Get an Education Loan
Chennai, the cultural capital of South India, is home to some of the most prestigious educational institutions. With leading colleges such as IIT Madras in Adyar, Anna University in Guindy, and Loyola College in Nungambakkam, the city attracts thousands of students each year to pursue higher education.
But affording quality education can be challenging for many families. This is where an Education Loan in Chennai comes as a practical solution. It bridges the gap between aspirations and financial capacity. At Poonawalla Fincorp, we make Education Loan accessible, helping students fund tuition, accommodation, and living costs. Apply now!
Education Loan in Chennai EMI Calculator
Use our simple EMI calculator to estimate monthly payments, so you can plan your finances better. Simply enter your desired loan amount, interest rate, and repayment tenure, and the calculator will provide a clear view of your EMIs.
Why Choose Poonawalla Fincorp
Apply for an Education Loan in Chennai
Click on “Apply Now”
Fill out the online form to start your loan application.
Enter Details
Enter your DOB, PAN card number, monthly income, and residential details.
Upload Documents
Upload the necessary documents for quicker approval.
On successful verification, the loan amount will be disbursed into your bank account instantly.
Get exclusive offers thoughtfully customised just for you
To qualify for an Education Loan from Poonawalla Fincorp, you must meet these basic criteria:
Age:
- Applicant: Between 16 and 50 years
- Financial Co-applicant:
- Salaried: 21 to 60 years
- Self-employed: 21 to 65 years
- Non-financial Co-applicant: 21 to 80 years
Citizenship: Indian, OCI (Overseas Citizen of India)
Study Location:
- India
- USA, Canada, Australia, New Zealand, Singapore, UAE, Philippines
- United Kingdom, Ireland, Sweden, Spain, France, Germany and other European countries
Loan Amount With Collateral:
- Domestic Studies - Up to ₹50 Lakh
- International Studies - Up to ₹3 Crore
Co-applicant:
- Parents
- Parents-in-law
- Siblings
- Spouse
- First Cousins
- Parents’ Siblings
To secure your education loan in Kota, here’s a clear checklist of the documents you and your co-applicant will need to arrange.
Applicant/Student Documents:
- KYC documents
- Institute Admit Letter (if available)
- Entrance Test Results (if available)
- Past Academics
Co-applicant Documents:
- KYC
- Employment
- Financials:
- Salaried: Bank Statement, Pay slip, Form 16
- Self-employed: Bank statement, ITR, GST Surrogate
At Poonawalla Fincorp, we are committed to offering transparent, competitive interest rates on our education loans in Chennai.
|
Interest Rate |
11.25%* p.a. onwards |
|
Loan Amount |
₹1 Lakh to ₹3 Crore |
|
Loan Processing Fees |
Up to 2%+ GST subject to min. ₹5000 |
|
Loan Tenure |
Up to 15 years |
|
Prepayment/Foreclosure Charges |
• Floating rate loans: Nil • Fixed rate loans: 2% (plus GST) charge on the outstanding amount being foreclosed/prepaid |
|
Default Charges |
24% p.a. + taxes |
|
Repayment Instrument Dishonour Charges |
₹500 per bounce plus applicable taxes |
|
Stamp Duty |
At actuals (as per state) |
|
Hidden Charges |
Nil |
Default Charges: Penalty will be charged for nonpayment of EMI amount and for non-compliance of material terms and conditions, as more particularly specified at Default Charges.pdf
*T&C Apply
An Education Loan in Chennai offers a multitude of benefits, empowering students to pursue their academic ambitions without financial constraints.
- Makes Education Affordable: Top institutions in Chennai, such as IIT Madras, Loyola College, and Anna University, often require substantial tuition fees, and an Education Loan helps make it financially accessible.
- Preserves Family’s Savings: Finance your education without depleting your family’s savings or fixed deposits, keeping emergency funds secure.
- Promotes Financial Independence: Students from Chennai pursuing courses across the city’s academic hubs, such as Guindy and Nungambakkam, can gain financial independence by funding their own education.
- Offers Tax Benefits: Under Section 80E of the Income Tax Act, the interest paid on the Education Loan is eligible for tax deduction, providing financial relief to the repaying individual.
- Removes Collateral Requirement (for Select Loans): Depending on the loan amount and eligibility, some education loans may not require collateral, making it easier for a wider range of students to apply.
- Provides Flexible Repayment: Most education loans typically offer a moratorium period, allowing you to start repayments after your course completion and securing employment.
Feel free to visit our Poonawalla Fincorp branch in Chennai for any queries related to Education Loans. Here are the details:
- Address: The Oval, 2nd Floor, Venkatanarayana Road, T. Nagar, Chennai - 600017
Contact No.: 1800-266-3201 (Toll Free)
Timings: 9:00 AM to 7:00 PM | Monday - Saturday (Closed on Sunday & Public holidays)
Get Funds Quickly With
Minimal
Documentation
Happy customers, happy us
My loan application journey with Poonawalla Fincorp was smooth and well-explained. The team demonstrated strong product knowledge and guided me clearly at every step. They were highly responsive, addressing my queries promptly and ensuring clarity throughout. The turnaround time was reasonable, with the process completed efficiently and without delays. Overall, I am very satisfied with the experience and truly appreciate the team's support and assistance.
My experience with Poonawalla Fincorp for my Education Loan was seamless and hassle-free. Their clear guidance, proactive communication, and transparent process made everything, from documentation to approval, disbursement, and even FOREX transfer, smooth and timely. The digital platform was easy to use, and their professionalism gave me complete confidence. I chose Poonawalla Fincorp for their supportive, customer-first approach, which enabled me to pursue my MBA at the University of Oxford without financial stress. I highly recommend their education loan products to any student seeking reliable financial assistance.
My education loan journey with Poonawalla Fincorp was seamless and stress-free from start to finish. The team demonstrated excellent product knowledge, explained the process clearly, and guided me through every step with transparency. Their responsiveness and proactive communication ensured that my queries were always addressed promptly, leaving no room for confusion or delay.The turnaround time was impressive! The team's professionalism, polite nature, and dedication to customer satisfaction truly stood out and made the experience even better. I am delighted with the service and would wholeheartedly recommend Poonawalla Fincorp to anyone seeking an education loan. Their supportive approach, timely processing, and customer-first attitude make them a trusted financial partner.
Frequently Asked Questions
Yes, students based in Chennai can apply for education loans to pursue approved courses abroad in countries such as the USA, UK, Canada, Australia, and Europe.
Yes, students relocating to Chennai for higher education can apply, provided they meet the eligibility criteria and secure admission to a recognised institution.
Poonawalla Fincorp’s education loans can support various programmes, including engineering, management, professional certifications, and other recognised courses offered by institutions across Chennai.
Collateral requirements depend on the loan amount, course, and applicant profile. Certain loans may be offered without collateral, subject to eligibility.
Eligible co-applicants may include parents, spouse, siblings, or other approved family members based on lending guidelines.
Yes, under Section 80E of the Income Tax Act, the interest paid on education loans may be eligible for tax deductions once repayment begins.