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Raghuvamshi Kanukruthi
Apr 22, 2024

Explore Aditya Birla Education Loan: Simplified application process and competitive interest rates. Start your educational journey with ease!

About Aditya Birla Education Loan

Today, the world values ​​education as it opens up possibilities and shapes the future. However, with the growing cost of education in India, many aspirants are struggling to pursue their academic aspirations. The excessive price of tuition, rent, and resources makes it difficult for low-earnings students to pay. If you want to finance your education, Aditya Birla Education Loan is an attractive choice you must know.

Sponsored by the Aditya Birla Group, this education financing facilitates college students to pursue better schooling in India or overseas. With flexible repayment terms and competitive interest rates, the Aditya Birla finance education loan aims to make first-class schooling accessible to students. Let's explore the features, benefits, eligibility, and application process of Aditya Birla capital education loan.

Features of Aditya Birla Capital Education Loan

The Aditya Birla Education Loan finances several Indian and international courses and programs. The competitive interest rates are among its best characteristics, which reduce the financial stress on students and their families. 

In consideration of the reality that every scholar's economic situation is distinct, the Aditya Birla Education Loan provides adaptable repayment options. Besides all these, it also offers a suitable moratorium length, which permits debtors to pay EMI on their academic pastimes without the imminent burden of reimbursement.

Click here for Higher Chances of Approval than Banks - Propelld Education Loan

Benefits of Aditya Birla Education Loan

From competitive interest rates to repayment options, every feature of Aditya Birla's education loan is designed for varying student needs. It not only helps you get the desired capital to fund your education but also focus on your study without repayment worries. The most important features of Aditya Birla finance education loan are as follows:

Details Information
Loan Limit Maximum loan limit: up to ₹ 50 lacs
(Depending on the profile, you can also get a greater amount)
Repayment Duration Up to 7 years
Interest Rate Starts from 10.99%
Expenses Covered Provides up to 100% finance on:
- Tuition fees
- Rent
- Passage coverage
Co-applicant Someone with a good credit history
Moratorium Period No moratorium period
(EMIs will begin as soon as the educational loan is disbursed.)
Collateral Not needed

You must know that the education loan by Aditya Birla falls under the personal loan category. It implies that there will be no moratorium period for the student loan. The loan EMI will start right after the amount is disbursed.

Aditya Birla Education Loan Interest Rate

As it has abroad, the quality of education has significantly improved in India, as well. However, so have the costs associated with the quality of education in India. Besides helping students cover these expenses, the Aditya Birla Education Loan ensures that it is affordable to students. That is why the Aditya Birla Education Loan interest rate starts from 10.99%.

Aditya Birla Finance allows you to calculate the EMI based on the interest and student loan amount needed. The Aditya Birla education loan EMI calculator is available on its official website. During the calculation, it takes the loan amount, moratorium period, and interest rate into consideration.

Aditya Birla Education Loan Eligibility Criteria

To be eligible for an Aditya Birla education loan, you must fulfill specific criteria. This criteria not only makes you eligible for the loan but also ensures a successful and swift approval process.

  1. Students applying for the education loan must be a resident of India.
  2. You must offer a regular income source, whether in a salaried or self-employed business.
  3. The aspirants must be a minimum of 21 years old and a maximum of 60. 
  4. If you are a salaried student, you must be drawing a minimum of ₹15,000 per month. If you are working in major cities (Mumbai, Delhi, Bangalore, Chennai, Pune, Kolkata, Hyderabad, and more), the salary must be more than ₹20,000 per month.
  5. Your credit score and history must be good.
  6. Your educational background, the college you have been admitted to, and college fees are also important.

Aditya Birla Education Loan Processing Fee

Like any other loan, the Aditya Birla finance education loan is also exposed to processing fees. Students must pay this education loan processing fee at or before the time of disbursal. It is levied only upon the approval of the loan application.

Because of its flexible collateral criteria, the Aditya Birla Education Loan is accessible to a wide range of candidates. With no collateral needed, students from all backgrounds can receive loans up to ₹4 lakhs and gain academic admission. In order to guarantee loans ranging from ₹4 lakhs to ₹7.5 lakhs, a collateral accomplice may be required. However, an asset is needed for protection in the event that the loan amount exceeds ₹7.5 lakhs.

Required Documents for Aditya Birla Education Loan

Documents are an important element of Aditya Birla's education loan. They not only decide your eligibility but also ensure swift processing. You must possess these documents and get them together before filing an education loan.

Identity and Address Proof Documents

  1. Pan card
  2. Aadhar card
  3. Driving license 
  4. Passport

If the Co-applicant is a Salaried Individual

  1. 6 months bank statement
  2. Salary Slip (latest 3 months)
  3. Bank KYC documents
  4. ITR (Latest 2 years)
  5. Form 16 (past 2 years)

If Co-applicant is Self Employed Individual

  1. GST number
  2. Business registration certificate
  3. ITR (Latest 2 years)
  4. Balance sheet (with Profit and loss account)
  5. Tax challans for Income declared in ITR
  6. TDS certificate (form 16A) 
  7. Clearance certificate or IT assessment

Additional Documents

  1. Completed application form
  2. Admission verification and course information
  3. Academic mark sheets
  4. Any additional supporting materials that ABFL may request
  5. Copies of passports (for studying abroad)

Application Process of Aditya Birla Education Loan

The application procedure for the Aditya Birla Education Loan is thorough and detailed, with the intention of providing students and their families with a seamless experience. ABFL provides a variety of application channels to accommodate a wide range of preferences and accessibility requirements. 

Step 1: Choose Your Application Channel 

Through the following channels, you can begin the Aditya Birla Education Loan application process:

  • Online Application: Applicants who are proficient with technology can easily complete and submit their loan applications through ABFL's website, which is designed to be user-friendly. 
  • Branch Visit: For a more individualized experience, prospective clients may visit any of ABFL's branches throughout India. There, they will be assisted by committed representatives throughout the application procedure. 

Step 2: Gather Required Documents

Before continuing with your application, ensure that you have gathered all of the required materials. Typical supporting documents consist of academic records, admission verification, evidence of identity and address, income documentation, and any other pertinent documents.

Step 3: Submit Your Application

After selecting your preferred application channel, proceed to provide precise and accurate information on the application form. Clear instructions and guidance will be furnished by ABFL's representatives or through their online portal in order to facilitate a seamless submission process.

Step 4: Document Verification and Approval

Upon receipt of your application, the ABFL team will conduct a comprehensive examination of the documents you have submitted and evaluate your eligibility according to the established criteria. This procedure may entail the submission of supplementary document inquiries or clarifications in order to guarantee a thorough assessment. 

Step 5: Loan Disbursal

Your Aditya Birla Education Loan application will be processed for disbursement by ABFL once it has been approved. The monetary resources will be expeditiously and securely deposited into the designated account or educational institution, guaranteeing smooth and uninterrupted financial backing for your scholarly pursuits.

Step 6: Customer Support and Assistance

For any questions or worries you may have about the Aditya Birla Education Loan, ABFL provides customer support services throughout the application process. You can communicate with their well-informed representatives via a multitude of channels.

Aditya Birla Education Loan Repayment Process

To make repayment easier on students, Aditya Birla Finance offers 7 years to pay back the loan balance. This provides enough time for students to repay the loan. However, you can also pay it early if you want to reduce the interest amount.

Let's understand how Aditya Birla education loan repayment works with an example. Assume that you take an unsecured student loan of 30 lakhs at an interest rate of 12% and plan on repaying it in 10 years.

Repayment Stage EMI Interest Portion Principal Portion Loan Outstanding
Start of loan EMI 42,897 24,507 18,390 3,441,407
End of year 1 42,897 23,022 19,874 3,230,318
End of year 2 42,897 21,265 21,631 2,980,555
End of year 3 42,897 19,353 23,543 2,708,715
End of year 4 42,897 17,273 25,624 2,412,847
End of year 5 42,897 15,008 27,889 2,090,828
End of year 6 42,897 12,542 30,354 1,740,344
End of year 7 42,897 9,859 33,037 1,358,881
End of year 8 42,897 6,939 35,957 943,700
End of year 9 42,897 3,761 39,136 491,821
End of year 10 42,897 302 42,595 0

Improve Your Chances of Successful Education Loan with Propelld

At Propelld, we understand the challenges students face when financing their education. That is why Propelld offer tailored financing solutions to fuel their dreams and support their spirit. We achieve this with the extensive partners we have.

We are committed to supporting your education journey by eliminating all the worries related to financing. We also ensure that it doesn't get between your studies. We offer:

  1. Extensive Partners: Our extensive finance partners are willing to support the dream of every student with swift and easy financing.
  2. Loan Experts: Our dedicated experts will not only help you get an education loan successfully but also negotiate the terms and rates.
  3. Income Share Agreement: The agreement ensures no hindrance to your study by allowing you to pay only when you get a job.
  4. Super Easy Loan Process: Our entire loan process is digital, which ensures seamless and successful application.

Final Takeaways

The pursuit of higher education is a life-changing decision that enables students to realize their complete capabilities. Despite this, escalating educational expenses frequently present formidable financial obstacles. The Aditya Birla Education Loan presents itself as a promising resolution, providing a holistic approach to reconcile the divide between ambitions and financial limitations.

If you are looking to finance your education in India or abroad, Propelld will help you get a successful education loan. With an extensive selection of qualifying courses and a streamlined application procedure, Propelld ensures to accommodate the varied needs of students. With tailored financing solutions, we ensure that you focus on your education without worrying about student loans.

Aditya Birla Education Loan: Application Process & Interest

Raghuvamshi Kanukruthi
April 22, 2024
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Shivam Bhardwaj
March 15th 2022

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About Aditya Birla Education Loan

Today, the world values ​​education as it opens up possibilities and shapes the future. However, with the growing cost of education in India, many aspirants are struggling to pursue their academic aspirations. The excessive price of tuition, rent, and resources makes it difficult for low-earnings students to pay. If you want to finance your education, Aditya Birla Education Loan is an attractive choice you must know.

Sponsored by the Aditya Birla Group, this education financing facilitates college students to pursue better schooling in India or overseas. With flexible repayment terms and competitive interest rates, the Aditya Birla finance education loan aims to make first-class schooling accessible to students. Let's explore the features, benefits, eligibility, and application process of Aditya Birla capital education loan.

Features of Aditya Birla Capital Education Loan

The Aditya Birla Education Loan finances several Indian and international courses and programs. The competitive interest rates are among its best characteristics, which reduce the financial stress on students and their families. 

In consideration of the reality that every scholar's economic situation is distinct, the Aditya Birla Education Loan provides adaptable repayment options. Besides all these, it also offers a suitable moratorium length, which permits debtors to pay EMI on their academic pastimes without the imminent burden of reimbursement.

Click here for Higher Chances of Approval than Banks - Propelld Education Loan

Benefits of Aditya Birla Education Loan

From competitive interest rates to repayment options, every feature of Aditya Birla's education loan is designed for varying student needs. It not only helps you get the desired capital to fund your education but also focus on your study without repayment worries. The most important features of Aditya Birla finance education loan are as follows:

Details Information
Loan Limit Maximum loan limit: up to ₹ 50 lacs
(Depending on the profile, you can also get a greater amount)
Repayment Duration Up to 7 years
Interest Rate Starts from 10.99%
Expenses Covered Provides up to 100% finance on:
- Tuition fees
- Rent
- Passage coverage
Co-applicant Someone with a good credit history
Moratorium Period No moratorium period
(EMIs will begin as soon as the educational loan is disbursed.)
Collateral Not needed

You must know that the education loan by Aditya Birla falls under the personal loan category. It implies that there will be no moratorium period for the student loan. The loan EMI will start right after the amount is disbursed.

Aditya Birla Education Loan Interest Rate

As it has abroad, the quality of education has significantly improved in India, as well. However, so have the costs associated with the quality of education in India. Besides helping students cover these expenses, the Aditya Birla Education Loan ensures that it is affordable to students. That is why the Aditya Birla Education Loan interest rate starts from 10.99%.

Aditya Birla Finance allows you to calculate the EMI based on the interest and student loan amount needed. The Aditya Birla education loan EMI calculator is available on its official website. During the calculation, it takes the loan amount, moratorium period, and interest rate into consideration.

Aditya Birla Education Loan Eligibility Criteria

To be eligible for an Aditya Birla education loan, you must fulfill specific criteria. This criteria not only makes you eligible for the loan but also ensures a successful and swift approval process.

  1. Students applying for the education loan must be a resident of India.
  2. You must offer a regular income source, whether in a salaried or self-employed business.
  3. The aspirants must be a minimum of 21 years old and a maximum of 60. 
  4. If you are a salaried student, you must be drawing a minimum of ₹15,000 per month. If you are working in major cities (Mumbai, Delhi, Bangalore, Chennai, Pune, Kolkata, Hyderabad, and more), the salary must be more than ₹20,000 per month.
  5. Your credit score and history must be good.
  6. Your educational background, the college you have been admitted to, and college fees are also important.

Aditya Birla Education Loan Processing Fee

Like any other loan, the Aditya Birla finance education loan is also exposed to processing fees. Students must pay this education loan processing fee at or before the time of disbursal. It is levied only upon the approval of the loan application.

Because of its flexible collateral criteria, the Aditya Birla Education Loan is accessible to a wide range of candidates. With no collateral needed, students from all backgrounds can receive loans up to ₹4 lakhs and gain academic admission. In order to guarantee loans ranging from ₹4 lakhs to ₹7.5 lakhs, a collateral accomplice may be required. However, an asset is needed for protection in the event that the loan amount exceeds ₹7.5 lakhs.

Required Documents for Aditya Birla Education Loan

Documents are an important element of Aditya Birla's education loan. They not only decide your eligibility but also ensure swift processing. You must possess these documents and get them together before filing an education loan.

Identity and Address Proof Documents

  1. Pan card
  2. Aadhar card
  3. Driving license 
  4. Passport

If the Co-applicant is a Salaried Individual

  1. 6 months bank statement
  2. Salary Slip (latest 3 months)
  3. Bank KYC documents
  4. ITR (Latest 2 years)
  5. Form 16 (past 2 years)

If Co-applicant is Self Employed Individual

  1. GST number
  2. Business registration certificate
  3. ITR (Latest 2 years)
  4. Balance sheet (with Profit and loss account)
  5. Tax challans for Income declared in ITR
  6. TDS certificate (form 16A) 
  7. Clearance certificate or IT assessment

Additional Documents

  1. Completed application form
  2. Admission verification and course information
  3. Academic mark sheets
  4. Any additional supporting materials that ABFL may request
  5. Copies of passports (for studying abroad)

Application Process of Aditya Birla Education Loan

The application procedure for the Aditya Birla Education Loan is thorough and detailed, with the intention of providing students and their families with a seamless experience. ABFL provides a variety of application channels to accommodate a wide range of preferences and accessibility requirements. 

Step 1: Choose Your Application Channel 

Through the following channels, you can begin the Aditya Birla Education Loan application process:

  • Online Application: Applicants who are proficient with technology can easily complete and submit their loan applications through ABFL's website, which is designed to be user-friendly. 
  • Branch Visit: For a more individualized experience, prospective clients may visit any of ABFL's branches throughout India. There, they will be assisted by committed representatives throughout the application procedure. 

Step 2: Gather Required Documents

Before continuing with your application, ensure that you have gathered all of the required materials. Typical supporting documents consist of academic records, admission verification, evidence of identity and address, income documentation, and any other pertinent documents.

Step 3: Submit Your Application

After selecting your preferred application channel, proceed to provide precise and accurate information on the application form. Clear instructions and guidance will be furnished by ABFL's representatives or through their online portal in order to facilitate a seamless submission process.

Step 4: Document Verification and Approval

Upon receipt of your application, the ABFL team will conduct a comprehensive examination of the documents you have submitted and evaluate your eligibility according to the established criteria. This procedure may entail the submission of supplementary document inquiries or clarifications in order to guarantee a thorough assessment. 

Step 5: Loan Disbursal

Your Aditya Birla Education Loan application will be processed for disbursement by ABFL once it has been approved. The monetary resources will be expeditiously and securely deposited into the designated account or educational institution, guaranteeing smooth and uninterrupted financial backing for your scholarly pursuits.

Step 6: Customer Support and Assistance

For any questions or worries you may have about the Aditya Birla Education Loan, ABFL provides customer support services throughout the application process. You can communicate with their well-informed representatives via a multitude of channels.

Aditya Birla Education Loan Repayment Process

To make repayment easier on students, Aditya Birla Finance offers 7 years to pay back the loan balance. This provides enough time for students to repay the loan. However, you can also pay it early if you want to reduce the interest amount.

Let's understand how Aditya Birla education loan repayment works with an example. Assume that you take an unsecured student loan of 30 lakhs at an interest rate of 12% and plan on repaying it in 10 years.

Repayment Stage EMI Interest Portion Principal Portion Loan Outstanding
Start of loan EMI 42,897 24,507 18,390 3,441,407
End of year 1 42,897 23,022 19,874 3,230,318
End of year 2 42,897 21,265 21,631 2,980,555
End of year 3 42,897 19,353 23,543 2,708,715
End of year 4 42,897 17,273 25,624 2,412,847
End of year 5 42,897 15,008 27,889 2,090,828
End of year 6 42,897 12,542 30,354 1,740,344
End of year 7 42,897 9,859 33,037 1,358,881
End of year 8 42,897 6,939 35,957 943,700
End of year 9 42,897 3,761 39,136 491,821
End of year 10 42,897 302 42,595 0

Improve Your Chances of Successful Education Loan with Propelld

At Propelld, we understand the challenges students face when financing their education. That is why Propelld offer tailored financing solutions to fuel their dreams and support their spirit. We achieve this with the extensive partners we have.

We are committed to supporting your education journey by eliminating all the worries related to financing. We also ensure that it doesn't get between your studies. We offer:

  1. Extensive Partners: Our extensive finance partners are willing to support the dream of every student with swift and easy financing.
  2. Loan Experts: Our dedicated experts will not only help you get an education loan successfully but also negotiate the terms and rates.
  3. Income Share Agreement: The agreement ensures no hindrance to your study by allowing you to pay only when you get a job.
  4. Super Easy Loan Process: Our entire loan process is digital, which ensures seamless and successful application.

Final Takeaways

The pursuit of higher education is a life-changing decision that enables students to realize their complete capabilities. Despite this, escalating educational expenses frequently present formidable financial obstacles. The Aditya Birla Education Loan presents itself as a promising resolution, providing a holistic approach to reconcile the divide between ambitions and financial limitations.

If you are looking to finance your education in India or abroad, Propelld will help you get a successful education loan. With an extensive selection of qualifying courses and a streamlined application procedure, Propelld ensures to accommodate the varied needs of students. With tailored financing solutions, we ensure that you focus on your education without worrying about student loans.

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Frequently Asked Questions

How is the interest rate calculated for the Aditya Birla Education Loan? 

The interest rate is determined by various components, including the type of course and the borrower's creditworthiness.

What is the minimum CIBIL score for Aditya Birla?

To apply for an Aditya Birla Personal Loan, you do not need to have a specific CIBIL score. However, since it might increase your chances of obtaining affordable financing, it's a good idea to maintain your score over 750.

Who is eligible for Aditya Birla loan?

You are eligible for an Aditya Birla loan if you are between 21 and 60 years old, have a basic salary greater than Rs 15,000 per month, and have a good credit score and credit history. Your educational history is also very important.

What is the typical loan processing time for the Aditya Birla Education Loan? 

The loan processing period for the Aditya Birla Education Loan is subject to change based on the application's and supporting documents' level of completion. 

What customer support services are available for the Aditya Birla Education Loan? 

Aditya Birla Education Loan support services are devoted to ensuring that customers are completely satisfied. You can communicate with their well-informed representatives through various channels.

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