RBL Bank Education Loan

RBL Bank offers education loans to students who have secured admission to undergraduate or postgraduate courses at recognised institutions in India or abroad. The loan covers the complete range of study-related expenses, including tuition fees, examination fees, library fees, books and study materials, a laptop or computer, living expenses such as food and accommodation, and travel costs for students heading overseas. For overseas education, RBL Bank can finance up to 100% of the eligible cost of study at a foreign university.

• Applicant must be an Indian citizen, generally aged between 18 and 35 years.
• The student must have completed 10+2 from a recognised board and secured admission to a recognised UG/PG course in India or abroad.
• A co-applicant (parent, spouse, or guardian) is mandatory to act as a co-borrower.
• Both the student's academic record and the co-applicant's financial stability are assessed as part of the approval process.
• Diploma and certificate courses are also eligible, in addition to regular degree programs.
• Students from economically weaker sections (family income below Rs. 4.5 lakh per annum) can benefit from a dedicated scheme offering interest subsidies during the moratorium period.

• Identity proof (Aadhaar, PAN)
• Proof of residence (bank statement or Aadhaar card)
• Income documents (ITR or salary slips) for the co-applicant
• Academic records and proof of admission from the institution
• I-20 form (for students studying in the US)
• Scholarship certificates, where applicable
• English proficiency scores and other qualifying exam results (GRE, GMAT, SAT, TOEFL, etc.)
• Two passport-size photographs
• Professional qualification or degree certificates, where relevant (e.g., for medicine, architecture, CA)

RBL Bank offers a moratorium period covering the full course duration plus one year, or six months after the student secures a job, whichever is earlier. Paying interest during this period is optional; if unpaid, it is added to the principal, increasing the total repayment amount.

Once regular repayment begins:

• The maximum repayment tenure is 15 years, excluding the moratorium period.
• Borrowers can opt for a shorter tenure for faster loan closure, though this results in higher EMIs.
• Extra part-payments can be made at any time to reduce the outstanding balance and save on interest.
• Prepayment or early loan closure is permitted, often without a penalty, depending on the loan agreement.
• Borrowers also have the option to switch the loan to another lender offering better rates or terms.

1. Visit RBL Bank's official website and go to the 'Education Loan' section.
2. Click on 'Apply Now' and fill in basic details such as name, mobile number, email address, and PIN code.
3. Verify the application using the six-digit OTP sent to the registered mobile number.
4. Upload the required documents as prompted, or through a link shared by the bank's loan officer.
5. Alternatively, applicants can visit the nearest RBL Bank branch to apply offline.