Applying: Loans and Scholarships

Your step-by-step guide to comparing education loans and submitting strong scholarship applications.

Detailed Loan Comparison

Compare PSBs, Private Banks and NBFCs across collateral, rates, fees and timelines.

How to Apply for Education Loans

Eligibility, documents, step-by-step process and tips to improve approval odds.

How to Apply for Scholarships

Where to find scholarships, required documents and a winning application checklist.

Detailed Loan Comparison

Key Dimensions

Collateral & Co-borrower Interest Rate & Reset Processing Fee & Insurance Moratorium & Repayment Turnaround Time Max Amount Prepayment/Foreclosure
PSBs: Lowest rates, collateral-heavy, slower TAT Private Banks: Faster, moderate rates, stricter credit NBFCs: Fastest, higher rates, flexible underwriting
Feature PSBs Private Banks NBFCs
Typical Interest 8.5–10.5% (linked to repo) 10–13% 12–16%
Processing Fee Low to moderate Moderate Moderate to high
Max Amount ₹1Cr+ (collateralized) ₹40L–₹1Cr ₹1Cr+
TAT (Processing Time) 7–21 days 3–10 days 24–72 hours
Moratorium Course + 6–12 months Course + 6–12 months Course + 6–12 months

How to Apply for an Education Loan

Eligibility & Documents

  • Indian citizen, confirmed admission (offer/ I-20/ CAS/ admission letter)
  • Co-borrower with verifiable income; collateral if required by lender
  • Documents: KYC, admission letter, fee structure, mark sheets, income proofs, bank statements, property papers (if collateral)

Step-by-Step Process

  1. Estimate need with EMI Calculator and select lender category (PSB/Private/NBFC)
  2. Check eligibility and interest reset terms; shortlist 2–3 lenders
  3. Prepare documents; apply online and schedule verification
  4. Underwriting & sanction letter; complete collateral formalities (if any)
  5. Disbursement as per institution fee schedule

Tips

  • Prefer repo-linked floating rates at PSBs if time permits
  • Compare APR including fees and insurance, not headline rate alone
  • Build a strong co-borrower profile; maintain clean bank statements
Use EMI Calculator

How to Apply for Scholarships

Where to Find Scholarships

  • National Scholarship Portal (NSP) and state portals
  • University financial aid pages and departments
  • Private foundations, corporate CSR portals and verified listings here

Documents & Preparation

  • KYC, academic transcripts, income certificates, caste/category where applicable
  • Statement of Purpose, Letters of Recommendation, resume/CV
  • Proof of admission or enrollment (if required)

Application Checklist

  • Read eligibility carefully; prioritize fit over volume of applications
  • Customize SOP to scholarship objectives; quantify impact
  • Submit before deadline; keep copies and track status
Browse Scholarships