Education Loan

  • Individual who has secured admission in any of the graduate /post-graduate courses offered by college/institute/university approved by IBA.

  • In case of Minor student, parent will be applicant. An Undertaking to be obtained from parent that minor(on attaining majority /before retirement of parent) will be added as guarantor.

  • Loan upto 75 lacs

  • The applicant should be over 18 years of age and a confirmed employee of the allied organization / established of repute having a regular source of income.

  • Where the applicant is not having any income source, any one Parent /Guardian having a regular source of income can apply as Co-borrower.

  • Repayment Period is 120 Months including moratorium period of max 36 months.

  • Upto 5 Lacs: Unsecured 5% of the Sanctioned amount Maximum Rs. 10000/-

  • Above Rs. 5 Lacs: Secured 2.5% of the Loan Amount Max Rs. 15000/-

Ammount Rate Of Interest

Upto Rs.5.00 lakhs

12.00% p.a

Above Rs.5.00 lakhs

 9.75% p.a.
  • 0.25% less rate of Interest applicable incase of girl students/ Divyang.

  • 0.25% less rate of Interest applicable in case of Studies in Indian Institute of Management, IIT’s, XLRI, ISB, Government recognized medical college.

Financial Document

  • Of the Co-applicant , i.e. parent : Income Proof required for last 3 years, in form of Form No. 16 for Salaried
  • Of the Co-applicant , i.e. parent : Income Proof required for last 3 years, in form of ITR of 3 Years for Non Salaried
  • 6 Months Bank Statement of SB and CA Account

Other Documents

  • Proof of age and educational qualification such as Mark sheet, Degree Certificate etc.
  • Proof of admission to the course with fee structure.

  • Upto Rs.5 Lacs - without security and 2 guarantors

    • Salary income with monthly salary of Rs. 50000/- and above, CIBIL Score 700 and above, 2 years vintage in current service, guarantor waiver can be considered

  • Above Rs. 5 Lacs Pledge of any other tangible security acceptable to the bank or Equitable/Registered Mortgaged of property

    • The applicant is allowed to bring in the margin/own stake and security /collateral security from year to year in proportion of loan disbursed Equitable mortgage of Property , NSC/LIP pledged/assigned in favour bank, Fixed deposits, bonds

    ** terms and conditions apply
    1. Guarantor with satisfactory Means
    2. Guarantors upto Rs 5 lakhs

  • Margin money of 10 to 20% of course fee to be deposited in the A/c. 100% of course fee will be remitted by pay order in favour of the institutions as per their course fee / payment schedule.

Frequently Asked Questions (FAQs)

You can apply for an education loan at Greater Bank by submitting a loan application with essential documents, including proof of secured admission to a recognised educational institution.

The applicant must:

  • Be over 18 years of age.
  • Have a regular source of income or a confirmed employment status.
  • If the applicant has no income, a parent/guardian with a regular income can be a co-borrower.

Greater Bank provides financial support for professional courses, including:

  • Medical & Dental, Engineering, Computer Science and Management.
  • Hostel accommodation expenses are also covered.

Yes, an education loan is often a smart choice if you're planning to pursue higher studies in India or abroad and want to avoid draining your savings. It helps cover tuition fees, living expenses, travel, and other academic costs—while letting you repay in manageable EMIs after your course is over.

Documents required for loan sanction include:

  • Proof of age and educational qualification (Marksheet/Degree Certificate)
  • Proof of admission to the course with fee structure
  • Income proof of the co-borrower (Form 16/ITR for the last 3 years)
  • Bank statements for the last 6 months

Yes, Greater Bank provides financial support to meritorious and indigent students, ensuring opportunities for students from weaker sections to pursue higher education.

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