India · Abroad · Secured & Unsecured
Funding for college, professional courses and postgraduate study, compared across banks and NBFCs before the admission deadline arrives. Free help for students and parents in Raipur and Bilaspur.
AMFI-Registered Mutual Fund Distributor
IRDAI-Licensed Insurance Distribution
Raipur & Bilaspur, Chhattisgarh
45+ Years Combined Experience
Families, Business Owners & NRIs
Most families in Raipur begin thinking about an education loan after the admission is confirmed, and then discover that the fee deadline, the visa appointment and the lender's processing time all fall in the same three weeks. Starting early is the single most useful thing you can do.
An education loan is really a loan to the family: the student usually has no income during the course, so lenders lean on the co-applicant's income and credit report, the course and institution, and for larger amounts, collateral. Two families with the same admission can get quite different terms.
We compare banks and NBFCs on our panel for the specific course, institution and amount, and help you put the file together. Final sanction, rate and terms are decided by the lender.
In India
Engineering, medicine, management, law and other professional or degree courses at recognised colleges and universities. Amounts are usually smaller, and many lenders lend without collateral up to their threshold, with a parent as co-applicant.
Abroad
Undergraduate and postgraduate study overseas. Amounts are larger and cover living costs and travel, so collateral is more often asked for. Some lenders specialise in particular countries and courses; the comparison matters most here.
Both
The course, the institution's standing, the student's academic record, the total cost of attendance, the co-applicant's income and credit history, and any security offered.
Exactly what is included depends on the lender and the scheme, and is listed in the sanction letter.
Fees
Tuition, and examination, library and laboratory fees payable to the institution.
Living
Hostel or accommodation costs, and for study abroad, a reasonable allowance for living expenses.
Travel
Airfare for study abroad, usually the outward journey and sometimes the return.
Equipment
Books, instruments and a computer where the course requires one.
Deposits
Refundable deposits and building fund charges, where the institution requires them.
Cover
Some lenders bundle life cover on the student so the family is not left with the debt. Its cost should be shown to you.
As described on the Income Tax Department's website (incometax.gov.in), Section 80E allows a deduction for the interest paid on a loan taken from a financial institution or an approved charitable institution for higher education. The points that matter:
The deduction belongs to the person who takes the loan and pays the interest, which is one reason families think about who the borrower should be. The Income-tax Act, 2025 renumbers sections from tax year 2026-27, so the section number on your return may differ; confirm the current position with your tax preparer before you file.
Lenders sanction against a confirmed admission, but much of the work can be done before it arrives. A sensible order:
Final sanction, rate and terms are decided by the lender. MGR WealthPro arranges loans through partner banks and NBFCs and does not lend in its own name.
A free call with the student and parent: course, institution, total cost, and what the family can contribute.
We read the co-applicant's credit report and income papers, and the collateral papers if any, before a lender does.
Banks and NBFCs side by side: amount, collateral, margin money, moratorium, processing charges and how disbursal works.
You choose; we help with the file and follow up through sanction and each disbursal to the institution.
A loan is one way to pay for higher education; investing for it over ten or fifteen years is another, and most families end up using both. See investing for your child's education and our mutual funds and SIP page. And because the co-applicant's income is what repays the loan, make sure it is protected with adequate term insurance.
Straight answers to what people in Raipur ask us most.
Often, yes, for smaller amounts and for admissions to institutions that lenders rate well. Above a certain amount most lenders ask for collateral such as property or a fixed deposit, or a stronger co-applicant. The threshold differs between banks and NBFCs and between schemes, so we compare them for your specific admission and amount.
Usually a parent or guardian; lenders may also accept a spouse, sibling or other close relative. The co-applicant's income and credit report matter a great deal, because the student usually has no income while studying.
Har case mein nahi. For smaller amounts many lenders do not ask for collateral, but they will want a co-applicant with steady income. For larger amounts, especially for study abroad, most lenders ask for property, a fixed deposit or similar security. It depends on the lender, the course and the institution.
Start before the admission is final. Share your offer letter, cost of attendance, and your co-applicant's income papers; we compare banks and NBFCs on amount, collateral, margin money and disbursal to the university. Once the admission is confirmed, the lender issues a sanction letter, which students often use as part of their financial evidence for the visa.
Under Section 80E, interest paid on a loan from a financial institution or approved charitable institution for higher education of yourself, your spouse, your children, or a student of whom you are the legal guardian can be deducted, with no upper limit, for the year you start repaying interest and the seven years after, or until the interest is fully paid, whichever comes first. The deduction is available under the old tax regime only.
Many lenders allow a moratorium during the course and for a period after it, so EMIs start once the student is expected to be earning. Interest generally builds up during the moratorium, and paying it as you go keeps the final loan smaller. The terms are set out in the sanction letter.
No. We do not charge for comparing lenders, preparing the file or following up. The lender's own processing and other charges appear in its sanction letter, and we go through them with you.
Free, nothing to sign, and nothing recommended on the first call. Bring whatever paperwork you have; if you have none, come anyway.
Enquiry
Related
Other Services
Visit
505/506, Karsen Chamber, New Timber Market, Devendra Nagar, Raipur, Chhattisgarh 492001
Mutual fund investments are subject to market risks. Read all scheme related documents carefully. Past performance is not indicative of future returns. MGR WealthPro acts as an AMFI-registered mutual fund distributor (ARN-307107) and does not provide portfolio management services in its own name.
Insurance is distributed under IRDAI licence I-241174N0118216. Insurance is a subject matter of solicitation. Loan products are arranged through partner banks and NBFCs; sanction, interest rate and final terms rest solely with the lender. Nothing on this website is an offer, a guarantee of return, or personalised investment advice under the SEBI (Investment Advisers) Regulations, 2013.
