Save More with Education Loan Refinance

Cut your interest rate and shrink your EMIs by switching your education loan to a better lender.

Overview of Education Loan Refinancing

Education loan refinancing allows borrowers to replace their existing student loans with a new loan with better terms. With refinancing, you can save substantial money over the life of the loan.

Education loan refinance lets you replace your student loan with a low-interest loan.
With refinancing, you can reduce your monthly payments and financial stress.
Student loan refinance helps simplify multiple loans into one.
Refinancing reduces your monthly EMI and frees up money for essential expenses.
Many international lenders offer student loan refinance options for Indian students abroad.

Advantages of Refinancing Loan

As a student, you had limited choices. As a working professional, you can refinance your education loan on far better terms and conditions.

Lower Interest Rates

Refinancing carries lower interest rates and reduces the burden.

Flexible Repayment Options

You can choose a plan that suits your financial goals.

Streamline Multiple Loans

You can combine multiple loans into a single one.

Release of Cosigners

Under new loan terms, cosigners are relieved of their liability.

Release of Collateral

The loan collateral becomes free of the bank's hold.

Compare Education Loan Refinancing Providers

Bank Name

Loan Amount

Interest Rate

Processing Time

Processing Fee

Upto INR 2 Crore

9.95% - 12%

7 days

0.5 - 1 %

Upto INR 2 Crore

9.50% - 13.50%

10 days

0.75 - 1 %

Upto USD 200K

10.5% - 14%

7 days

100USD+ 5%

Upto INR 1.5 Crore

10.15% - 11.15%

25 days

INR 10,000

Upto INR 1.5 Crore

9.75% - 13%

14 days

0.75%

Upto INR 1.5 Crore

10% - 13%

7 days

0.85 - 1 %

Upto INR 1.5 Crore

10.50% - 13%

7 days

Upto INR 1.5 Crore

10.50% - 13%

7 days

Upto INR 1.5 Crore

11.5% - 13.5%

5 days

0.75 - 1 %

Upto INR 1.5 Crore

9.95% - 12%

7 days

0.5 - 1 %

Upto INR 1 Crore

9.95% - 12%

7 days

0.5 - 1 %

Upto INR 1 Crore

9.95% - 12%

7 days

0.5 - 1 %

Upto INR 2 Crore

9.95% - 12%

7 days

0.5 - 1 %

Upto USD 200K

9.95% - 12%

7 days

0.5 - 1 %

Upto USD 200K

9.95% - 12%

7 days

0.5 - 1 %

Education Loan Refinancing: Eligibility and Document Requirements

Education loan refinancing gets you lower interest rates and more favorable repayment terms. Here are the eligibility criteria and necessary documentation.

Documents Required for Education Loan Refinancing

Identity Proof
- Aadhar Card
- PAN Card
- Passport
- Voter ID
Academic Documents
- Degree completion certificate
Financial Documents
- Latest bank statements (last 6 months)
- Income proof of the applicant
- Existing loan statements
- No objection letter from the current lender

A Step-By-Step Process To Education Loan Refinancing

Education loan refinancing transfers your loan obligation from one financial institution to another.

Loan Review

Review your current loan’s interest rate, repayment terms, and outstanding balance.

Lender Comparison

Explore balance transfer education loan options from various lenders to find better rates.

Apply Now

Submit your education loan transfer application along with the necessary documents.

Transfer Approval

The new lender clears your old loan, and you begin repayments under new terms.

What Our Clients Say

At GradRight, we make education loan refinancing simple. Our expert guidance has helped thousands of students secure better loans.

200,000+

students assisted

₹16,300 crore

loan requests processed

₹2,000 crore

disbursed in loans

Refinance your loan; get lower rates & better terms.

Frequently Asked Questions

What is an education loan refinance?

Education loan refinancing means getting a new loan from a different lender that pays off your existing education loan. The new loan has a lower interest rate and brings better terms. As a student, you had no way to select the terms and conditions and may have accepted higher interest rates. As an earner, you can negotiate for lower interest rates and save money.

Can I refinance my education loan if I am studying abroad?

You cannot refinance your education loan while you are studying since the payment period has not arrived yet. You can refinance after you start repayment. The new lender can be from India or any other country.

What documents do I need to refinance my education loan?

You must be prepared to provide necessary documentation. These include:

Proof of employment
Salary slips
Bank Statements
Work visa details (if applicable)
Existing loan statements
No objection letter from current lender

Can I refinance my student loan more than once?

Yes, you can refinance your student loans multiple times. As long as you meet the lender’s eligibility criteria, there is no bar. It’s a common practice to refinance a student loan to get a better interest rate or repayment terms.

You can also consolidate multiple loans into a single loan. Assume you had taken out a personal loan for your expenses abroad and also a home loan for the purchase of an apartment after graduation.

If the various lenders agree to prepayment, you can consolidate all of these into a single loan package. This helps with budgeting and long-term decision-making instead of keeping track of multiple EMIs and loan balances.