Refinance Your Education Loan for Lower Interest Rates

Get reduced interest rates and improved loan terms by refinancing your education loan today.

Overview of Education Loan Transfer

An education loan balance transfer helps reduce your interest payment while giving you great flexibility in managing your repayments.

Education loan transfer shifts your loan to a lender with better terms.
Balance transfer education loan helps reduce interest rates and monthly EMIs.
Can education loan be transferred? Yes, to improve repayment flexibility.
Transferring loans offers better service, lower costs, and simpler management.
Education loan transfer can ease repayment by extending your loan tenure.

Reasons For Education Loan Balance Transfer

Education loan balance transfer to a fresh lender is a game-changer for your finances.

Lower Interest Rates

The biggest appeal of education loan transfer is lower interest rates

Reduced Monthly EMI

Lower interest rates and adjustment of tenure lead to reduced monthly installments

Flexible Repayment Options

A new lender could offer a lengthy repayment tenure or features such as income-based repayment plans.

Improved Loan Terms

Many lenders offer education loan balance transfers with additional perks like zero processing fees.

Compare Top Banks for Education Loan Transfer & Find the Best Deal

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 %

Eligibility & Documents Requirements For Education Loan Transfer

To transfer your education loan to a new lender, you have to meet multiple eligibility criteria and documentation requirements.

Eligibility Criteria for Education Loan Refinance
Good credit score (650-720)
Stable income and employment
Active loan repayment
Regular EMI payments
Completed loan disbursements
Favorable debt-to-income ratio

Documents Required for Education Loan Refinancing

Loan-related documents

- - Sanction letter
  - Repayment schedule
  - Foreclosure letter

Personal identification

- - Aadhaar
  - PAN
  - Proof of residence

Financial documents

- - Salary slips
  - ITR
  - Bank statements

Academic records

- - Mark sheets
  - Admission letter
Additional documents
- - Employment proof
  - Consent letter
  - Original collateral documents

Step-by-Step Process to Transfer Your Education Loan

An education loan transfer helps you get lower interest rates, excellent repayment options, and better loan terms.

Loan Evaluation

Check interest rate, tenure, and EMIs of existing education loan.

Lender Comparison

Compare balance transfer education loan offers from multiple lenders carefully.

Submit Application

Apply for education loan transfer and upload all required documents.

Transfer Approval

New lender repays old loan; you start better repayment terms.

Apply for your education loan transfer today; save lakhs.

Frequently Asked Questions

Can an education loan be transferred to another bank?

Yes, you can transfer an education loan to another bank. The process is known as education loan balance transfer and is quite common.

The primary reason is to secure a lower interest rate with a new lender. When you negotiated an education loan as a student, you had to accept the rate the bank gave you. But since you are employed, it is easier to refinance with a lower interest rate.

If you feel that you are paying too much interest, it is a good move to consider an education loan transfer.GradRight can help you transfer your education loan balance to a new lender in a simple, transparent, and hassle free manner.

What are the benefits of transferring my education loan?

There are many benefits of education loan balance transfer. Here are the most important among them:

Lower Interest Rates
You will receive a lower interest rate. On a large loan, this translates to a saving of several lakhs over a few years.

Better Repayment Terms
The new lender might offer novel features such as income-linked payment. You would also likely receive a longer tenure.

Improved Customer Service
If you studied abroad with a loan from a bank, you might want to shift to another institution for better service. There is less hassle and greater clarity in every step.

Consolidate Loans A new lender also allows you to consolidate loans. Maybe you have credit card debt and an auto loan besides the education loan. A new loan package brings together all these and lets you make a single payment each month.

What is an NOC or No Objection Certificate for an education loan balance transfer?

Though you may want to transfer your education loan, your current lender might disagree. There may have been payment disputes, delayed payments, multiple renegotiations, and other problems.

The fresh lender likes to be assured that the previous lender has no objection to your loan being transferred. A certificate to this effect is therefore necessary.

What documents are required for transferring an education loan?

You need to submit multiple documents for an education loan transfer. Though the process varies between banks, here is a general checklist:

Completed education loan balance transfer form
Passport-size photos
PAN card of the applicant
Aadhaar Card of the applicant
Bank statements for the past six months
Salary slips or other proof of income for the past year
Previous education loan agreement
No objection certificate from the previous lender
Proof of completion of a degree
Proof of ongoing EMI repayment

Will transferring my education loan affect my credit score?

When you transfer an education loan, initially, your credit score might dip by 10-20 points. Any new credit activity, such as applying for a credit card, does the same. However, a few months of regular repayment would restore your previous score.

The consolidation of multiple loans into a fresh new loan will also lower the average age of credit, which has a positive impact.