Tata Capital Education Loan

✓ Education loan without collateral

✓ At a starting interest rate of 10.99%

Check your Education Loan Eligibility

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Table of content

Tata Capital Higher Education Loan For Abroad
Tata Capital Higher Education Loan For India
Tata Capital Education Loan Processing Fee
Documents Required For The Tata Capital Education Loan
Tata capital Education Loan Insurance
Tata Capital Education Loan Margin
Education Loan Subsidy Schemes
How To Apply For An Education Loan From Tata Capital
Why and how to transfer your education loan to Tata Capital
Tata Capital Education loan EMI Calculation as per Interest Rate
FAQ's
Need Help? Ask Here!

Tata Capital Higher Education Loan For Abroad

Tata Capital Higher Education Loan

Parameter	Details
Loan Limit	Up to 35 Lakhs
Expenses covered	Tuition fee Hostel charges Insurance premium charges Costs incurred for travel for abroad education Laboratory charges Examination fees Library charges Laptop or computer charges Cost of equipment Cost of books Cost of uniform Caution deposit
Accepted co-applicant	Starts from 10.99%
Tata Capital Bank Education loan interest rate/rate of interest	Course duration + 1 year
Repayment Duration	12-72 Months
Eligibility Criteria	The Applicant must be an Indian national to apply for an education loan The applicant must be between the ages of 16- 26 years Must have a solid academic record The minimum monthly income should be 15,000 You should have a guarantor or show security
Accepted collateral	Immovable collateral: House, Flat, Non-agricultural Land Liquid collateral: Fixed deposit, LIC Policies, and government bonds
Value of collateral	The value of the immovable asset has to be 1.25 times the required loan amount The value of the liquid collateral must be 1.1 times the required loan amount

Courses eligible:

Post-graduation, graduation, or diploma courses offered by accredited institutions
Technical or professional courses
Management courses
Ph.D. courses

Don't let financial barriers stand in the way of your education - Maximize your chances of approval

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Tata Capital Higher Education Loan For India

Parameter	Details
Loan Limit	Up to 35 Lakhs
Expenses covered	Tuition fee Hostel charges Insurance premium charges Costs incurred for travel for abroad education Laboratory charges Examination fees Library charges Laptop or computer charges Cost of equipment Cost of books Cost of uniform Caution deposit
Accepted co-applicant	Parents, Parents-in-law, spouse, guardian
Tata Capital Bank Education loan interest rate/rate of interest	Starts from 10.99%
Moratorium Period	Course duration + 1 year
Repayment Duration	12-72 Months
Eligibility Criteria	The Applicant must be an Indian national to apply for an education loan The applicant must be between the ages of 16- 26 years Must have a solid academic record The minimum monthly income should be 15,000 You should have a guarantor or show security
Accepted collateral	Immovable collateral: House, Flat, Non-agricultural Land Liquid collateral: Fixed deposit, LIC Policies, and government bonds
Value of collateral	The value of the immovable asset has to be 1.25 times the required loan amount The value of the liquid collateral must be 1.1 times the required loan amount

Courses eligible:

Post-graduation or graduation degrees from accredited institutions
Certification courses conducted by CPA in the USA and CIMA in the UK
Ph.D. courses

Tata Capital Education Loan Processing Fee

Tata capital education loan charges a processing fee of 1% of the loan amount + GST.

This fee is charged by the bank and not WeMakeScholars. We are an initiative supported and funded by the Ministry of IT government of India under the Digital India campaign. Hence, the services we provide are completely free of cost!

Our services are provided to you without any cost at WeMakeScholars. We don't charge any processing fees for our services, and this is made possible by the fact that our organization is supported by the Ministry of IT, Government of India as part of the Digital India campaign, which allows us to offer our services for free to students seeking scholarships and other forms of financial aid.

Documents Required For The Tata Capital Education Loan

Parameter	Details
Basic Applicant and Co-applicant documentation	Tata Capital Education loan application form with Two photographs signature Identification: Passport and PAN card Proof of residency: Bank account statement Ration card Telephone Bill Voter identification card Electricity Bill Aadhar Passport (If the present and permanent addresses disagree, two distinct proofs are required.) 6. The most recent six-month bank statement (personal/salary). If the co-applicant is self-employed or salaried, it should demonstrate one year's worth of business transactions. 7. Personal Asset & Liability Statement (assessed by the branch professional) All the documents should be self-attested.
Applicant academic documents	Mark sheets of 10th grade, 12th grade, and degree. Admission proof (evidencing the entire duration of the program) Cost structure / i20 for the USA, if available GMAT, GRE, or IELTS scoresheet Print out of university ranking form
Income documents of the co-applicant	If the co-applicant is salaried: 1. Newest pay slips for 3 months 2. Form 16 ( Last 2 years) 3. Certificate of Employment 3. Identification card of the employer 4. An income tax return filed for the last 2 years If the co-applicant is self-employed: 1. 3 years' worth of Income tax return 2. Balance sheet and P&L account 3. Evidence or proof of business address
Other Documents	1. A letter stating that the co-applicant would be responsible for paying all remaining costs that are not covered by the loan. 2. The processing charges/ fee will be paid with a cheque for Rs. 11,800. 3. Cheques for the lawyer and evaluator if the bank did the evaluation and legal 4. Property owner’s affidavit (on Rs. 20 or 100 stamp paper). If there is more than 1 owner of the collateral each one of them has to submit an affidavit.
Additional docs	1. If requesting a loan, including a pro forma invoice for your trip or for a laptop, etc. 2. Receipt for any purchases made in advance. 3. Any pending loan statements from the previous year. 4. Letter accounting for the gap in academics. Sample on a stamp paper of Rs. 100 5. Letter explaining the reason for no ITR of co-applicant if applicable.

Say goodbye to enrollment delays and issues, trust our officers to provide you with a tailored document list.

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Tata capital Education Loan Insurance

The loan insurance offered by Tata capital is up to 2% of the loan amount sanctioned. They also offer travel insurance which is mandatory.

Taking out loan insurance can be most useful in unforeseen cases of disability or death of the applicant during the loan tenure. You can make sure that your parents or co-applicant don’t end up bearing the costs of re-payment by taking loan insurance.

Tata Capital Education Loan Margin

Loan limit	Loan margin
Up to 4 Lakhs	Nil
Above 4 lakhs (India)	5%
Above 4 lakhs (Abroad)	15%

For example, if a student has applied for a loan of 50 Lakhs and if the loan margin is 95%, the student has to arrange 5% of the loan amount, which would equal around 2.5 Lakhs.

We recognize that loan margins can greatly affect borrowing costs, and our goal is to assist our clients in obtaining the most favourable loan conditions and rates.

Education Loan Subsidy Schemes

Under these schemes, the interest payable during the moratorium/ grace period i.e, course duration + 12 months will be paid by the government of India.

Padho Pardesh Scheme

Eligibility:

The applicant belongs to a religious minority (Muslim, Christian, Sikh, Buddhist, Jain, Zoroastrian) and the net annual Income of the family equates to be less than 6 Lakhs
For higher education abroad

Note: The Padho Pardesh Scheme has been terminated and will no longer be used as of April 1, 2022. However, the beneficiaries who were already receiving the interest subsidy as of March 31, 2022, will continue to do so for the duration of the loan and the moratorium period.

Central Scheme for Interest Subsidy for Economically Weaker Sections

Eligibility:

Applicant’s family income equates to less than 4.5 Lakhs
For higher education in India

Dr. Ambedkar Central Sector Scheme

Eligibility:

The applicant belongs to the economically backward class and their net annual family income is less than 8 Lakhs.
The applicant belongs to the OBC community and their net annual family income equates to less than 8 Lakhs.
For higher education loans abroad.

How To Apply For An Education Loan From Tata Capital

Offline education loan application process

Step 1: Visit the closest branch of tata capital to you and fill out the application form provided to you by them.

Step 2: If you meet the bank loan eligibility criteria, you will be asked to submit all the necessary documents.

Step 3: Visit the branch and submit all the required documents.

Step 4: After which the loan will be processed and the loan amount will be disbursed into your account.

Online education loan application process through WeMakeScholars

Step 1: Fill in your details in the Common Application form.

Step 2: Provide your details to the financial officer from our team to check your eligibility for the loan.

Step 3: After which you will be explained about all the possible lenders you can choose to take a loan from based on your eligibility and the policies of the bank.

Step 4: You will be provided with a checklist of documents by your assigned financial officer. Submit them in the bank or you can also submit them online on our encrypted WeMakeScholars documents portal

Step 5: You will be logged in immediately after submitting your documents. The result of your application will be provided to you within 2-6 days in the case of Pvt banks & NBFCs.

Step 6: You can receive the sanction letter and sign the loan agreement after your loan has been sanctioned.

Issues while approaching the lenders directly

When you process your loan directly, it takes you way longer than it needs to take.
Many trips around the bank
No clarity is provided regarding loan eligibility
Are not equipped to deal with multi-city cases.
A document checklist is not provided.
Negotiations are not done

Benefits of applying through WeMakeScholars

Negotiation on your behalf: We negotiate for a lower rate of interest on your behalf and make sure that you only pay what’s needed. (0.5% to 2% lower than the bank’s average interest rate!)
Best customer service/support: You can contact us during any phase of your loan process for any queries you have between 9 AM to 9 PM
The cashback offered: You will be rewarded with a cashback of 3000 Rs on multiple disbursements as you support the digital India initiative by processing your education loan through WeMakeScholars.
Fastest processing time: We take less than half the time to process an education loan. Around 50% lesser time than average. We take a maximum of 21 Lakhs in the case of public banks and 7 days in the case of private lenders.

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Why and how to transfer your education loan to Tata Capital

Why transfer your loan to Tata Capital?

On transferring your loan, you will be eligible for a lower rate of interest on your existing loan
We are connected to most of the leading private banks, public banks, and NBFCs hence the process of loan transfer becomes so much easier!

How to transfer your loan to Tata Capital?

You can request a callback from our team here at WeMakeScholars
Your financial officer will provide you with a list of documents to be submitted, to get your loan transferred to Tata Capital.
Submit those documents to the Tata Capital branch nearest to you and wait for approval of your loan transfer

We have financial officers who can guide you through the loan transfer process and answer any questions you may have.

Don't settle for a high ROI on your education loan

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Tata Capital Education loan EMI Calculation as per Interest Rate

Tata Capital Education Loan repayment process

The education loan repayment process in Tata Capital can last up to 72 months, that is 6 years, during the repayment process students will have to pay their EMI in order to repay the loan within the stipulated timeline.

For example, if you take out a loan of 27 Lakhs, with an interest rate of 10.25% and with a repayment tenure of 12 years, your repayment schedule will look like this

Monthly EMI: 38,731
Total loan payment: 55,77,232
Total payable interest: 28,77,232

Repayment Cycle	EMI	Interest portion	Loan Outstanding	Principal portion
End of 1st year	38731	26235	12496	3058880
End of 2nd year	38731	24892	13839	2900335
End of 3rd year	38731	23405	15326	2724753
End of 4th year	38731	21758	16973	2530304
End of 5th year	38731	19934	18797	2314961
End of 6th year	38731	17914	20816	2076477
End of 7th year	38731	15678	23053	1812368
End of 8th year	38731	13200	25530	1519879
End of 9th year	38731	10457	28274	1195960
End of 10th year	38731	7419	31312	837234
End of 11th year	38731	4054	34677	439962
End of 12th year	38731	328	38403	0

We also offer assistance with the loan disbursement process, helping you to understand the terms and conditions of the loan and the repayment schedule, and answering any questions you may have.

Get ahead of your disbursement game with the post- sanction services we offer

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FAQs:

Do I need form 16 for an education loan?

Yes, you do need form 16 to process an education loan. Form 16 is a certificate issued by your employer for tax deductions performed. It acts as a salary statement for banks.
How should I proceed if my loan payment is very high?

If your EMI seems to be more than you can take, you may always extend the repayment period. However, you wind up paying a lot more interest each month if your tenure is extended. You can also attempt to renegotiate the interest rates with the lenders, but many students lack the necessary resources to do so. Request a callback to learn how to lower your EMI and request reduced interest rates.
What does CIBIL stand for?

Your credit history and history of debt payments are taken into account when calculating your CIBIL score. Scores on the CIBIL can vary from 300 to 900. A bank agent can determine your ability to repay a loan based on your prior transactions and your CIBIL score.
Can I pay more than the EMI amount every month?

Yes, you can pay more than your calculated EMI amount. This not only reduces your payable principal amount but also the interest payable on the principal amount.
Are there any advantages to taking a loan for your education?

The ability to finance higher-quality education without worrying about the cost is only one of the numerous advantages of taking out an education loan. You can also improve your credit score by making your loan payments on time.

Our Education Loan team will help you with any questions

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

Published: 22 Nov, 2022 | Updated: 29 Nov, 2024