{"id":33255,"date":"2024-07-23T18:36:16","date_gmt":"2024-07-23T13:06:16","guid":{"rendered":"https:\/\/unicreds.com\/blog\/?p=33255"},"modified":"2025-09-29T19:44:38","modified_gmt":"2025-09-29T14:14:38","slug":"education-loan-in-chennai","status":"publish","type":"post","link":"https:\/\/unicreds.com\/blog\/education-loan-in-chennai\/","title":{"rendered":"Education Loan In Chennai: Top Banks, Eligibility, Interest Rates\u00a0"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_75 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/unicreds.com\/blog\/education-loan-in-chennai\/#Highlights_On_Education_Loans_In_Chennai\" >Highlights On Education Loans In Chennai<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/unicreds.com\/blog\/education-loan-in-chennai\/#What_Are_The_Best_Banks_For_Education_Loan_In_Chennai\" >What Are The Best Banks For Education Loan In Chennai?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/unicreds.com\/blog\/education-loan-in-chennai\/#Types_Of_Abroad_Education_Loans_In_Chennai\" >Types Of Abroad Education Loans In Chennai&nbsp;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/unicreds.com\/blog\/education-loan-in-chennai\/#Eligibility_Criteria_For_Study_Abroad_Education_Loan_In_Chennai\" >Eligibility Criteria For Study Abroad Education Loan In Chennai&nbsp;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/unicreds.com\/blog\/education-loan-in-chennai\/#Documents_Required_For_Abroad_Education_Loan_In_Chennai\" >Documents Required For Abroad Education Loan In Chennai&nbsp;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/unicreds.com\/blog\/education-loan-in-chennai\/#How_To_Apply_For_An_Education_Loan_Through_UniCreds\" >How To Apply For An Education Loan Through UniCreds?&nbsp;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/unicreds.com\/blog\/education-loan-in-chennai\/#Repayment_Of_Education_Loan_In_Chennai\" >Repayment Of Education Loan In Chennai&nbsp;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/unicreds.com\/blog\/education-loan-in-chennai\/#What_Does_A_Foreign_Education_Loan_In_Chennai_Cover\" >What Does A Foreign Education Loan In Chennai Cover?&nbsp;<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/unicreds.com\/blog\/education-loan-in-chennai\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n<div id=\"bsf_rt_marker\"><\/div>\n<p>Chennai, the capital of Tamil Nadu, is home to numerous prestigious educational institutions like IIT Madras and Anna University. Many students from Chennai also aspire to study abroad. Education costs have increased with the growing demand for top universities in India and overseas. However, education as an investment often yields a high ROI, provided you finance your education wisely. Education loans are a key tool in achieving this. Several banks in Chennai offer education loans for studying abroad and in India. Explore these banks and learn about their features, eligibility criteria, and interest rates for education loan in Chennai. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Highlights_On_Education_Loans_In_Chennai\"><\/span><strong>Highlights On Education Loans In Chennai<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Category<\/strong><\/td><td><strong>Description<\/strong><\/td><\/tr><tr><td rowspan=\"4\">Top Banks in Chennai<\/td><td>&#8211; Axis Bank<\/td><\/tr><tr><td>&#8211; ICICI Bank<\/td><\/tr><tr><td>&#8211; IDFC Bank<\/td><\/tr><tr><td>&#8211; Bank of Baroda<\/td><\/tr><tr><td rowspan=\"2\">Upper Loan Limits<\/td><td>&#8211; Up to Rs. 50 Lakhs (without collateral)<\/td><\/tr><tr><td>&#8211; Up to Rs. 1.5 Crore (with collateral)<\/td><\/tr><tr><td>Interest Rates<\/td><td>&#8211; 10.85% &#8211; 13.25%<\/td><\/tr><tr><td rowspan=\"4\">Top NBFCs in Chennai<\/td><td>&#8211; Credila<\/td><\/tr><tr><td>&#8211; Avanse Education Loan<\/td><\/tr><tr><td>&#8211; Auxilo Education Loan<\/td><\/tr><tr><td>&#8211; Incred Education Loan<\/td><\/tr><tr><td rowspan=\"2\">Upper Loan Limits (NBFCs)<\/td><td>&#8211; Up to Rs. 75 Lakhs (without collateral)<\/td><\/tr><tr><td>&#8211; Up to Rs. 1.5 Crore (with collateral)<\/td><\/tr><tr><td>Interest Rates (NBFCs)<\/td><td>&#8211; 11.25% &#8211; 14.00%<\/td><\/tr><tr><td rowspan=\"6\">Eligibility Criteria<\/td><td>&#8211; Indian citizen<\/td><\/tr><tr><td>&#8211; Admission to a recognised university abroad<\/td><\/tr><tr><td>&#8211; Good academic record<\/td><\/tr><tr><td>&#8211; Co-applicant may be required (some loans)<\/td><\/tr><tr><td>&#8211; Collateral may be required for higher amounts (some loans)<\/td><\/tr><tr><td>&#8211; Repayment capacity assessment<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Are_The_Best_Banks_For_Education_Loan_In_Chennai\"><\/span><strong>What Are The Best Banks For Education Loan In Chennai?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>This question doesn&#8217;t have a single answer. The best lender is the one that best meets all your requirements! You need to meet various criteria to qualify for an <a href=\"https:\/\/unicreds.com\/abroad-education-loan\" target=\"_blank\" rel=\"noreferrer noopener\">abroad education loan<\/a>.<\/p>\n\n\n\n<p>You might find one lender offering a lower interest rate while another providing value-added services at a higher interest rate.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Education Loan Provider<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Upper Limits Without Collateral<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Upper Limits With Collateral<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Interest Rates<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/unicreds.com\/partners\/axis-bank\">Axis Bank Education Loan<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Up to INR 50 Lakhs<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 2.5 Crore<\/td><td class=\"has-text-align-center\" data-align=\"center\">11.00%\u201311.50%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/unicreds.com\/partners\/icici-bank\">ICICI Bank Education Loan<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Up to INR 50 Lakhs<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 1.5 Crore<\/td><td class=\"has-text-align-center\" data-align=\"center\">10.85%\u201312.50%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/unicreds.com\/partners\/idfc\">IDFC Education Loan<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Up to INR 50 Lakhs<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 1.5 Crore<\/td><td class=\"has-text-align-center\" data-align=\"center\">11.50%\u201313.25%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/unicreds.com\/partners\/bank-of-baroda\">Bank of Baroda Education Loan<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Up to INR 40 Lakhs<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 1.5 Crores<\/td><td class=\"has-text-align-center\" data-align=\"center\"><br>9.7% &#8211; 10.2%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/unicreds.com\/partners\/credila-education-loan\" target=\"_blank\" rel=\"noreferrer noopener\">Credila<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Up to INR 65 Lakhs<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 1.5 Crore<\/td><td class=\"has-text-align-center\" data-align=\"center\">11.25%\u201313.00%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/unicreds.com\/partners\/avanse\">Avanse Education Loan<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Up to INR 75 Lakhs<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 1.5 Crore<\/td><td class=\"has-text-align-center\" data-align=\"center\">12.50%\u201313.50%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/unicreds.com\/partners\/auxilo\">Auxilo Education Loan<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Up to INR 65 Lakhs<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 85 Lakhs<\/td><td class=\"has-text-align-center\" data-align=\"center\">11.25%\u201314.00%<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/unicreds.com\/partners\/incred\">Incred Education Loan<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Up to INR 60 Lakhs<\/td><td class=\"has-text-align-center\" data-align=\"center\">INR 85 Lakhs<\/td><td class=\"has-text-align-center\" data-align=\"center\">12.00%\u201314.00%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Types_Of_Abroad_Education_Loans_In_Chennai\"><\/span><strong>Types Of Abroad Education Loans In Chennai&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>There are two main types of education loans: collateral and non-collateral loans. Let\u2019s look at into each of them\u200c:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Collateral Education Loans &#8211; <\/strong>Private banks offer loans ranging from INR 7.5 lakhs to INR 1 crore. These loans are available to students who can provide collateral, such as property papers, gold, bonds, or fixed deposits equal to or exceeding the loan amount.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Non-Collateral Education Loans &#8211; <\/strong>Non-collateral education loans can be taken up to Rs. 40 lakhs from private banks and up to INR 7.5 lakhs from public banks. These loans are available to students who need collateral or have less than the required loan amount.<\/li>\n<\/ul>\n\n\n\n<p>Given below are the top NBFCs (Non-Banking Financial Companies) that provide non-collateral education loans in Chennai:<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Lender Name<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Loan Amount Without Collateral<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Interest Rate<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/unicreds.com\/partners\/mpower-financing\">MPOWER Financing<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Up to INR 1.5 Crores<\/td><td class=\"has-text-align-center\" data-align=\"center\">12.99% &#8211; 13.99%&nbsp;<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\"><a href=\"https:\/\/unicreds.com\/partners\/prodigy-finance\">Prodigy Finance<\/a><\/td><td class=\"has-text-align-center\" data-align=\"center\">Up to INR&nbsp; 1 Crore<\/td><td class=\"has-text-align-center\" data-align=\"center\">12.00% &#8211; 14.00%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Eligibility_Criteria_For_Study_Abroad_Education_Loan_In_Chennai\"><\/span><strong>Eligibility Criteria For Study Abroad Education Loan In Chennai&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Before applying for a loan, an education loan provider in Chennai will check your eligibility. This will further decide the loan amount and interest rate of your education loan. Given below is a general eligibility requirement of most of the banks and NBFCs in India-&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td class=\"has-text-align-center\" data-align=\"center\"><strong>Criteria<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>Details<\/strong><\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Age<\/td><td class=\"has-text-align-center\" data-align=\"center\">18-35 years old<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Education<\/td><td class=\"has-text-align-center\" data-align=\"center\">Completed 10+2 or equivalent<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Admission<\/td><td class=\"has-text-align-center\" data-align=\"center\">Secured admission to a recognised foreign university<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Course<\/td><td class=\"has-text-align-center\" data-align=\"center\">Pursuing full-time degree\/diploma programmes<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Academic Record<\/td><td class=\"has-text-align-center\" data-align=\"center\">Good academic background (specific requirements vary by lender)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Co-applicant\/Guarantor<\/td><td class=\"has-text-align-center\" data-align=\"center\">Usually required (parent\/guardian)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Nationality<\/td><td class=\"has-text-align-center\" data-align=\"center\">Indian citizen<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Collateral<\/td><td class=\"has-text-align-center\" data-align=\"center\">May be required for higher loan amounts<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Credit Score<\/td><td class=\"has-text-align-center\" data-align=\"center\">Good credit score (if applicable)<\/td><\/tr><tr><td class=\"has-text-align-center\" data-align=\"center\">Work Experience<\/td><td class=\"has-text-align-center\" data-align=\"center\">Sometimes required for certain courses\/loan amounts<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Documents_Required_For_Abroad_Education_Loan_In_Chennai\"><\/span><strong>Documents Required For Abroad Education Loan In Chennai&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>The documents required for an education loan to study abroad vary depending on public\/private banks or NBFCs. However, keeping certain documents at hand for a smoother process is always advisable. We have listed a few documents below, check them out:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Admission letter from the university or institution abroad.<\/li>\n\n\n\n<li>Completed loan application form of the bank\/financial institution.<\/li>\n\n\n\n<li>Passport-size photographs (usually 2 to 4).<\/li>\n\n\n\n<li>Identity proof (such as an Aadhaar card, PAN card, Passport, Voter ID, etc.).<\/li>\n\n\n\n<li>Residence proof (such as an Aadhaar card, Passport, utility bills, etc.).<\/li>\n\n\n\n<li>Academic records: Mark sheets and certificates of qualifying exams.<\/li>\n\n\n\n<li>Schedule of expenses for the course provided by the institution.<\/li>\n\n\n\n<li>Income proof of co-borrower\/guarantor (usually salary slips, IT returns, etc.).<\/li>\n\n\n\n<li>Collateral documents (if applicable): Property, land\/building documents.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_To_Apply_For_An_Education_Loan_Through_UniCreds\"><\/span><strong>How To Apply For An Education Loan Through UniCreds?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>UniCreds simplifies applying for ICICI Bank&#8217;s education loans for studies abroad through a seamless digital experience. From helping you choose the right lender to ensure swift approvals, we&#8217;re with you every step of the way. Here\u2019s a step-by-step guide on how to proceed:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Initial Consultation: <\/strong>Start with a complimentary consultation with UniCreds&#8217; loan specialists. We&#8217;ll discuss your educational goals, financial situation, and preferred loan options.<\/li>\n\n\n\n<li><strong>Document Collection:<\/strong> Once you submit your ICICI education loan application, our team will provide a clear checklist of required documents. We streamline this process to ensure efficiency and ease for you.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Application Support:<\/strong> UniCreds ensures your ICICI education loan application is handled accurately and promptly. We verify all necessary information and documents to avoid delays.<\/li>\n\n\n\n<li><strong>Comparison &amp; Negotiation: <\/strong>While focusing on ICICI student loans, we explore other lenders and programs to secure the most competitive terms. We may negotiate lower interest rates on your behalf for the best possible deal.<\/li>\n\n\n\n<li><strong>Submission &amp; Tracking: <\/strong>We will update you on the progress of your ICICI application once it is submitted to the bank. UniCreds manages all communication with the bank, saving you time and effort.<\/li>\n\n\n\n<li><strong>Approval &amp; Disbursement: <\/strong>Upon acceptance, UniCreds guides you through the loan terms outlined by ICICI. We ensure a smooth disbursement process to get your funds to you promptly.&nbsp;<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Repayment_Of_Education_Loan_In_Chennai\"><\/span><strong>Repayment Of Education Loan In Chennai&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>Repaying an education loan involves several key steps and considerations to ensure timely and efficient management of your financial obligations. Here\u2019s a comprehensive guide on how to handle education loan repayment:&nbsp;<\/p>\n\n\n\n<p><strong>Understand the Loan Terms:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Interest Rate:<\/strong> Know whether your loan has a fixed or variable interest rate.<\/li>\n\n\n\n<li><strong>Repayment Period:<\/strong> Be aware of the total duration you need to repay the loan.<\/li>\n\n\n\n<li><strong>Grace Period:<\/strong> Check if there is a grace period (usually 6 months to 1 year) after course completion before repayment starts.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Create a Repayment Plan:<\/strong><\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Monthly Budget:<\/strong> Develop a monthly budget to manage your income and expenses, ensuring you can comfortably cover your loan payments.<\/li>\n\n\n\n<li><strong>EMIs: <\/strong>Calculate your Equated Monthly Installments (EMIs) using the loan amount, interest rate, and repayment period.<\/li>\n\n\n\n<li><strong>Automate Payments: <\/strong>Set up automatic payments through your bank to avoid missing any EMI deadlines and to ensure timely payments.<\/li>\n<\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p><strong>Consider Prepayment Options<\/strong><\/p>\n\n\n\n<p>If you have extra funds, consider making prepayments to reduce the principal amount and overall interest burden. Check if your loan has prepayment penalties.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Does_A_Foreign_Education_Loan_In_Chennai_Cover\"><\/span><strong>What Does A Foreign Education Loan In Chennai Cover?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<p>A foreign education loan in India typically covers many expenses of studying abroad. Here&#8217;s a detailed list of what these loans \u200cinclude:<\/p>\n\n\n\n<p>It\u2019s a wrap! By now if you have decided to take an education loan in Chennai, you can visit UniCreds and get a free consultation call from our experts to understand your loan eligibility for securing the best education loan deal!&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"FAQs\"><\/span><strong>FAQs<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Q1. What is the interest charged during the moratorium period?<\/strong> <\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>During the moratorium period, only simple interest will be charged. After this period, the stated interest rate will apply. <\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Q2. Which bank provides an education loan easily?<\/strong> <\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Several banks in India offer education loans to students who are pursuing higher education in India or abroad. Notable banks include SBI, BOB, PNB, and Canara Bank. You can conveniently secure a loan from these banks through UniCreds.&nbsp; <\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Q3. Who is eligible for an education loan?<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>To be eligible for an education loan in India, you must be an Indian citizen and have an admission offer from a recognised educational institution in India or abroad. Additionally, you will need a co-borrower, such as a parent or guardian.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Q4. Is collateral required to get the education loan in Chennai?<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>For loans above 7.5 lakhs, you must pledge collateral to secure the education loan in Chennai.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Q5. Can I prepay the education loan?<\/strong><\/h3>\n\n\n\n<p><\/p>\n\n\n\n<p>Yes, you can prepay the loan. Most banks do not charge a penalty for prepayment, but it is advisable to check with the lender before applying for the loan.&nbsp;<\/p>\n\n\n\n<p><strong><em>Loved what you just read? Check out the following blogs-&nbsp;<\/em><\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/unicreds.com\/blog\/inflation-and-its-effects-on-education-loans\/\"><em>Inflation &amp; Its Effects On Education Loan In 2024<\/em><\/a><em>&nbsp;<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/unicreds.com\/blog\/educational-loan-options-for-ug-diploma-in-canada\/\"><em>Education Loan Options For UG Diploma In Canada<\/em><\/a><em>&nbsp;<\/em><\/li>\n\n\n\n<li><a href=\"https:\/\/unicreds.com\/blog\/how-to-track-avanse-education-loan-status\/\"><em>How To Track Avanse Education Loan Status?<\/em><\/a><em>&nbsp;<\/em><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Chennai, the capital of Tamil Nadu, is home to numerous prestigious educational institutions like IIT Madras and Anna University. Many students from Chennai also aspire to study abroad. Education costs have increased with the growing demand for top universities in India and overseas. However, education as an investment often yields a high ROI, provided you [&hellip;]<\/p>\n","protected":false},"author":103,"featured_media":33259,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[2578],"tags":[],"class_list":["post-33255","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-student-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Education Loan In Chennai: Top Banks, Eligibility, Interest Rates\u00a0 - UniCreds Blog<\/title>\n<meta name=\"description\" content=\"Find the best education loan in Chennai. 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