Aditya Birla Education Loan: Application Process & Interest

About Aditya Birla Education Loan

With the growing cost of education in India, many aspirants are struggling to pursue their academic goals. 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. Let's explore the features, benefits, eligibility, and application process of Aditya Birla capital education loan.

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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. 

Here are its other distinctive features: 

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‍Aditya Birla Education Loan Interest Rate

Aditya Birla Education Loan provides financial support for students pursuing higher education, offering flexible repayment options and competitive interest rates to ease the cost of studying in India or abroad.

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Aditya Birla Education Loan Processing Fee

Like any other loan, the Aditya Birla finance education loan is also exposed to processing fees. 

The processing fee usually varies from 0.5% to 2.50% of the total loan amount.

The borrower has a choice to pay it in two ways:-

• Pay the amount after the sanction and before the disbursement
• Get it deducted from the loan amount at the time of disbursement.

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Aditya Birla Education Loan EMI Calculation

Aditya Birla Finance offers an Education loan EMI calculator to help students estimate their monthly repayments based on the loan amount, tenure, and interest rate. 

You can also refer  Propelld Education Loan EMI Calculator. It considers essential aspects like the moratorium period, interest type (simple or compound), repayment conditions during the moratorium, and the semester-wise loan disbursement. This ensures students get a more accurate estimate of their total repayment, helping them plan their finances effectively.

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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. Citizenship

The applicant must be an Indian resident.

2. Income Source

A steady income is required, whether salaried or self-employed.

3. Age Limit

Applicants should be between 21 to 60 years old.

4. Minimum Salary

• ₹15,000 per month for salaried individuals
• ₹20,000 per month in major cities

5. Credit Score

A good credit score and history are essential for loan approval.

6. Educational Background

Admission to a recognized institution and tuition fees are considered.

7. Loan Coverage

The applicant must demonstrate a need for financial assistance to cover tuition and other educational expenses.

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Documents Required 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.

1. Identity and Address Proof Documents

• Pan card
• Aadhar card
• Driving license 
• Passport

2. If the Co-applicant is a Salaried Individual

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

3. If Co-applicant is Self Employed Individual

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

4. Additional Documents

• Completed application form
• Admission verification and course information
• Academic mark sheets
• Any additional supporting materials that ABFL may request
• Copies of passports (for studying abroad)

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How to Apply for an Education Loan? – If you’re planning to finance your studies, learn the different types of education loans in our detailed education loan application guide.

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How to Apply for an Aditya Birla Education Loan?

For an Aditya Birla education loan, you can apply either online or offline. 

So the first step is to choose your application channel. 

1. Application Process

Below, we have detailed out the procedure for both types of applications.

2. Loan Processing 

Upon receipt of your application, the ABFL team will conduct a comprehensive examination of the documents you have submitted and evaluate your application. 

3. Loan Disbursal

Your application will be processed for disbursement by ABFL once it has been approved. The loan amount would be directly credited to your college's account.

4. 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.

‍If you're looking for financing options without pledging any assets, explore this guide on Education Loan Without Collateral to understand eligibility, benefits, and repayment terms.

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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.

How to Apply for Education Loan in India: Complete Process: A comprehensive guide on the application process for education loans in India, detailing eligibility criteria and required documentation.

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Expenses Covered by Aditya Birla Education Loan

Aditya Birla Education Loan pays for all the major expenses so that the student can pay complete attention to their studies. 

Here is a list of the categories covered by the education loan and the extent to which they are covered.

Confused between an education loan and a personal loan for your studies? Check out this detailed comparison on Education Loan vs. Personal Loan to choose the best option for your financial needs.

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Benefits of Aditya Birla Education Loan

The most important benefits of Aditya Birla finance education loan are as follows:

1. Collateral-Free Loans

Students can secure financing without pledging any assets, ensuring a hassle-free process.

2. Flexible Repayment Plans

Borrowers can choose repayment tenures that suit their financial situation post-graduation.

3. Affordable Interest Rates

With rates starting at 10.99% per annum, the loan is designed to keep repayment manageable.

4. Fast & Transparent Processing

The application process is efficient, with clear terms to keep applicants informed.

5. Comprehensive Coverage

Covers up to 100% of educational costs, including tuition, living expenses, and travel.

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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.

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Aditya Birla Education Loan Subsidy Schemes

Aditya Birla Finance does not offer specific education loan subsidy schemes, but students can benefit from government-initiated interest subsidy programs.

1. Central Scheme for Interest Subsidy (CSIS)

Available for students from Economically Weaker Sections (EWS) with a family income of up to ₹4.5 lakhs. It offers a complete interest waiver during the moratorium period.

2. Dr. Ambedkar Interest Subsidy Scheme

For OBC and EBC students with a family income of up to ₹8 lakhs pursuing postgraduate or Ph.D. studies abroad. Interest is waived during the moratorium period.

3. Padho Pardesh Scheme

Previously available for minority students studying abroad, but discontinued from April 1, 2022. Existing beneficiaries continue to receive benefits.

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Aditya Birla Education Loan Insurance

Getting insurance for your education loan provides financial security for both the co-applicant and the applicant’s family. In case of an unfortunate event like sudden death or permanent disability, the insurance ensures that the loan repayment is covered. Typically, the insurance cost ranges between 1% to 2% of the total loan amount.

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Aditya Birla Education Loan Margin Calculation

Aditya Birla Finance provides full funding based on eligibility, but if the required loan amount exceeds the approved limit, the borrower must arrange the difference. For example, if you need ₹70 lakhs but qualify for ₹50 lakhs, you’ll need to fund the remaining ₹20 lakhs independently. This is the loan margin. 

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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.

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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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Why Propelld?

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There are many more benefits to getting an education loan with Propelld. Take a look at them! 

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FAQs About Aditya Birla Education Loan

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.

What happens to the loan if I'm unable to get a visa?

In cases like these, usually lenders permit loan cancellations without any penalty. 

Can I apply to Aditya Birla Education Loan before getting my admission letter? 

Admission letter is one of the most important requirements for getting an education loan since admission is the primary proof for finance requirement. Hence, taking an  education loan is mostly not possible without an admission letter.

Is an approval letter provided upon sanctioning of the Aditya Birla Education Loan?

Yes, upon approval, Aditya Birla Capital provides a sanction letter detailing the loan amount, interest rate, and repayment terms. This document serves as official confirmation of loan approval.

How can I get an Aditya Birla Personal Loan Foreclosure Letter?

You can request a foreclosure letter by visiting the nearest branch, contacting customer service, or applying online through the Aditya Birla website with your loan details.

What is the Aditya Birla Education Trust, and what does it offer?

The Aditya Birla Education Trust supports scholarships, special education programs, and skill development initiatives for students across India.

How can I contact Aditya Birla Capital Customer Care for loan inquiries?

You can reach Aditya Birla Capital’s customer care via their official helpline or website for assistance with loans, repayments, and related services.

How do I write an application for an education loan to Aditya Birla?

Your application should include course details, admission confirmation, the required loan amount, and a repayment plan, along with supporting documents.

What is the maximum loan amount offered under Aditya Birla Education Loan?

The loan amount varies based on the course, institution, and the applicant’s financial profile. Higher amounts are generally offered for reputed institutions.

Is collateral required for the Aditya Birla Education Loan?

Collateral may be required for higher loan amounts, particularly for international studies. Smaller loan amounts may be available without collateral, subject to eligibility.

What is the repayment tenure for Aditya Birla Education Loan?

Repayment tenure typically ranges from 5 to 15 years, depending on the loan amount and borrower’s repayment capacity.

Is there a moratorium period for this loan?

Yes, the moratorium period generally includes the course duration plus an additional 6 to 12 months.

Can I get an education loan for studying abroad through Aditya Birla?

Yes, Aditya Birla Education Loan covers both domestic and international studies, subject to approval.

What expenses are covered under the Aditya Birla Education Loan?

The loan covers tuition fees, hostel charges, exam fees, travel expenses, books, equipment, and other educational costs.

Can I prepay my Aditya Birla Education Loan?

Yes, prepayment is allowed, though certain charges may apply based on the loan agreement.

Are there any processing fees for the Aditya Birla Education Loan?

Yes, a nominal processing fee is applicable, which varies based on the loan amount and institution.

Can parents or guardians be co-borrowers for the loan?

Yes, a parent or guardian is usually required as a co-borrower to enhance loan approval chances.

How is the EMI calculated for the education loan?

EMIs are calculated based on the loan amount, interest rate, and repayment tenure. You can use Aditya Birla’s EMI calculator for an estimate.

What happens if I miss an EMI payment?

Missing an EMI may result in penalties, additional interest charges, and a negative impact on your credit score.

Does Aditya Birla offer special interest rates for female students?

Yes, special interest rate concessions may be available for female students pursuing higher education.

Can I transfer my existing education loan to Aditya Birla?

Yes, Aditya Birla offers education loan balance transfer facilities with competitive interest rates and flexible repayment options.

What is the loan sanction process for Aditya Birla Education Loan?

The process includes application submission, document verification, credit assessment, and approval. Once approved, the loan is disbursed directly to the institution.

How long does it take for loan disbursement?

Disbursement typically takes a few days to a few weeks, depending on document verification and approval.

Can I get a top-up loan if I need additional funds?

Yes, a top-up loan may be available based on eligibility and repayment history.

What documents are required for Aditya Birla Education Loan?

Commonly required documents include an admission letter, academic records, identity proof, address proof, income proof, and collateral documents (if applicable).

Is insurance mandatory for Aditya Birla Education Loan?

Some lenders may require insurance coverage to secure the loan in case of unforeseen circumstances.

Does Aditya Birla provide tax benefits on education loans?

Yes, borrowers can avail tax benefits under Section 80E of the Income Tax Act on the interest paid.

How do I check the status of my Aditya Birla Education Loan application?

You can track your application status through the Aditya Birla website, customer service helpline, or by visiting a branch.