Fullerton India Credit Co. Ltd. is Now SMFG India Credit Co. Ltd.

As a parent, you will always have the best interest in your mind for your children. You will want them to study in a reputed school and provide them with excellent opportunities for their higher education. However, school and college costs are mounting every year. A pre-school admission for a year itself comes up to Rs. 1 lakh. As your child steps into primary and secondary education, these expenses keep climbing thereafter. But in case of a deficit in funds, you can opt for personal loans and use that to fulfill any expense related to academics.

What is a Personal Loan for Child’s Education?

We, at SMFG India Credit, provide a loan amount for your child’s studies in a short time.. Such type of loan is different than a traditional education loan in the following ways:

  • In personal loans for child’s education, it is the working parent who takes the loan, and not the child. Loans like these complement your child’s academic journey at any point in time.
  • Upon approval,  the loan is transferred to your bank account. Thus, you can decide when and where you want to use the funds.
  • As personal loans for child’s education involve minimal documentation, the processing and disbursal happen within 30 minutes* after loan approval.

Please note that most lenders do not offer personal loan for students, since students usually do not fit the eligibility criteria of employment and income. However, if an applicant is salaried or self employed, and wishes to pursue a part time course, depending on the lender’s policy, they may be able to avail a personal loan to finance the course.

Features and Benefits of a Personal Loan for Child’s Education

The key features and benefits of SMFG India Credit personal loan for child’s education include:

  • Parents can avail personal loans for their child’s education up to Rs. 25 lakhs*
  • Self-employed individuals can borrow up to Rs. 10 lakhs*
  • Tenure for personal loan for child’s education is between 12 months and 60 months
  • Immediate fund transfer within 30 minutes* after loan approval

Interest Rates and Other Charges of Personal Loans for Child’s Education

Interest Rates

11.99%* p.a. onwards

Loan Amount

INR 50,000* to INR 25 Lakh*

Loan Tenure

12 - 60 months

Processing Fees

Up to 6% of the loan amount

Lowest EMI per month

Starting from INR 1,112* for 60 months

Prepayment/Foreclosure Charges

Up to 7% of the loan amount

Eligibility Criteria for Personal Loan for Child’s Education

Listed below are the eligibility criteria for an instant loan for education:

  • You should be a Resident India to apply for personal loan for child’s education.
  • Your age cannot exceed 65 years at the time of loan maturity

For Salaried Professionals:

  • The minimum monthly income must be Rs. 25,000 if residing in Mumbai or Delhi, and Rs. 20,000 if residing in any other city in India.
  • As an applicant, you should be working either with a private limited company or public sector undertaking (local, state, or central).

For Self Employed:

  • You should have a minimum income per year – this amount varies for each case depending on factors such as location, loan amount required and the organisation’s policy at the time of loan application.
  • Financial documents showing proof of stable income.

Documents Required For Personal Loan for Child’s Education

The list of documents required for an instant personal loan for child’s education are:

  • A recent passport-sized photograph
  • A government recognised identity proof and address proof
  • PAN Card is mandatory 
  • Bank statements of the last six months    
  • Proof of income (pay slips/salary certificate), Form 16, Income tax returns for salaried individuals
  • Business registration proof, company’s financials, income tax returns, etc. for self-employed applicants

How To Apply for A Personal Loan for Child’s Education?

Following are the steps you need to follow to apply for a personal loan at SMFG India Credit:

  1. Initiate the application process here.
  2. Enter necessary personal details such as mobile number, PAN, pincode, and employment status.
  3. Receive a 6-digit OTP for mobile phone verification and complete the required email ID verification.
  4. Enter additional data including email address, date of birth, gender, annual income, and employment history.
  5. Evaluate the details of the loan including the loan amount and terms such as fees and repayment schedules. Upon satisfaction, confirm your acceptance. Take a look at the option you will get to choose a higher loan amount.
  6. Salaried employees must input relevant work-related information.
  7. Undertake identity and address verification through well-known methods like CKYC, OKYC, or DigiLocker.
  8. Submit bank account details which will be verified by us. After verification, provide the requested information in the 'Additional Details' segment.
  9. Select a payment method and complete the eNACH setup.
  10. Review, digitally sign, and validate the loan agreement with an OTP.

Completing these easy steps will take you closer to your financial goals.

Tips to Use a Personal Loan for Child’s Education Responsibly

When utilizing a personal loan for child’s education, responsible management is crucial. Here are some tips:

  • Budget Wisely: Plan your expenses meticulously, considering tuition, accommodation, and other essential costs.
  • Borrow Only What You Need: Avoid the temptation to borrow more than necessary. Calculate your requirements and borrow accordingly.
  • Understand the Terms: Thoroughly comprehend the loan terms, including interest rates, repayment schedules, and any associated fees.
  • Regular Repayments: Ensure timely repayments to maintain a good credit history and avoid penalties.
  • Budget Management: Until you have repaid the personal loan, repayment of the loan should be your highest priority. Manage your monthly budgets wisely.

* Please note that loans are disbursed at the sole discretion of SMFG India Credit. Final approval, loan terms and disbursal process will be subject to SMFG India Credit's policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.

12 Months60 Months

Your Calculated EMI*



How can I get a loan for study?

Personal loans for further studies can be obtained at SMFG India Credit at affordable interest rates and flexible tenures. You can avail of a personal loan for further education for up to INR 25 lakhs* and use the funds to manage your travel, accommodation, tuition fees, books, research fees, and other academic expenses without any restriction of application. Please note however, that personal loans are only provided to eligible borrowers who are salaried or self-employed. Check out personal loan eligibility criteria and online EMI calculator to know more.

Who is eligible for a personal loan for further studies?

To apply for a personal loan for further studies, you must be a Resident Indian of an age between 21 and 65 years. The following are the other eligibility terms:

  • If you are a salaried employee, your monthly salary must be at least INR 20,000 (INR 25,000 if you belong to Mumbai or Delhi).
  • If you are a self-employed candidate, your annual turnover must be the above the minimum value decided according to your industry.
  • You should have a good credit score or history
  • Salaried applicants must have a minimum work experience of 1 year, with at least 6 months in the current organisation.
  • Cash salary applicants will not be accepted.

If you are still a student, and/or need a loan to pursue a full time course, you can ask a parent / guardian or a close family member with a good credit score and stable income to apply on your behalf. To check your eligibility, you can check out our personal loan eligibility calculator.

What are the conditions for a study loan?

For a study loan for their children, parents can apply for a personal loan with SMFG India Credit. A personal loan for study or further education can also be a great option for working professionals looking to finance their studies without incurring the high interest rates associated with traditional student loans. The eligibility conditions vary according to monthly income and credit score. Basic conditions include the following:

  • Citizenship should be of India.
  • Age must be between 21 and 65 years.
  • Parents must be salaried or self-employed.
  • Minimum salary must be INR 20,000 per month (INR 25,000 if city of residence is Mumbai or Delhi)
  • Work experience must be higher than 1 year.
  • Good credit score & history 

You can also check out our personal loan eligibility calculator to know more.

Who are eligible for Education Loan?

Self-employed and salaried people can apply for an instant loan for students. The age of the borrower must be over 21 years. Regular monthly income is necessary to apply for the funds.

What expenses are covered as part of student loans?

Personal loans for students cover for any expense related to the studies. The financial assistance could be for a school fee or funds for your child’s higher studies. You may use the instant loan for students to purchase books, uniforms, school projects, or other education-related costs.

What is the tenure for a student loan?

Tenure for an education loan is between 12 months and 60 months. We at SMFG India Credit will chalk out a repayment schedule for the instant loan for students as per your financial feasibility. This will allow you to make the most out of the offer.

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