Maximum Loan Amount
The maximum amount you can get from Hero FinCorp is Rs 5 Lakh. However, you must meet the eligibility criteria and have a good credit rating.
Personal Loan EMI Calculator
Get Personal Loan for Education Approval in 10 Minutes
Get your Personal Loan for Education approved in just 10 minutes with Hero FinCorp. Enjoy a fully digital process, minimal paperwork, and quick verification. Whether you’re salaried or self-employed, you can apply anytime using the Hero FinCorp app. No collateral or guarantor required. Loans start from Rs 50,000 with flexible tenure options. Fast approvals and quick disbursal make it easier to focus on your education, not financing.
Features and Benefits of a Personal Loan for Education
A loan for education at Hero FinCorp is highly convenient to avail. This is because the instant Personal Loan facility is flexible enough to cover academic expenses and support your educational goals at the same time.
Eligibility for a Personal Loan for Education
When you think of applying for a Personal Loan for Education online, it is advisable to know the loan eligibility criteria to eliminate all the chances of loan rejection or delay. Students and parents should be aware of the eligibility criteria and required documents before applying:
Age
You must be between 21 to 58 years of age.
Citizenship
You must be an Indian citizen to apply for a Personal Loan at Hero FinCorp.
Work Experience
The minimum work experience for salaried employees is 6 months, and 2 years for self-employed.
Monthly Income
The minimum income requirement is Rs 15,000 per month.
List of Required Documents to Apply Personal Loan for Education
A Personal Loan for Education is available for both salaried and self-employed individuals. The documentation requirement varies slightly. Let’s check out the commonly required documents below.
Required Documents for Salaried
Proof of photo identity
Driving Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Three Months’ Salary Slips, Six Months’ Bank Account Statement, Form 16
Job Continuity Proof
Appointment Letter From the Current Employer
Proof of Residence
Driving Licence, Passport, Aadhaar Card, Utility Bill
Required Documents for Self-Employed
Proof of photo identity
Driving Licence, Passport, PAN Card, Aadhaar card
Mandatory Documents
Filled Loan Application Form, Passport Size Coloured Photograph
Proof of Income
Last Six Months Bank Statement, ITR for the Last Two Consecutive Years
Proof of Residence
Maintenance Bill, Utility Bill, Property Documents, Rent Agreement
Proof of Business Existence
Copy of Tax Registration, Shop Establishment Proof, Company’s Registration Certificate
Interest Rate & Charges for a Personal Loan for Education
Personal Loans are useful for educational expenses. Be cautious, however, of the other associated expenses of loans so you will not have a hard time repaying them later. The best option to maintain hassle-free repayment is by knowing the interest rates and fee applicable. Here is a quick preview of the overall cost of a loan:
| Loan Details | Charges/Details |
|---|---|
| Interest Rate | Starting from 1.58% per month |
| Loan Processing Charges | Minimum Processing fee is 2.5% + GST |
| Prepayment Charges | N.A. |
| Foreclosure Charges | 5% + GST |
| EMI Bounce Charges | Rs 350/- |
| Interest on Overdue EMIs | 1-2% of the loan/EMI Overdue Amount Per Month |
| Cheque Bounce | Fixed Nominal Penalty |
| Loan Cancellation | 1. Loan app does not charge cancellation charges 2. Interest amount paid is non-refundable 3. Processing charges are non-refundable |
How to Apply Personal Loan for Education Online?
Here is the step-by-step process to apply for a Personal Loan for Education online:
- 1
Go to the Hero FinCorp website or install the loan app
- 2
Visit the Personal Loan page and click the ‘Apply Now’ button
- 3
Enter your mobile number and verify with the OTP received
- 4
Choose the loan amount you need
- 5
Verify your KYC details to check income eligibility
- 6
Click ‘Submit’ to complete your application
Blogs
FAQs
You can avail a Rs 50,000 Personal Loan for Education through Hero FinCorp's app if you are 21–58 years of age with a Rs 15,000 monthly income.
A CIBIL score is used to check creditworthiness, but first-time borrowers may also be granted a Personal Loan for Education if they meet Hero FinCorp's required eligibility parameters.
Hero FinCorp’s Personal Loan for Education can be utilised for all short-term and loan-duration courses in India or overseas.
Yes, repayment of your Personal Loan for Education is possible in advance. Hero FinCorp supports prepayment, which saves interest charges.
Hero FinCorp provides repayment terms between 12 and 36 months. Select a tenure and EMI plan that suits your repayment ability.
Yes, parents or students can avail of an instant loan for education from Hero FinCorp without guarantor or collateral.
You can apply online on Hero FinCorp's website or mobile app. Simply register, fill the application form and proceed as per instructions to get the loan application process done.
All Indian citizens, salaried and self-employed, between the ages of 21-58 years with a minimum monthly income of Rs 15,000 are eligible to apply for a Personal Loan for Education at Hero FinCorp.
Visit the Personal Loan section on the Hero FinCorp website or loan app and click 'apply now'. Complete the loan application and submit. You can receive instant approval.
At Hero FinCorp, the interest rates on Personal Loans start from 1.58% per month. The rates can differ based on the credit profile.
Make use of Hero FinCorp's online EMI calculator. Fill in the loan amount, interest rate, and tenure to view your estimated monthly EMI on the screen immediately.
Hero FinCorp's Personal Loan gets approval in 10 minutes. It is collateral-free and can be availed with minimum documentation online.
You need to furnish your KYC details (Aadhaar card and PAN) and income proof to apply for a Personal Loan for Education online.
Yes, submitting your PAN card is mandatory when applying for a Personal Loan for Education with Hero FinCorp.