Education Loan
Funding for higher studies in India and abroad. Section 80E tax deduction on interest paid. Moratorium during the course period. Cover tuition, hostel, books, equipment, travel — full course cost.
Get up to ₹1L – ₹1.5 Cr starting at
Why Choose MahadevX?
Compare 25+ lenders instantly
See offers from every empanelled bank and NBFC side by side. No more visiting branch by branch.
Lowest interest rate guaranteed
Our negotiating power as a top DSA gets you preferential rates that walk-in customers cannot access.
100% digital application
Apply from home in 5 minutes. Document upload, eKYC, and digital signature — no paperwork at all.
Pre-approved offers
For select borrowers with strong credit profile, our partner lenders give you instant pre-approved offers.
No hidden charges
You pay nothing to MahadevX. Lender fees are disclosed upfront in writing before you sign anything.
Cashback on disbursal
Get up to ₹1,000 cashback on your loan disbursal as a welcome reward from MahadevX.
How to Apply for Education Loan Online
Get up to ₹1L – ₹1.5 Cr in 5 simple steps
Enter mobile number
Start with just your phone — we send a one-time OTP to verify.
Personal details
Name, email, and basic contact info — takes 30 seconds.
Loan purpose & amount
Tell us how much and for what — wedding, medical, business, anything.
Compare offers
See best-suited offers from 25+ lenders ranked by approval chances.
Pick & disburse
Choose your offer, complete eKYC, and money in your account in 24–48 hours.
Key Features & Benefits
No Collateral Required
Unsecured personal loans without pledging property, gold, or other assets.
Flexible End Use
Use for medical, travel, wedding, education, debt consolidation, renovation — anything.
Quick Approval & Disbursal
Online process enables instant approval and disbursal in just 30 minutes for eligible customers.
Minimal Documentation
Digital processes mean approval based primarily on income, credit score, and repayment capacity.
Flexible Repayment Tenure
Choose tenures from Up to 15 years based on your monthly cash flow needs.
Improves Credit Score
Adding an unsecured product and repaying it diligently positively impacts your credit profile.
Compare Education Loan Interest Rates from Top Lenders
Interest rates start from 8.85% – 14% p.a.. Final rate depends on your credit score, income, employer profile, and existing liabilities.
Types of Education Loan
Eligibility Criteria
Eligibility may vary across lenders, but most banks and NBFCs use these baseline criteria:
Documents Required
| Requirement | Salaried | Self-employed |
|---|---|---|
| Identity Proof | PAN, Aadhaar, Passport, Voter ID, or Driving License | |
| Address Proof | Aadhaar, Passport, Voter ID, or recent utility bill | |
| Income Proof | Last 3 salary slips, Form 16, last 6 months bank statement | Last 2 years ITR, P&L + balance sheet, last 6 months bank statement |
| Photograph | Recent passport-size photo | |
Fees and Charges
Fees vary by lender and your credit profile. The ranges below cover most banks and NBFCs in our network.
| Processing Fee | Often Nil |
| Prepayment / Foreclosure (Floating Rate) | Nil (RBI mandated) |
| Prepayment / Foreclosure (Fixed Rate) | 2% – 5% of outstanding principal |
| Loan Cancellation | ~₹3,000 |
| EMI / Cheque Bounce | ~₹400 per bounce |
| Penal Charges | 2% per month (24% p.a.) |
| Stamp Duty | As per state actuals |
EMI Calculator
Calculate your EMI for different interest rates, loan amounts and loan tenures, using MahadevX's EMI Calculator.
- 1L
- 25L
- 50L
- 75L
- 1CR
- 4%
- 8%
- 12%
- 16%
- 20%
- 24%
- 5Y
- 10Y
- 15Y
- 20Y
- 25Y
- 30Y
Education Loan in Your City
Frequently Asked Questions
Fill our 4-step apply form (takes 3 minutes), upload basic documents digitally, compare offers from 25+ lenders, pick the best one. Approval in 24 hours, disbursal in 24–48 hours for most cases.
720 or above gives you the best rates. 650–720 gets you decent NBFC offers. Below 650 — we have a few NBFCs that consider applications, but rates are higher and amounts smaller.
No. MahadevX is free for borrowers — we earn commission from the lender post-disbursal, never from you. The lender will charge their own processing fee, which is disclosed upfront.
Pre-approved offers can disburse in 30 minutes. Standard applications take 24–48 hours after document submission. Cases needing physical verification can take 3–5 days.
Yes. Floating-rate loans have zero prepayment charges (RBI mandate). Fixed-rate loans typically charge 2–5% on the outstanding principal. Check the lender sanction letter for exact terms.
Yes — applying with your spouse or parent often increases approval chances and the eligible amount. Both incomes are clubbed for eligibility calculation.
Common reasons: low credit score, inconsistent income, high existing EMI burden. Our team will tell you exactly why, and which lenders may still approve you. We try at least 3 lenders before declaring rejection.
Initial check via MahadevX is a soft enquiry — no score impact. When you select a final lender, they do a hard pull. Multiple hard pulls in a short time can drop your score by 5–10 points temporarily.
Yes. We are DPDP Act compliant, store all PII on India-based servers, never sell your data, and only share with lenders you explicitly authorise. Documents are deleted 90 days after loan closure.
After application, you get a reference number on email and WhatsApp. You can also log into our Borrower Portal anytime to track status, upload pending docs, and see lender responses.