Education Loan

✔ Loan application form
✔ 10^th marksheet and 10+2 marksheet
✔ Graduation Marksheet
✔ Age proof (Applicant & Co-applicant)
✔ Residence Proof
✔ Income Proof:
      ITR /Form 16 (2 years for service person 3 years for business man)
✔ Photo (1 +1)
✔ Admission Letter
✔ Fee Schedule
✔ Prospectus /Admission Brochure
✔ 3 months salaries slip(In case the guardian is working)    
✔ 12 months bank statement
✔ List of assets & liability
* Further documents as required by respective banks/NBFC’s.

Kindly fill up the below inquiry form to submit your inquiry for educational loan. We will get in touch with you to assist/support for loan processing.

Submit Enquiry For Educational Loan

In case the student/parent / guardian requires any further clarification, assistance, or guidance, the below-mentioned officials could be contacted:

Ms. Neha Verma
Education Loan Coordinator,
E-mail: educationloanhelp@mrei.ac.in  | Mob: +91-7303829911

To assist students, bank officials and our dedicated team shall be available at campus during admissions/ counseling.

To facilitate meritorious students, the liberty to study a course of their choice and build the foundation of a successful career, MREI has established a dedicated loan assistance cell. The cell has tied up with various Fintech companies and other nationalized banks to help procure short-term loans and long-term loans respectively, for new and existing MREI students. The students can either repay the loans through monthly EMIs or can pay in flexible instalments by automatically scheduling their fees using the auto debit option, which pays the instalment on the due date. This can be done through a one-time seamless registration process.

Education loans are offered based on the credit history of the co-applicant and the academic performance of the applicant. Although an in-depth instructional guideline of the loan acquisition process is given on the official website of the banks, MREI makes sure that every student has absolute clarity on the requisition of documents, verification standards and other rudimentary terms and conditions before they apply for the loans. This is attained through an exhaustive counselling session executed by a team of MREI experts.

With rapidly escalating competition in job marketing and a shortage of high-quality, industry-integrated courses like those provided at Manav Rachna, an education loan seems like a highly practical solution. It not only effectively eases the financial burden on parents but also provides reasonable and long-term repayment policies along with tax benefits. For more details on the loan attainment process, reach out to us at – Admissions & Student Facilitation Centre, Block E.

For further details contact us at sfc@manavrachna.edu.in

| M.: 7303819911 or 7303829911 | L: 0129 419 8499; 8480

Ms. Neha Verma
Education Loan Coordinator,
E-mail: educationloanhelp@mrei.ac.in  | Mob: +91-7303829911

Which banks are offering education loan to MR Students?

Ans. Most of the Nationalized Banks are offering education loans. However, Manav Rachna has tied up with Bank of Baroda to help students avail education loans easily with minimum effort. Bank of Baroda provides a completely digital loan process which means you can get an education loan from the comfort of your home. The education loan for the students of Manav Rachna Group is offered based on the credit history of the co-applicant and the academic performance of the applicant.

Manav Rachna has also partnered with Finance peer and Jodo to help those candidates who require some financial assistance to pay their course fee (new admissions as well as existing students). During the counseling process, the candidates may be told about this fee financing facility in case they seek any financial assistance. 

What are the eligibility criteria for an Education Loan?

Ans. ELIGIBILITY

1. a) Student should be an Indian National.
2. b) Should have secured admission from our university i.e. cleared all eligibility criteria.

* For the eligibility criteria, please refer to the respective program details available on our website.

Would my entire fee be funded by the bank?

– Up to Rs 4 lacs

– Entire fee shall be funded by the bank

– Above 4 lacs -5% contributions shall be required to be brought in by the student/guardian

*Scholarship/ assistantship may be considered in margin.

*Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis.

I am staying in a city other than Delhi/NCR (e.g Lucknow), will I be given a loan from Faridabad.

Ans. You shall be provided a loan from the branch in your home town or contact the concerned person for more information. You may also check the nearest branches.

BOB Representative : Ms Radhika Pathak: 7428053065

             Ms Ankita: 9311446339

Financepeer : Vikas Chandra: 9711103963

                          Aarush M:  9871412680

JoDo :  Amit Ranjan: 6360769215

              Mrugrajsinh Parmar: 7892029987

What is the maximum amount I can avail?

Ans. For studies in India: Rs. 7.50 lacs

If the amount exceeds Rs. 7.5 lacs, then following security shall be required

Security Up to Rs.4.00 lacs: Parent(s)/guardian be made joint borrower (s).

No Security

Above Rs 4.00 lacs and Upto Rs 7.5 lacs:

Besides the parent(s)/guardian executing the documents as joint borrower(s), collateral security in the form of suitable third party guarantee will be taken

Above Rs 7.5 lacs:

Parent(s)/guardian are joint borrower(s).Tangible collateral security of suitable value acceptable to bank along with the assignment of future income of the student for payment of installments

*The security can be in the form of land / building / Govt. Securities / Public Sector Bonds / Units of UTI, NSC, KVP, LIC Policy, Gold, Shares/ Mutual Funds/ Debentures, Bank Deposit in the name of the student parent / guardian or any other third party or any other tangible security acceptable to the bank with suitable Margin.

NOTE : The document should be executed by the student and the parent / guardian.

Whether Reimbursement of fees is permitted in Education Loan scheme?

Ans. Yes, reimbursement of fees paid by the student/ guardian at the time of admission or subsequent stages is permissible within six months from the date of payment of fees on individual merits of the case.

In whose name the loan would be granted

Ans. Loan would be granted in Student’s name with the documents of co applicant.

What is the rate of interest?

Ans. Interest cost varies from bank to bank depending up on the amount and repayment period. For further details on the Rate of interest respective bank’s representative may be contacted

What is the method of application of interest in the loan?

Ans. The interest shall be charged at simple rate from the date of disbursement till the commencement of repayment of loan. Thereafter, compound interest is charged on reducing balance.

When does the repayment of loan commence?

Ans. Repayment will commence after the Course period + 1 year or 1 month after getting a job, whichever is earlier.

What is the Maximum Repayment Period?

Ans. 05-07  Years

Repayment holiday/Moratorium:

Ans. Course period + 1 year or 1 month after getting a job, whichever is earlier.

Is there any penalty in case of prepayment of loan?

Ans. You may please contact the concerned person.

Which are the Expenses considered for Loan?

Ans. Institute’s Term Fee & Hostel Fee is covered.

Other Benefits

Interest on daily reducing Balance

* Concession of 1% ROI if interest serviced during moratorium period and thereafter installments are paid regularly.

* Interest concession of 0.50% for women beneficiaries for outstanding up to Rs 10 lacs & 0.25% for outstanding above Rs .10 lacs

Manav Rachna has collaborated with Bank of Baroda to facilitate its students who are interested in availing education loan.

Contact: Ms. Neha Verma,

Education Loan Coordinator,

E-mail: educationloanhelp@mrei.ac.in  | Mob: +91-7303829911