Poonawalla Fincorp Education Loan
Pursue your dreams with Poonawalla Fincorp’s education loans, offering up to ₹3 crore and competitive rates starting at 11.25% p.a.
Overview
Poonawalla Fincorp, a leading NBFC, offers education loans to support students pursuing higher education globally. With loans up to ₹1 crore unsecured and ₹3 crore secured, Poonawalla Fincorp provides 100% financing at competitive rates starting at 11.25% p.a.
Key Features & Benefits
- ✔Loan Amount: Up to ₹1 crore unsecured; ₹3 crore secured.
- ✔Moratorium: Course duration + up to 1 year grace period.
- ✔Repayment Tenure: Up to 15 years.
- ✔No Margin: 100% financing of education costs.
- ✔Rates: Starting at 11.25% p.a., based on profile.
- ✔Instant Sanctions: Up to ₹75 lakh with quick approval.
- ✔No Prepayment Penalty: After 6 EMIs from own funds.
- ✔Tax Benefits: Deduction on interest under Section 80E.
Eligibility Criteria
Student:
- •Indian citizen, aged 18–35 years.
- •Secured admission to a recognized institution.
- •Completed 10+2 with strong academics.
- •Entrance exam scores (GRE, GMAT, TOEFL, IELTS) for abroad studies.
Co-applicant:
- •Mandatory (parents, siblings, spouse, first cousins, parents’ siblings).
- •Indian citizen with stable income and good credit history.
- •Up to 5 co-applicants allowed.
Documents Required
Student:
- •KYC (Aadhaar, PAN, Passport, Voter ID).
- •Academic records (10th, 12th, graduation).
- •Admission letter or proof of application.
- •Entrance exam scores (GRE, GMAT, TOEFL, IELTS).
- •Visa copy (for abroad studies).
- •Course fee structure.
Co-applicant:
- •KYC (Aadhaar, PAN, Passport).
- •Income proof (3 months’ salary slips, 2 years’ ITR, 3–6 months’ bank statements).
- •Statement of assets and liabilities.
Other:
- •Loan application form.
- •Collateral documents (for loans above ₹1 crore).
Interest Rates & Charges
Poonawalla Fincorp offers competitive interest rates with flexible repayment options and minimal charges.
| Loan Type | Interest Rate (p.a.)* | Processing Fee | Collateral |
|---|---|---|---|
| Domestic (unsecured, up to ₹1 crore) | 11.25%–14.00% | Up to 2% + GST (min. ₹5,000) | Not required |
| Abroad (unsecured, up to ₹1 crore) | 11.25%–14.00% | Up to 2% + GST (min. ₹5,000) | Not required |
| Abroad (secured, up to ₹3 crore) | 11.25%–13.50% | Up to 2% + GST (min. ₹5,000) | Required |
*Rates vary based on profile, course, and institute. Contact Poonawalla Fincorp for exact rates.
Application Process
- Submit Inquiry: Fill out our quick online form.
- Expert Guidance: Connect with our loan advisor for Poonawalla Fincorp options.
- Document Prep: Gather documents with our assistance.
- Application: Apply online via Poonawalla Fincorp’s website or app.
- Disbursal: Funds released post-verification, typically within days.