Save More with Education Loan Refinance

You can lower the interest rate and reduce your EMIs with an education loan refinance. Enjoy flexible repayment plans that are tailored for you.

Overview of Education Loan Refinancing

Education loan refinance allows you to replace existing student loans with a new loan.
A new lender pays off your old loan and offers a fresh loan with better terms.
Refinancing can result in lower interest rates.
You can save significant money over the life of the loan.
The process helps secure more favorable repayment terms.

Advantages of Refinancing Loan

There are multiple benefits to education loan refinancing. As a student you could not get the best terms and conditions. As an earner you can negotiate far better terms.

Lower Interest Rates

Refinancing carries lower interest rates and reduces 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 bank 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 results in 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. Here are the steps for a smooth education loan refinance process.

Review Your Current Loan

Review the terms of your current loan, outstanding balance, and interest rate.

Compare Lenders

Research and select the best student loan refinance option

Apply for Refinancing

Submit your education loan transfer application along with documents.

Loan Approval

After approval, your new lender will pay off all your existing outstanding.

What Our Clients Say

At GradRight, we make education loan refinancing simple. Our expert guidance has helped thousands of students secure better loan terms and save more through lower interest rates. Here is what they have to say.

2.5 Lakh

student served

1,304+ Cr

savings

25,000+ Cr

worth loans

Refinance Loan Now for Lower Rates & Better Terms Get Started Today

Frequently Asked Questions

What is an education loan refinance?

Education loan refinancing means getting a new loan from a different lender who 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 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 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.

Can you share an example of how education loan transfer can help me save money?

How can student loan refinance lead to savings? Here is a real life example using an EMI calculator.

Comparison Showing The Before Vs. After Scenario Of Education Loan Refinancing

Loan Terms	Before Refinancing Loan Terms – 10% Interest, 120 Months tenure	After Refinancing Loan Terms – 8.5% Interest, 96 Months tenure
Loan Amount	₹ 20,00,000	₹ 20,00,000
Interest Rate (p.a.)	10%	8.5%
Time Period	10 years	8 years
EMI Amount	₹ 26,430	₹ 28,784
Total Amount Paid	₹ 31,71,618	₹ 27,63,288
Principal Amount	₹ 20,00,000	₹ 20,00,000
Total Interest Paid	₹ 11,71,618	₹ 7,63,288.96