Education Loan In Mumbai

Mumbai, the financial capital is the home to several top premier institutions in the country. Mumbai has a higher concentration of quality institutions and universities which attracts students from all around the country. This city is the best for studying law, management, acting and a variety of other courses.

From public banks (SBI), private banks (Axis Bank, HDFC Credila) to NBFCs such as Auxillo, Avanse and Incred, get loans suited to your needs through Credenc.

Education Loan Provider in Mumbai

Bank Interest Rate(%)
State Bank of India 8.3-10.7%
Axis Bank 10.5-15%
Avanse 12-14.5%
InCred 11.75-14%
Bank Of Baroda 11.25-14%
Bank of Maharashtra 10.15-12.1%

How to get an education loan in Mumbai?

Most public banks and private banks offer low-interest rates on your loan while they look for a strong profile with collateral whereas NBFCs usually offers unsecured loan without security at a higher rate of interest.

With Credenc, getting into your dream school is easy. You can apply for an education loan with online documentation and quick approvals and enjoy low-interest rates and accessible credit funding so that you don't have to compromise with your dreams. Unlike the traditional lenders, we invest in your future rather than assessing you on your past.

For a detailed list of documents, click here.

Geographical Effect

Most of the regions in Mumbai are serviceable for education loans excluding some of the rural areas for their inaccessibility and other conditions. Although some of the banks may limit their service to a certain radius of their headquarters, in which case, we will make sure your application is passed through other major banks and NBFCs and help you get the best rates for your loan.

Coverage & Eligibility


With downstream servicing like employability services, repayment planning, and customer tracking, Credenc offers end to end free servicing that transforms and enhances your entire financial experience. We have partnered with 150+ universities across the country to catalyse finance to students in a more accessible and convenient way.  


Expenses covered under education loan are -

  • Fees payable to school/college/hostel.

  • Examination/Library/Laboratory fees.

  • Purchase of Equipment/Books/Instruments/Uniforms.

  • Purchase of Computer/Laptop if essential for the completion of course.

  • Travel Expenses/ Passage money for studies abroad.

Eligibility Criteria

  • The borrower ought to be an Indian citizen.

  • He/She must have secured admission in the college before disbursement.

An education loan can also be availed before securing admission in a university. NBFCs also provide pre-admission loans on the basis of scorecards of competitive exams like GRE, GMAT, IELTS, TOEFL etc.


It is important to note that public banks have a strict margin policy where they provide financing upto 80-90% of the loan amount. The rest amount has to be paid from your pocket. Whereas NBFCs and private banks offer 100% financing that covers your tuition fees, travel expenses and much more.

Student Loan Interest Rate in Mumbai

  • Nationalised banks charge loan interest between 9% and 14%

  • Private banks offer loan interest at the rate of 11% and 17%

Moreover, the rates of interest also depend upon various factors such as your GRE score, your university and your academic profile.

Education Loan for MBA students in Mumbai

Mumbai being the financial capital of India is one of the leading destinations for MBA aspirants. Some of the top-premier MBA institutes in Mumbai are JBIMS, SPJIMR and K J Somaiya.

MBA aspirants often back out before investing in their MBA program due to their

skyrocketing fees. Thus an educational loan can do wonder to help you get the education you deserve. Check your rates now.

Education Loan for MBBS in Mumbai

Some of the top medical colleges in Mumbai are - Grant Medical College, Seth GS Medical College, and Topiwala Medical College. You can avail education loan for MBBS upto INR 10 lakh in India and 40 Lakh for abroad studies. Most of the NBFCs also provide loans with no upper limit but requires collateral.

Education Loan for Engineering in Mumbai

Some of the best engineering colleges in Mumbai are Indian Institute of Technology, Institute of Chemical Technology, K.J Somaiya College of Engineering etc. If a student has secured admission in one of the premier institutions, then getting an education is very easy. Most of the institutions are partnered with several banks to offer financial accessibility to the students. Some of the banks who offer loans for Engineering in Mumbai include State Bank of India, Axis Bank, Punjab National Bank and HDFC Credila. NBFCs like Avanse, Incred and Auxilo are also prevalent on the scene.