Education Loan in Jaipur

✓ Up to 1.5 Cr Education Loan

✓ At starting interest rate of 8.30%

Check your Education Loan Eligibility

Full Name *

Email Address *

Select your Nationality *

Country Code *

Contact Number *

Permanent Location in INDIA (City/ District) *

Select the nearest area *

Where are you planning to study ? *

Proceed

Table of content

Best banks for education loans in Jaipur
Education Loan Interest rate in Jaipur
Other Education Loan features offered by Banks or NBFCs in Jaipur
Documents required for availing an Education Loan in Jaipur
Common reasons for Education Loan rejection in Jaipur
Why Choose WeMakeScholars for an Education Loan in Jaipur?
The repayment plan for Education loans in Jaipur
Education loan subsidy schemes applicable to students from Jaipur
Institutions For Higher Education in Jaipur
FAQ's
Need Help? Ask Here!

If you are a resident of Jaipur and are considering furthering your education in India or another country, this article may be useful to you. Typically, the cost of studying in India can reach up to 15 Lakhs, while studying abroad can cost up to 45 Lakhs. The interest rate for education loans can vary between 8.30% and 13.5% depending on the lender you choose.

Best banks for education loans in Jaipur

For studies in India

Bank Name	Scheme Name	Loan amount- Collateral Required	Processing fee
State Bank of India	SBI Scholar Loan Scheme	Upto 1.5 crores secured	10K + GST
Bank of Baroda	Baroda Education Loan to Students of Premier Institutions	Upto 1.5 Crores secured	10K + GST
Union Bank of India	Union Bank India Education Loan	Upto 2 Crores with collateral	No processing fee
Karur Vysya bank	Education Loan Scheme	Upto 1.5 Crores with collateral	10K + GST
Auxilo	Auxilo education loan for studying in India	Upto 60 Lakhs	1-2% of the loan amount
Avanse	Education loan for studying in India	Upto 60 Lakhs	1-2% of the loan amount
Incred	Education loan for studying in India	Upto 60 Lakhs	1-2% of the loan amount
Axis	Education loan for study in India	Upto 40 Lakhs unsecured	1-2% of the loan amount
ICICI	Education loan for study in India	Upto 50 Lakhs unsecured	1-2% of the loan amount
IDFC First Bank	Education loan for study in India	Upto 35 Lakhs unsecured	1-2% of the loan amount

For Foreign studies

Bank Name	Scheme Name	Loan amount- Collateral Required	Processing fee
State Bank of India	SBI Scholar Loan Scheme	Upto 1.5 Crores with collateral	10K + GST
Bank of Baroda	Baroda Scholar	Upto 1.5 Crores with collateral	10K + GST
Karur Vysya Bank	Education Loan Scheme	Upto 1.5 Crores with collateral	10K + GST
Union Bank of India	Union Bank Abroad Education Loan	Upto 1.5 Crores with collateral	Zero
Auxilo	Education loan for studying abroad	Upto 60 Lakhs for studying abroad	1-2% of the loan amount
Avanse	Education loan for studying abroad	Upto 60 Lakhs for studying abroad	1-2% of the loan amount
Incred	Education loan for studying abroad	Upto 60 Lakhs for studying abroad	1-2% of the loan amount
Axis	Education loan for studying abroad	Upto 40 Lakhs unsecured	1-2% of the loan amount
ICICI	Education loan for studying abroad	Upto 50 Lakhs unsecured	1-2% of the loan amount
IDFC First Bank	Education loan for studying abroad	Upto 50 Lakhs unsecured	1-2% of the loan amount

Your dreams are within reach. Check your eligibility for a loan with us and start achieving them today.

Click here

Education Loan Interest rate in Jaipur

For studies in India

Bank Name	Interest rate	Interest rate concession
State Bank of India	Starts from 8.30%	0.50% - for female students 0.50% - Rinn Raksha
Bank of Baroda	Starts from 10.60%	Upto 2% on going through with WemakeScholars
Union Bank of India	Starts from 11.15%	0.5% for female students 1% if the SI is paid in full
Karur Vysya bank	Starts from 10%	Upto 2% on going through with WemakeScholars
Auxilo	Starts from 11%	Upto 2% on going through with WemakeScholars
Avanse	Starts from 11%	Upto 2% on going through with WemakeScholars
Incred	Starts from 11%	Upto 2% on going through with WemakeScholars
Axis	Starts from 11.5%	Upto 2% on going through with WemakeScholars
ICICI	Starts from 10.5%	Upto 2% on going through with WemakeScholars
IDFC First Bank	Starts from 8.5%	Upto 2% on going through with WemakeScholars

For Foreign studies

Bank Name	Interest rate	Interest rate concession
State Bank of India	Starts from 10.90%	0.50% - for female students, 0.50% - Rinn Raksha
Bank of Baroda	Starts from 10.60%	Upto 2% on going through with WemakeScholars
Union Bank of India	Starts from 11.15%	0.5% for female students 1% if the SI is paid in full
Karur Vysya bank	Starts from 10%	Upto 2% on going through with WemakeScholars
Auxilo	Starts from 11%	Upto 2% on going through with WemakeScholars
Avanse	Starts from 11%	Upto 2% on going through with WemakeScholars
Incred	Starts from 11%	Upto 2% on going through with WemakeScholars
Axis	Starts from 11.5%	Upto 2% on going through with WemakeScholars
ICICI	Starts from 10.5%	Upto 2% on going through with WemakeScholars
IDFC First Bank	Starts from 8.5%	Upto 2% on going through with WemakeScholars

Let us help you make smart financial decisions for your education - apply with WeMakeScholars for a low-cost education loan.

Choose WMS

Other Education Loan features offered by Banks or NBFCs in Jaipur

Expenses covered

An education loan is a financial aid that helps students cover the costs associated with pursuing their studies, whether it be in India or abroad. The education loans offered by lenders in Jaipur can be used to pay for a wide range of expenses, including but not limited to

College fees
The cost of accommodation
Examination charges
Library charges
Laboratory fees
Price of Books
Airfare (For abroad education)
The premium for the applicant's insurance (For abroad education)

Moratorium Period

In Jaipur, many banks, both public and private, as well as non-banking financial companies (NBFCs) offer education loans, with moratorium periods that vary depending on the lender. Typically, the moratorium period lasts for the duration of the course, plus an additional 6 months to 1 year. However, the terms and conditions of loan repayment can vary between different financial institutions.

Loan Margin

Loan margin, also known as margin requirement, is the percentage of the total loan amount that the borrower must pay upfront before the loan is disbursed. This is a requirement by the lender to ensure that the borrower has some stake in the loan. The margin charged for an education loan can vary between different types of financial institutions and loan products. Generally, public banks charge a loan margin of around 10%, whereas private banks charge a margin of 5% to 10%.

For instance, if a bank charges a loan margin of 10% and the loan amount is 50 Lakhs, the student would have to provide 5 Lakhs as a margin amount before the loan can be approved and disbursed. This means that the student would have to have 5 Lakhs in cash or in other forms of liquid assets that they can pledge as collateral to the bank.

Collateral Margin

Collateral margin is a percentage of the value of the collateral that is required by the lender when the loan is secured or collateralized. The collateral margin is calculated based on the value of the collateral provided as security.

For example, if a bank requires a collateral margin of 20% and the collateral pledged is worth 50 Lakhs, the bank would then approve a loan of 40 Lakhs. In case the borrower is unable to repay the loan, the bank can then reclaim the amount by utilizing the property or collateral provided for the secured loan. This is why it is important for the borrower to provide collateral that is of high value or liquidity to ensure they get the maximum loan amount they can get.

Documents required for availing an Education Loan in Jaipur

Getting an education loan in Jaipur involves several documents from the side of the applicant and the co-applicant. This section gives details of the type of documents required, for identity and residence, income, and documents in support of academic and financial status. As for the documents concerning collateral, if the applicant has applied for a secured loan, he or she has to furnish certain documents concerning the same. The following are some of the fundamental requirements that applicants must meet while applying for a loan; Understanding these requirements may help you gain a smooth and quick loan approval.

Parameter	Details
Basic documents for Applicant (student) and co-applicant and Guarantor	1. A completed application form with their personal information and two passport-size photographs. 2. Proof of residence, such as Passport, Voter ID card, Electricity bill, Telephone bill, Ration card, The bank account statement, Aadhar card. (If the applicant's permanent and current addresses are different, two different proofs are needed). 3. Proof of identity, such as PAN card Passport. 4. A Liability and Personal Asset statement In the format directed by a banking professional. 5. The most recent six-month bank statement (personal/salary). For a co-applicant, they will need to present their credit information, and if they are self-employed, they will need to provide documentation of their company transactions for the past year. 6. The documents must be self-attested
Applicant academic documents	1. The applicant will need to provide proof of their enrollment or admission in a program (Should include information on the total duration of the course). 2. If available, they should also provide an i20 form if the course is located in the United States. 3. Scorecard of a standardized test such as GRE, IELTS, or GMAT 4. University Ranking printout form 5. Education mark sheets and certificates- 10th, 12th, Degree
Financial Co-applicant Income documents	If Salaried: Most recent pay slips for the last three months Form 16 from the previous two years ID card from their employer last two years' income tax returns (ITR) If Self-employed: Past three years' income tax returns (ITR) If they are a self-employed businessman, they will need to provide the 3 years balance sheet of their Profit & Loss account Proof of their company address or business address as a validation of their occupation.
Other Documents	A cheque of Rs. 11,800 as a processing fee. A letter stating that the co-applicant will be responsible for any remaining costs not covered by the loan. If the bank is handling the legal and valuation process, the applicant will need to provide cheques for attorney and evaluator fees. An affidavit from the owner of the collateral property, which should be on Rs. 100 stamp paper. (If there are multiple owners of the property, each of them will need to provide an affidavit).
Additional docs	Any pending loan statements from the previous year. Receipt for any payments in advance. Proforma invoice for the trip, laptop, or another item if you're requesting a loan for it. If appropriate, a letter stating the lack of co-applicants ITR A letter outlining the gap in your profile if any

Collateral documents required for a secured education loan in Jaipur

When applying for a secured loan, you will need to submit collateral documents for the property you are using as collateral. The specific collateral documents required for an education loan in Jaipur are listed.

1. The pledged property's title deed

2. A will, a sale contract, or a gift deed that has been registered.

3. The original receipt for registration of the above-mentioned agreement.

4. The letter of allocation from the municipal corporation or the relevant approved government agency, such as Jaipur municipal corporation

5. A 30-year-old document or an EC or a preceding chain of sale deed establishing title is required. It is a 30-year record of who acquired the property in the 30-year period before from whom. If you have held the property for more than 30 years, the preceding sale paperwork will do.

6. Current property tax and power bills coming from the same address

Acceptable collaterals in Jaipur for education loans

In order to obtain a secured education loan, certain conditions and restrictions apply regarding the types of collateral that can be accepted. Generally, the following assets are accepted as collateral for secured education loans in Jaipur:

House, apartment, or non-agricultural land that is clearly defined by boundaries
Properties that are used for commercial purposes
Agricultural land
Financial assets such as fixed deposits, insurance policies, and government bonds.

Let us help you simplify your document management with a custom list

Common reasons for Education Loan rejection in Jaipur

When students try to apply for an education loan by directly contacting banks or lenders, they may be denied. There are several specific reasons why students in Jaipur may be rejected for an education loan.

Poor CIBIL scores: Loan applications may be denied if the financial co-applicants CIBIL score does not meet the bank's requirements. Banks usually require a minimum CIBIL score of 685, but SBI may accept scores as low as 591.
Poor academic scores: If the applicant has a history of poor academic performance, it may negatively impact their chances of obtaining the loan.
Chosen country for higher studies: Banks generally do not approve loans for higher education in developing countries.
Chosen course for higher studies: Banks generally prefer STEM courses over other fields of study, as the employability prospects are higher for STEM graduates.
Insufficient documentation: Without the necessary documentation, banks cannot begin the process of approving an education loan for studying abroad. Therefore, it is important to provide the proper documentation and income proofs to be considered for an overseas education loan.

Why Choose WeMakeScholars for an Education Loan in Jaipur?

Direct engagement with lenders -You can reach out to the lender directly by getting the contact information for the person handling your case from the lender's team.
Negotiation - The team at WMS will work to get the best deal for you by negotiating with the lenders on your behalf (Upto 2% lesser ROI). We ensure you are charged a fair price for the entire process, including legal fees and other expenses. education Loan Management WMS.
Cashback - Additionally, if you apply for your study abroad education loan through WeMakeScholars, you will be supporting the Digital India campaign. You can receive a cashback of up to INR 3000 for multiple disbursements.
No hidden charges: WeMakeScholars ensures that there are no hidden charges or processing fees associated with the loans. This makes it easier for students to plan their finances and make informed decisions.

Relax and let us handle your education loan disbursement process from start to finish.

Apply now

The repayment plan for Education loans in Jaipur

Your amortization plan might be like this, for instance, if you took out a 25.5 lakh unsecured education loan from Jaipur at a rate of interest of 9% with a grace period of 6 months and a repayment duration of 12 years.

Monthly EMI: 33,737
Total payment: 48,58,173
Total payable interest: 23,08,173

Repayment cycle	EMI	Interest portion	Loan Outstanding	Principal portion
End of 1st year	33737	21249	12489	2820656
End of 2nd year	33737	20077	13660	2663280
End of 3rd year	33737	18796	14942	2491142
End of 4th year	33737	17394	16343	2302856
End of 5th year	33737	15861	17876	2096908
End of 6th year	33737	14184	19553	1871640
End of 7th year	33737	12350	21388	1625240
End of 8th year	33737	10343	23394	1355726
End of 9th year	33737	8149	25588	1060931
End of 10th year	33737	5749	27989	738481
End of 11th year	33737	3123	30614	385783
End of 12th year	33737	251	33486	0

With our post-sanction help, you can be sure that your education loan disbursement will be completed without any issues.

Reach out today

Education loan subsidy schemes applicable to students from Jaipur

Education loan subsidy schemes that are available for students of Jaipur have been denoted below to reduce the burden of the cost of higher education. This section looks into major programs which include the Padho Pardesh Scheme that offered interest subsidies to religious minority students pursuing education in foreign countries, but which is now closed for new applicants as of 1st April 2022. The Central Scheme for Interest Subsidy assists the economically weaker section of students and the Dr. Ambedkar Central Sector Scheme provides scholarships for the OBC students and for those belonging to the economically weaker section of the society. Keep reading to know more about these subsidies.

Padho Pardesh Scheme

Eligibility:

The applicant is a member of a religious minority (Muslim, Christian, Sikh, Buddhist, Jain, Zoroastrian) and has an annual family income of fewer than 6 lakhs.

Note: The Padho Pardesh Scheme is no longer in effect as of April 1, 2022. However, as of March 31, 2022, the previous beneficiaries will continue to receive the interest subsidies during the loan's term and its moratorium period.

Central Scheme for Interest Subsidy for Economically Weaker Sections

Eligibility:

The household income of the applicant is less than 4.5 lakhs.

Dr. Ambedkar Central Sector Scheme

Eligibility:

The applicant comes from a financially underprivileged class, and their total annual family income is less than 8 lakhs.
The applicant is from the OBC class, and their family makes less than 8 lakhs per year.

Institutions For Higher Education in Jaipur

Numerous well-known institutions in Jaipur provide courses that range from engineering to medicine and arts. Below are a few of the top institutions.

Malaviya National Institute of Technology Jaipur
University of Rajasthan
JECRC University
The LNM Institute of Information Technology
TAPMI School of Business, Manipal University Jaipur
Jaipur National University

FAQs:

How can I get a student loan in Jaipur?

When applying for an education loan, you will need to select a lender of your choice and choose a loan product that they offer. This typically involves filling out an application form and submitting any required documents to the lender's branch. However, by using WeMakescholars, you can avoid the hassle and apply for the loan directly from the comfort of your own home.
What are the co-applicant eligibility criteria in Jaipur?

When applying for an education loan, the applicant may have a co-applicant such as their father, mother, siblings, spouse, or even a legal guardian, in case the parents are not available.
What is the age range to get an education loan in Jaipur?

The typical age range for applicants of education loans from public banks is 18-35 years, while age is not a factor for private banks. For non-banking financial companies (NBFCs), the age limit is usually 27 years, but exceptions may be made through negotiation. Reach out to us by requesting a callback to learn more.
Can I get a student loan without a co-applicant in Jaipur?

In Jaipur, having a co-applicant is a requirement for obtaining an education loan. If the co-applicant does not have a steady income, a financial co-applicant may be needed. However, if the applicant meets the criteria for EliteScholars (a program offered by WeMakeScholars), they may be able to apply for an education loan without a financial co-applicant.
What is the eligibility for an education loan in Jaipur?

To be eligible for an education loan in Jaipur, the applicant typically needs to be 18 years or older, a citizen of India and have gained admission to the university they wish to attend through a merit-based examination.

Our Education Loan team will help you with any questions

Naresh Kumar
WeMakeScholars- supported by IT Ministry, Govt. of India.

Published: 20 Jan, 2023 | Updated: 12 Aug, 2024