NBFC
Poonawalla Fincorp
Education Loan
A second NBFC quote on unsecured or partly secured files.
Check Poonawalla eligibilityNBFC quotes move with the profile. Section 80E applies only if the lender is notified.
What to know
- Education loans for higher studies, priced on the profile.
- Faster than a branch-led public-sector file.
- Read the processing fee and the prepayment rule on the term sheet.
Terms
- Interest
- Profile-based
- Maximum
- Profile-based. Often larger than a public-sector unsecured loan.
- Without collateral
- Higher than the IBA cap, if the profile fits
- Tenure
- Up to 10–15 years, by product
- Processing fee
- Typically 1% or more, plus GST.
- Margin
- Often nil.
- Moratorium
- Course period plus a grace period. Simple interest is often charged during study.
- Girl student
- Not a standard concession. Ask on the quote.
- Typical speed
- About 2–7 working days
- Covers
- India and abroad
Eligibility
- Indian national, or an OCI where the lender allows it, with an admission offer.
- A co-applicant, usually a parent or guardian.
- Acceptable credit on the co-applicant for anything above the unsecured cap.
Documents
- Admission letter or college allotment, plus the fee structure.
- KYC for the student and co-applicant: PAN, Aadhaar, and passport-size photographs.
- Academic records: Class 10, Class 12, and degree marksheets.
- Co-applicant income proof: salary slips or ITR, and six months of bank statements.
- Collateral papers only when the loan is above the unsecured limit.
The bank or NBFC sanctions the loan. This page is a briefing so you can compare, not an offer.