your dreams with Ease of Process.

At Mysto - mystudyoffers.com, we are committed to streamlining your educational journey by offering the best opportunities to save money and minimise your education costs. We provide exceptional support, secure processing, and prompt outcomes for all your education loan applications.

Our team of dedicated professionals, with expertise in education, study abroad consulting, finance, and subject matter fields, understands the complexities and needs of students and parents investing heavily in education. We are here to ensure a seamless and cost-effective experience for you.

Explore our students' testimonials to see how we have successfully assisted others with their education loans.

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Frequently Asked Questions

An education loan is a financial aid provided by banks or financial institutions to help students cover the cost of their education. It generally covers tuition fees, living expenses, and other related costs. The loan must be repaid with interest after the completion of the course or after a specified period.

Eligibility criteria typically include being an Indian citizen, having secured admission to a recognized foreign university, having a good academic record, and meeting the bank's income criteria. Some banks may also require a co-applicant, usually a parent or guardian.

The loan amount varies depending on the bank and the course. Generally, banks offer loans up to the entire cost of education, including tuition fees, travel, and living expenses. Some banks may have a cap on the maximum amount. Currently education loans are available up to 3 Crore depending on the student profile, institution profile and repayment capacity of borrowers/co borrowers and other various factors.

Commonly required documents include proof of admission, academic records, identity proof, address proof, income proof of the co-applicant, and any collateral if applicable.

Interest rates vary between banks and can be either fixed or floating. It’s important to compare rates from different banks and choose the one that best suits your needs.

Collateral requirements depend on the loan amount and the bank’s policies. For higher loan amounts, banks may require collateral like property or fixed deposits. For smaller amounts, some banks may offer unsecured loans. It also depends on the course and admission you have opted for, eg. if you have secured admission in highly ranked institutions, which are listed with the banks, there are fair chances of getting unsecured loans.

Repayment typically starts after a moratorium period, which is usually the duration of the course plus an additional period (e.g., 6-12 months). Repayment is done in equated monthly installments (EMIs) over a period specified by the bank.

Some banks may charge a penalty for prepayment of the loan. It’s important to check the terms and conditions of the loan agreement regarding prepayment and foreclosure charges.

Yes, some banks allow students to apply for a loan even if they are already enrolled in their course. However, it is generally easier to secure a loan before starting the course.

If you are unable to repay the loan on time, the bank may impose penalties or take legal action. It may damage your credit records creating adverse effects on your future loan applications. It’s important to communicate with the bank if you face any difficulties in repayment. Some banks offer restructuring options or temporary relief in case of financial hardship.

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