RBL Bank education loan is available for both studies in India and abroad. RBL or Ratnakar Bank Limited is one of the best private-sector banks in India and is renowned for providing student loans. You can also get an RBL Bank Forex card along with an education loan. The bank offers education loans to study abroad at an interest rate starting from 10% per annum. You can get up to 100% of the eligible cost of education at a foreign university. Let’s check and understand all the major features, eligibility and other details of the RBL Bank education loan.
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RBL Bank Education Loan: Major Highlights
RBL Bank offers education loans with flexible repayment options to support students pursuing higher education in India and abroad. The loans cover tuition fees, travel expenses, and other educational costs. Students can also get tax benefits under Section 80E of the Income Tax Act. The bank offers both secured and unsecured loans to students based on their repayment capacity. The amount of the loan can be transferred quickly as RBL Bank International transfer services are available. Check some major features below:
| Particulars | Details |
| Loan Amount | Up to INR 2 crore |
| Type of Loan | Secured and Unsecured Loans |
| Repayment Period | Up to 180 months |
| Interest Rate | Starts at 10% |
| Moratorium Period | Course Period + 1 years |
| Minimum Income Required | INR 2.4 lakh per annum |
Also Read: Check here all major details about RBL Bank Personal Loan Interest Rate
RBL Bank Education Loan Eligibility Criteria
Eligibility criteria for any type of loan shall be checked properly. A rejection at a later stage based on eligibility criteria will reflect on the credit report and might affect future applications. The eligibility criteria require that the applicant must be an Indian citizen aged between 18 to 35 years. Check more details below:
- The student must be admitted to a recognised institution in India or abroad for higher education.
- The courses eligible for the loan include graduate, postgraduate, professional, and vocational programs.
- A co-applicant, such as a parent, spouse, or guardian, is mandatory for securing the loan.
- The bank assesses the applicant’s academic performance and the co-applicant’s financial stability to determine the loan approval.
- The minimum monthly income of the applicant or the co-applicant must be above INR 2.4 lakh i.e. INR 20,000 per month.
Documents Required
The documents required for an education loan from RBL Bank include academic, financial and KYC documents of both the applicant and the co-applicant. Check the list of documents below:
The documents required for an RBL Bank education loan include:
- Duly filled and signed loan application form (digital or physical copy).
- PAN card, Aadhaar card, passport, or voter ID.
- Admission letter or offer letter from the institution.
- Mark sheets and certificates of previous qualifications (senior and higher secondary exams)
- Salary slips, IT returns and bank statements.
- Property documents for secured loans.
Also Read: Check here some of the best forex cards with international lounge access and make your international journey smooth and relaxing.
How to Apply for an RBL Bank Education Loan?
You can apply for an RBL Bank education loan through the official website of the bank. You visit the website, check all the features of the loan and apply by filling out the education loan form. Check the steps below:
- Go to the nearest RBL Bank branch or visit their official website.
- Complete the education loan application form and provide necessary details about the course, institution, and co-applicant.
- Submit all required documents, identity proof, admission letter, academic records etc.
- The loan amount will be disbursed either in full or in instalments directly to the educational institution after approval.
RBL Bank provides easy education loans at affordable interest rates. Always check and compare the loan terms before applying for it. Check some of the FAQs based on the same below:
FAQs
The interest rate for RBL Bank education loans starts from 10% per annum. This rate may vary depending on the loan amount, repayment capacity, type of loan etc.
RBL Bank offers up to INR 2 crore as the maximum loan amount for education, which covers tuition fees, travel expenses, and other educational costs etc.
To be eligible for an RBL Bank education loan, the applicant must be an Indian citizen aged between 18 and 35 years. The admission must have been confirmed to a recognised institution in India or abroad for higher education.
The documents required include a duly filled loan application form, identity proof, admission letter, academic records, salary slips etc.
You can apply for the loan either by visiting the RBL Bank branch or through their official website.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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