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Education Loan Union Bank EMI Calculator

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Use Union Bank Education Loan Calculator to calculate your monthly installments & plan your future and have a proper financial plan monthly EMI’s

In a knowledge economy that we live in today in India, education plays a pivotal role. Education empowers us to reach new heights in our career, enables to live a respectable life, elevates our standard of living, aids accomplish financial goals, and much more!

Education is a long-term personal investment that has the potential to generate returns like none other.

With an Union Bank Education Loan, you can make your dreams come true. The loan for education is available for career-oriented courses like medicine, engineering, management, etc. either at a graduate or post-graduate level in prime institutes in India and abroad. The loan covers tuition fees, examination fees, library subscription, cost of books, needed lab tools/equipment, laptop/computer, hostel charges (if any), and so on.

Students can directly apply for an Union Bank Education Loan. However, their parent(s) or guardian will be treated as co-applicants, and their role will be akin to a primary debtor (a person who owes money).

But before you apply for an Union Bank Education Loan, as a prudent loan planning exercise, assess how much the Equated Monthly Instalment (EMI) will be.

When one takes a Union Bank Education Loan, a natural question that comes to mind is how much the EMI would (Equated Monthly Installment) be that one has to pay back to the bank every month.

Hope the following FAQ’s about Union Bank Education Loan will answer all your questions

What is Union Bank Education Loan Calculator?

A Union Bank Education Loan calculator helps you know the amount of the EMIs that you will need to pay towards your Union Bank Education Loan and helps make an informed decision. The EMI-Calculators.com's Union Bank Education Loan calculator also functions as a Union Bank Education Loan interest calculator, as you will be able to know the interest amount due on your Union Bank Education Loan, in addition to the overall EMI amount, in just 3 simple steps. First, enter the loan amount that you wish to take. Then, select your preferred tenor. Finally, put in the Union Bank Education Loan interest rate advertised on the website. That's all!

Our EMI-Calculators.com's Union Bank Education Loan calculator has been designed to offer utmost efficiency with maximum simplicity. This EMI calculator is user friendly, saves time and is highly scalable. What is Union Bank Education Loan?

EMI stands for Equated Monthly Instalment. EMI is the monthly repayment that a Union Bank Education Loan borrower must make to repay the Union Bank Education Loan within the specified loan tenor.

The following table illustrates the EMI on several Union Bank Education Loan amounts with different tenures.

Factors that Affect Union Bank Education Loan

• Principal - The principal is the loan amount that you avail from the lender. It is directly proportional to your EMIs - lower principal will lower your monthly instalments and vice versa.
• Rate of interest - The rate of interest is the rate at which the lender offers you the loan. It is also directly proportional to the value of your loan EMIs.
• Tenure - The tenure is the time within which you repay your loan. The tenure is inversely proportional to your loan EMIs - longer tenure makes the monthly instalments cheaper and vice versa.

Union Bank Education Loan for Different Loan Amounts

Following table shows the EMIs for various loan amount based on different tenures at 11.00%* onwards

• The EMI that you can avail with Union Bank Education Loan of 10 Lakh is 10,024 with 15-years tenure. The EMI increases when you opt for tenure of 5 years.
• The EMI for a loan of 15 Lakh is higher – 30,992, when you opt for 5-years. It decreases to 15,036 if you opt for tenure of 15 years.
• For a loan of 25 Lakh, the cheapest EMI you can avail with 15-year tenure - 25,060. Decreasing the tenure to 5 years increases the EMI to 51,654.
• The EMI is 72,315 when you avail loan of 35 Lakh for 5 years. The same will decrease to 35,084 if you increase the tenure to 15 years.
• The cheapest EMI comes with 15-years tenure with loan of 50 Lakh – 50,120. The EMIs double when you opt for 5 years tenure.

How is Union Bank Education Loan Calculated?

Equated Monthly Installment – EMI for short – is the amount payable every month to the bank or any other financial institution until the loan amount is fully paid off. It consists of the interest on loan as well as part of the principal amount to be repaid. The sum of principal amount and interest is divided by the tenure, i.e., number of months, in which the loan must be repaid. This amount has to be paid monthly.

E = P x r x (1+r)^n/((1+r)^n – 1)

• E is the amount that you will have to pay every month; basically, the EMI.
• P is the amount that you want to borrow.
• r is the rate of interest that is applicable but calculated on a monthly basis instead of the annual rate of interest. It is obtained by using the formula r = (annual interest/12) x 100.
• n is the duration of the loan in terms of months. So, if you select a term of 5 years, n will be 60.

 EMI is just the amount you (borrower) repay to the bank, each calendar month, to clear your outstanding loan. You have to repay the EMI each month, on a particular fixed date, for the entire duration (tenure) of the loan, till you repay the entire outstanding amount. (amount borrowed + interest).

For Example , if you borrow 10,000,000 units of a currency from the bank at 10.5% annual interest for a period of 10 years (i.e., 120 months), then EMI = Units of currency 10,000,000 * 0.00875 * (1 + 0.00875)^120 / ((1 + 0.00875)^120 – 1) = Units of currency 134,935. i.e., you will have to pay total currency units 134,935 for 120 months to repay the entire loan amount. The total amount payable will be 134,935 * 120 = 16,192,200 currency units that includes currency units 6,192,200 as interest toward the loan.

How to Calculate EMI for Union Bank Education Loan?

Calculating the EMI amount on your Union Bank Education Loan is quite easy. Simply enter the loan amount you wish to take, the tenor (in months, and not years) and the rate of interest, in the required fields.

Once you find the EMI calculator for Union Bank Education Loan, to calculate the amount of EMI, you need to put the following inputs in the EMI calculator:

• Loan Amount  – The principal amount borrowed from the bank or financial institution is known as the loan amount.
• Interest Rate  – Interest rate can be either fixed or floating.
• Loan tenure –  Is the time over which you choose to repay the loan.

The result will be your EMI, the total interest you’ll be paying and the total amount you’ll be paying by the end.

Who can apply for an Union Bank Education Loan?

The eligibility criteria are as follows:

• The applicant and co-applicant should be over 18 years of age and citizen of India(Identity Proof –  Aadhaar ,  Passport  /  Driving License  /  Voter ID  /  PAN )
• The student needs to have secured at least 50% marks during HSC and graduation
• The student needs to have obtained admission to career-oriented courses viz. Medicine, Engineering, Management, etc., either at the graduate or post-graduate level
• Secured admission in India or abroad from a recognized college / education institutions in India  through entrance test/merit based selection process post completion of HSC (10+2), is a must
• The co-applicant, i.e. parent(s) or guardian, need to have a regular source of income

Step by step guide before having Union Bank Education Loan:

Step 1 : check union bank education loan and calculate union bank education loan eligibility – union bank education loan calculator.

As you decide to take a Union Bank Education Loan, always estimate your loan amount eligibility to know the loan amount you will be eligible for and can apply for. Also calculate the monthly EMI that you can comfortably service given your net take personal salary and other existing fixed obligations including rent and EMIs on other existing loans, if any. Your Union Bank Education Loan eligibility is calculated based on your age, net income, existing obligations, property type, LTV ratio and other factors. EMI is dependent on the loan amount, interest rate and tenure. Once you understand your minimum loan requirement, your eligibility and monthly EMI you can comfortably service, shortlist the banks which offer you maximum loan amount to meet your requirements.

Step 2 : Check loan approval status and legal documents – Union Bank Education Loan Calculator

If you are buying a property from builder, then check for the banks which have approved the projects you have shortlisted. For resale property, check the approved map plans and ensure that all property registration papers for the complete chain from the first owner to current owner are in place. Shortlist the banks which lend on your chosen property.

Step 3 : Decide on type of Union Bank Education Loan interest rate offers – Union Bank Education Loan Calculator

As you narrow down the list of banks in Step 2 and 3, you need to conduct an interest rate on Union Bank Education Loan comparison of the loan offers of various banks. Some of the interest rate offers that needs to be checked are:

Choice between fixed and floating rates – Fixed rates come at a slightly higher rate of interest compared to floating rate loans and interest rate remains constant during the tenure of Union Bank Education Loan. In floating rate loan, interest rates are reset at periodic intervals in response to changes in MCLR and PLR rates of banks or NBFCs. Majority of Union Bank Education Loans in India today are floating rate loans as it allows the borrowers to get Union Bank Education Loan interest rate in line with the current interest rates.

Decide if you need a home saver loan – This is a loan with overdraft facility which allows you to deposit surplus amount in your Union Bank Education Loan overdraft account as and when available, allowing you to reduce your overall interest amount. This loan is highly recommended for salaried individuals with high bonuses and self-employed business which is seasonal and has fluctuating cash flows. The interest rates on overdraft loan is slightly higher than that of a regular Union Bank Education Loan interest rate.

You can also evaluate a mortgage guarantee Union Bank Education Loan as it covers any default risk and allows the lender to give you loan at low rate of interest. You will however need to pay a mortgage guarantee fee to the bank.

Check and compare the current Union Bank Education Loan interest rates of the banks on various types of loan products and take an informed decision.

Step 4 : Compare shortlisted banks | Union Bank Education Loan Calculator

In addition to interest rates, banks also charge many other fees on Union Bank Education Loans. Along with interest rates, you should check other associated costs with your loan which include prepayment charges, processing fee, insurance premium and other charges offered by the shortlisted banks. You should calculate all-inclusive costs on Union Bank Education Loan to be able to further shortlist the banks and reduce your choice to 2-3 banks.

Step 5: Select the bank based on other service related parameters | Union Bank Education Loan Calculator

Finally, as you decide to take the loan, also consider other service and transparency related parameters of the chosen banks. Some of these factors are turnaround time offered by the banks, quick loan delivery, doorstep services, transparency in the loan process. You also need to understand the trends and changes in MCLR rates over a period. Last but not the least, read reviews of existing customers on banks on their services, interest rates and transparency to take your decision to borrow from a bank.

What are the documents required to avail an Union Bank Education Loan?

The following need to be submitted along with the Union Bank Education Loan application form:

• Income Tax   statements (Salary slip, Form 16, Income-Tax Returns of the last 2 years, and Computation of income of last 2 years certified by a Chartered Accountant)
• Bank Statement/Pass Book of the last 6 months along with  PAN
• Copy of the admission letter of the Institute along with the ‘fee schedule’
• Mark sheets and/or pass certificates of SSC, HSC, Degree Courses, National level entrance test
• Age proof ( Aadhaar ,  Passport  /  Driving License  /  Voter ID  /  PAN , driving license)
• Address proof ( Aadhaar ,  Passport  /  Driving License  /  Voter ID  /  PAN , latest electricity bill, latest telephone bill, ration card, existing house lease agreement, bank account statement)
• Photo identification proofs ( Aadhaar ,  Passport  /  Driving License  /  Voter ID  /  PAN )
• Passport size photos of the applicant and co-applicants
• Guarantor form (optional)

What are the documents required at the time of disbursement of Union Bank Education Loan?

The documents required for the first disbursement are:

• Demand Letter from college or university
• Disbursement Request Form (DRF) signed by the applicant, co-applicants
• A signed copy of Loan Agreement (which includes Demand Promissory Note, DP Note Delivery-cum-Waiver Letter, Standing Instruction Request, PDC (Post-dated Cheque)
• Sanction Letter signed by the applicant, co-applicants
• Form A2 signed (for the purchase of foreign exchange) by applicant or co-applicants in case abroad Institute cases
• Receipts of Margin Money paid to the college/university along with bank statement reflecting the transaction
• Documents for collateral security ( if applicable)
• Form A2 signed by the applicant or co-applicants in case of overseas institute
• For subsequent disbursements as well, many of the aforementioned documents will be needed, particularly the demand letter from the college or university, DRF, receipt of margin money paid, and one any from the exam progress report, mark sheet, bonafide certificate.

Must Know things / Tips before you apply Union Bank Education Loan:

How much time does the bank take to convey its decision of sanctioning or rejecting the loan application.

The bank sanctions the Union Bank Education Loan only after thorough due diligence. Any Bank usually disburses loans within 15 days from the date of receipt of the complete application along with all documents required for a full appraisal.

How much is the margin money required to avail an Union Bank Education Loan?

There is no margin for Union Bank Education Loans up to Rs 4 Lakhs. For loans above Rs 4 Lakh, the margin for studies within India is 5% and for studies overseas is 15%.

What if I miss my Union Bank Education Loan or pay late? Are there any charges?

Yes, Rs 500 + taxes per cheque bounce and a penal interest @24% per annum i.e. @ 2% per month on the overdue instalment/s. So, as far as possible, keep your repayment track record clean.

Is an Union Bank Education Loan eligible for tax deduction?

Yes. When you avail an Union Bank Education Loan, the interest paid (which is a component of your EMI) on the education loan is allowed as a deduction under Section 80E of the Income Tax Act, 1961. The deduction is available for a maximum of 8 years or till the interest is paid, whichever is earlier.

What are the Advantages of Knowing Union Bank Education Loan in Advance?

Good planning always ensures stable finances. Calculating the Union Bank Education Loan in advance gives a better understanding of the amount of money you would have to spend every month. Hence, you can plan well and decide whether you are able to spare that much money or not.

Components of a Union Bank Education Loan Calculator?

• Amount of loan to calculate EMI
• Loan term (months or years) to calculate EMI
• Rate of interest (percentage) to calculate EMI

How to use Union Bank Education Loan Calculator?

Using the EMI Calculator is a very simple process. All you need to do is follow these steps–

• Go the Union Bank Education Loan Calculator page
• Choose the loan amount, rate of interest, and tenor (in months)
• That's all! You will instantly get your Union Bank Education Loan amount along with the interest amount payable on the loan.

What are the Advantages of a Union Bank Education Loan Calculator?

A Union Bank Education Loan Calculator helps you to decide whether you can afford the financial commitment of a Education Loan in the long term. If you want, you can increase or decrease your EMI amount depending on the amount of loan you are taking and the time period for which you'll be paying the EMIs.

Quick Results  – Applicants can easily use this calculator to calculate the EMIs that they will be liable to pay for the pre-determined tenure and interest rate that the Union Bank Education Loans are offered, in mere seconds.

Simplicity  – The calculations using this EMI calculator for Union Bank Education Loan are based on the applicant providing three key bits of information i.e. the principal amount of the loan, the applicable rate of interest and the loan tenure.

Varying Combinations  – With the Union Bank Education Loan calculator, you can easily input different interest rates and tenures to look for a combination that will allow you to easily repay the principal amount, without putting undue pressure on your finances.

Free Usage – The  EMI-Calculators.com' s Union Bank Education Loan calculator is a user-friendly Union Bank Education Loan calculator that is available to everyone free of charge and is easy to use

What Is a Union Bank Education Loan Amortization Schedule?

A Union Bank Education Loan amortization schedule is the table or record which details all the periodic payments on your loan. This is generated through an amortization calculator.

Amortization is basically the procedure of repaying a loan through regular payments over a specified period. An amortization schedule is the total tally of loan payments showing the amount of interest and principal contained in each payment, until the loan is repaid in full.

What are the factors that impact monthly Union Bank Education Loan?

The estimated monthly investment (EMI) depends on several factors such the amount, the tenure of the loan, and the interest rate. The estimated monthly investment (EMI) differs according to the loan type and the amount. If the interest rate of the loan is fixed, the estimated monthly investment remains fixed as well for the entire time the loan is active. The borrower can also opt for a pre-payment wherein the estimated monthly investment (EMI) gets reduced. If the interest rate is floating, the EMI is also floating.

What is Flat/Fixed Rate of Interest? And Flat/Fixed Rate of Interest Effect your EMI for Union Bank Education Loan?

A fixed rate of interest is one where the interest rate on a loan remains fixed throughout the loan repayment period (loan tenure). This type of interest rate is comparatively higher than a floating rate of interest. Fixed rate of interest is better for those who don’t prefer the risk of fluctuation that is an integral part of a variable interest rate. In the case of a fixed rate of interest, the loan EMI remains the same throughout the loan tenure.

The online loan EMI calculator can be used to calculate loan EMIs with a fixed rate of interest. The different Interests Rates that can be implied in a Loan contract are Fixed Interest Rate and Floating Interest Rate.

Fixed Interest Rate means interest payment on loan will be in fixed equal installments over the entire period of the loan. The interest rate will not change regardless of any market fluctuations.

Benefits of Fixed Interest Rate:

• Interest Rate does not change as per the market fluctuations
• Having a fixed interest rate brings a sense of safety and security for the borrower
• Since it entails a fixed monthly repayment schedule, it helps in easy budgeting

Drawbacks of Fixed Interest Rate:

• Generally, Fixed Interest Rates are 1%-2.5% higher than Floating Interest Rate
• Fixed Interest Rates are subject to change as per the market fluctuations, hence if by chance the interest rate decreases, the fixed rate Union Bank Education Loan won’t be benefited as the borrower will have to pay the same fixed amount every month.

What is Floating Rate of Interest? And Floating Rate of Interest Effect your EMI for Union Bank Education Loan?

Floating rate of interest changes depending on the market-lending rate. It is also known as variable rate of interest. If the lending rate increases, the floating interest rate will also increase. Due to the risk of fluctuation, the floating rate of interest is usually lower than the fixed rate of interest. With a floating rate of interest for a specified loan tenure, you can either expect your EMI to reduce or increase depending on the rise in the interest rate.

The online loan EMI calculator for Union Bank Education Loan can be used to calculate loan EMIs with a Floating rate of interest.

Floating Interest Rate is the rate which changes as per the market conditions. Loans on floating interest rates are tied to a base rate PLUS a floating element thereof.

Benefits of Floating Interest Rate:

• Floating Interest Rates are cheaper than Fixed Interest Rate
• During the long term, even if the floating interest rate rises the fixed interest rate, they will eventually fall. Hence ensuring a lot of savings.

Drawbacks of Floating Interest Rate:

Due to frequent fluctuations in interest rate, the nature of monthly installments is quite uneven.

Hence it is necessary that you conduct a proper cost and benefit analysis before choosing among Fixed and Floating Rate of Interests.

Why should I use an Union Bank Education Loan calculator?

The simplest answer is that it’s fast and it’s convenient. This means that you can do multiple calculations in minutes where such calculations many take longer were you to sit down with a pen and paper. These calculators are also super accurate, so it eliminates the possibility of errors in calculations, provided you provide accurate data.

Will banks provide the Union Bank Education Loan calculator?

Yes. These days most, if not all, banks have Union Bank Education Loan calculator, specific to various loans, available on their websites.

How much should I pay as monthly EMI for Union Bank Education Loan?

Monthly EMI for Union Bank Education Loan depends upon your income and expenses. Generally, banks advise you to limit your EMI to 35% to 45% of your net income so that you can pay your EMI without any burden or difficulty. You can calculate your EMI online which will help you to know your repayment capacity.

What if I miss EMI payment for Union Bank Education Loan or there is an ECS bounce?

If you miss your EMI payment on your Union Bank Education Loan or if there is an ECS bounce then bank may charge a penalty. In addition, it will also be reflected in your  CIBIL  report and your  CIBIL  score may get impacted.

What if I get delay in paying the Union Bank Education Loan?

Banks charges penalty for delaying EMI payment for Union Bank Education Loan. The amount of penalty varies from bank to bank. This also impacts your  CIBIL  Score.

Why it is necessary to calculate Union Bank Education Loan beforehand?

It is important to calculate your EMI in advance to maintain stability in future payments. When you avail loan for your Union Bank Education Loan, you promise the bank to pay a fixed amount at fixed date every month. So, before availing the Union Bank Education Loan you should consider the stability of your income, monthly expenses and the existing loan obligations to avoid any discrepancies in future payments.

Does the loan tenure affect my EMI for Union Bank Education Loan?

Union Bank Education Loan can be availed for maximum tenure of 20 years. Tenure affects your monthly EMI. Longer the tenure of Union Bank Education Loan, lower will be your EMI.

What happens if you don’t pay Union Bank Education Loan?

What happens if I miss my EMI payment? You can only miss your EMI if you have insufficient funds in your bank account. Few days grace period will be given to you to pay your EMIs. Further delay in payments will be reported to  CIBIL  and will have financial charges.

Should I pay my Union Bank Education Loan/ bill early?

At a minimum, you should pay your Union Bank Education Loan bill or EMI before its statement due date. You can never pay your Union Bank Education Loan too early but be sure to check the statement period to which your early payment will be credited.

What happens if I only pay the minimum payment on my Union Bank Education Loan?

What Happens If I Make Only the Minimum Payment on My Union Bank Education Loan? Paying only the minimum keeps you in debt longer, costs you money in interest and could hurt your credit score. ... If you pay the minimum toward your balance each month, here's what you can expect to happen: Paying down your debt will take much longer.

Can I foreclose my Union Bank Education Loan?

Yes, you can clear the future EMI of your Union Bank Education Loan by paying the total outstanding in one go. But you should first ask the concerned bank regarding the same. And, if your lender does not charge on the foreclosure, it would be better going with your impending move of paying the entire outstanding.

How can I avoid paying interest on my Union Bank Education Loan?

The best way to avoid paying interest on your Union Bank Education Loan is to pay off the balance in full every month. You can also avoid other fees, such as late charges, by paying your Union Bank Education Loan bill on time.

Is Union Bank Education Loan better option?

Although a good EMI scheme is easy on your wallet, you must try to avoid it as the first option. You may not only be spending more than the actual worth of the product, but also splurging first and then relying on EMI payments is not healthy for your finances.

Is Union Bank Education Loan good?

The best form of the EMI option is where there is no interest charged on the payment. ... So, an expense of Rs 12,000 spread over 12 months will lead to an EMI of Rs 1,000 a month, that will come in each month's Education Loan bill.

What is Union Bank Education Loan scheme?

To facilitate Union Bank Education Loan option, banks charge a loan processing fee upfront. The loan processing fee varies from bank to bank and is usually 0.5% to 1% of the amount of your purchase. Interest.

Bank specific Union Bank Education Loan Calculator FAQs

1. what benefits do i get by calculating my emi before taking an union bank education loan.

Calculating your EMI before taking a loan can help you in the following ways:

You can manage your monthly expenses better. Once you know how much you have to pay towards your loan each month, you can then budget the other expenses accordingly. You will be able to determine what tenure to choose depending on how much you can afford to repay every month. Planning prepayments and pre-closures can be done easily, helping you pay off your loan faster.

2. Will my EMIs change in case of prepayment?

When you prepay a part of your loan, the outstanding principal will reduce. This allows you to opt for a lower EMI while keeping the loan tenure the same. Or, you can maintain the same monthly instalment as before and reduce the tenure of the loan. It is advisable to maintain the same EMI and reduce the tenure since this will reduce the amount of interest you pay in the long run.

3. Can I use the same Union Bank Education Loan calculator for all banks?

Yes. An EMI calculator is a common tool and is not tied to any bank or financial institution. If you know your principal, interest rate, processing charges, and tenure, you should be able to generate your EMI. BankBazaar’s calculator also allows you to factor in prepayment details.

4.How accurate is an Union Bank Education Loan calculator?

An EMI calculator estimates your loan repayment details based on the data you give it. But the EMI that your bank gives you may be a little different due to other charges involved in the calculation. Also, if your Union Bank Education Loan is subject to a floating rate, then the interest rate changes every year based on the MCLR or base rate change. Even a slight change in interest rate will make a difference to the total loan amount you repay, depending on the duration of the loan. These variables limit the accuracy of an EMI calculator.

5. Why are the interest charges in the repayment table slightly higher during the initial months of the loan?

The interest rate of your loan is applied based on “reducing balance principle”. Because of this, the interest will be slightly higher during the initial phase since the principal outstanding is higher. As this amount reduces, the incidence of interest will also come down proportionately.

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Union Bank of India Education Loan: A Detailed Guide

Studying abroad unlocks a world of exciting possibilities – from prestigious universities and diverse cultures to career-shaping experiences. But the financial aspect can often be daunting. This is where the Union Bank of India (UBI) Abroad Education Loan comes in, offering a helping hand to turn your academic aspirations into reality.

In this blog, we'll delve deep into the details of UBI's Abroad Education Loan, covering:

• Eligibility criteria:  Who can apply and what documents are required?
• Loan amount and coverage:  How much can you borrow and what expenses are covered?
• Interest rates and charges:  Understanding the costs involved.
• Margin requirements:  When is collateral needed and what options are available?
• Special schemes:  Exploring benefits for specific universities and courses.
• Application process:  A step-by-step guide to getting started.
• Repayment options:  Flexible plans to manage your loan after studies.

Eligibility Criteria:

• Indian national with a confirmed admission letter from a recognized university abroad.
• Minimum age of 18 years (with a co-applicant if below 21).
• Good academic record and stable financial background.

Loan Amount and Coverage:

• Up to Rs. 1.5 Crore for studies in any country.
• Covers tuition fees, examination fees, travel expenses, living expenses, and other study-related costs.
• Special scheme for "Premier Institutes Abroad" with collateral-free loans up to Rs. 40 Lakhs for specific universities.

Interest Rates and Charges:

• Competitive interest rates based on loan amount, margin, and repayment period.
• Processing fee typically ranges from 0.5% to 1% of the loan amount.
• Other charges may include documentation fees and stamp duty.

Margin Requirements:

• Collateral-free loans available for up to Rs. 40 Lakhs for "Premier Institutes Abroad" and for meritorious students.
• For higher amounts or non-premier institutes, collateral like property, deposits, or securities may be required.

Special Schemes:

• Union Education Premier Abroad:  Collateral-free loans up to Rs. 40 Lakhs for specific top-ranked universities.
• Quantum Loans:  Need-based financing for higher education abroad.
• NRI Student Schemes:  Loans specifically designed for Non-Resident Indian students.

Application Process:

• Download and fill out the application form.
• Submit required documents like admission letter, academic transcripts, co-applicant details (if applicable), and financial statements.
• Pay processing fees.
• Attend bank interviews and submit collateral documents (if required).
• Await loan approval and disbursement.

Repayment Options:

• Flexible repayment options tailored to your needs, including moratorium periods during studies.
• Repayment through Equated Monthly Installments (EMIs) after the moratorium period.

Additional Resources:

• UBI Education Loan website:  https://www.unionbankofindia.co.in/english/education-loan.aspx
• UBI Special Union Education Loan Scheme for Abroad Studies:  https://www.unionbankofindia.co.in/english/special-education-loan-abroadstudies.aspx
• Carefully compare loan terms with other banks before making a decision.
• Ensure you understand all interest rates, charges, and repayment obligations.
• Seek professional guidance if needed, especially regarding financial planning and managing overseas expenses.

With careful planning and the right financial support, studying abroad can be a transformative experience. Union Bank of India's Abroad Education Loan can be your key to unlocking a brighter future filled with global learning and professional growth.

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Calculators

• Education Loan Emi Calculator

Education Loan EMI Calculator

Use Axis Bank Education Loan Calculator to calculate your monthly installments & plan your future.

In a knowledge economy that we live in today, education plays a pivotal role. Education empowers us to reach new heights in our career, enables to live a respectable life, elevates our standard of living, aids accomplish financial goals, and much more!

Education is a long-term personal investment that has the potential to generate returns like none other.

With an education loan, you can make your dreams come true. The loan is available for career-oriented courses like medicine, engineering, management, etc. either at a graduate or post-graduate level in prime institutes in India and abroad. The loan covers tuition fees, examination fees, library subscription, cost of books, needed lab tools/equipment, laptop/computer, hostel charges (if any), and so on.

Students can directly apply for an education loan . However, their parent(s) or guardian will be treated as co-applicants, and their role will be akin to a primary debtor (a person who owes money).

But before you apply for an education loan, as a prudent loan planning exercise, assess how much the Equated Monthly Instalment (EMI) will be.

Axis Bank’s Education Loan EMI calculator is an automated tool that will quickly let you know your EMI.

Break-up of Total Payment

Amortization schedule.

Note: The EMI would start post completion of the course. During the period of course only simple interest would be charged. The rate of interest for calculation of simple interest amount defers from bank to bank. Hence the amortization table shows the payment schedule post completion of the course years.

Remember, the interest rate and your loan tenure are the vital deciding factors that determine loan EMI.

The EMI of your loan consists of the principal portion and the interest. The EMI, usually, remains fixed for the entire tenure of your loan and it is to be repaid over the tenure of the loan on a monthly basis. During the initial years of your loan tenure, you pay more towards interest, and gradually, as you repay the loan, a higher portion is adjusted towards the principal component.

Axis Bank India offers education loans at attractive interest rates for a loan amount ranging from Rs 50,000 to Rs 75 lakh.

Apply for an education loan today and fuel your dreams!

Axis Bank does not guarantee accuracy, completeness or correct sequence of any the details provided therein and therefore no reliance should be placed by the user for any purpose whatsoever on the information contained / data generated herein or on its completeness / accuracy. The use of any information set out is entirely at the User's own risk. User should exercise due care and caution (including if necessary, obtaining of advise of tax/ legal/ accounting/ financial/ other professionals) prior to taking of any decision, acting or omitting to act, on the basis of the information contained / data generated herein. Axis Bank does not undertake any liability or responsibility to update any data. No claim (whether in contract, tort (including negligence) or otherwise) shall arise out of or in connection with the services against Axis Bank. Neither Axis Bank nor any of its agents or licensors or group companies shall be liable to user/ any third party, for any direct, indirect, incidental, special or consequential loss or damages (including, without limitation for loss of profit, business opportunity or loss of goodwill) whatsoever, whether in contract, tort, misrepresentation or otherwise arising from the use of these tools/ information contained / data generated herein.

Frequently Asked Questions

The eligibility criteria are as follows:

• The applicant and co-applicant should be over 18 years of age and citizen of India
• The student needs to have secured at least 50% marks during HSC and graduation
• The student needs to have obtained admission to career-oriented courses viz. Medicine, Engineering, Management, etc., either at the graduate or post-graduate level
• Secured admission in India or abroad from a recognised college/education institution through entrance test/merit based selection process post completion of HSC (10+2), is a must
• The co-applicant, i.e. parent(s) or guardian, need to have a regular source of income

The following need to be submitted along with the education loan application form :

• Income statements (Salary slip, Form 16, Income-Tax Returns of the last 2 years, and Computation of income of last 2 years certified by a Chartered Accountant)
• Bank Statement/Pass Book of the last 6 months
• Copy of the admission letter of the Institute along with the ‘fee schedule’
• Mark sheets and/or pass certificates of SSC, HSC, Degree Courses, National level entrance test
• Age proof (birth certificate, passport, Aadhaar, PAN card, driving license)
• Address proof (Aadhaar, passport, latest electricity bill, latest telephone bill, ration card, existing house lease agreement, bank account statement)
• Photo identification proofs (Aadhaar, voter id, PAN card, passport, driving license)
• Passport size photos of the applicant and co-applicants
• Guarantor form (optional)

The bank sanctions the education loan only after thorough due diligence. Axis Bank usually disburses loans within 15 days from the date of receipt of the complete application along with all documents required for a full appraisal.

There is no margin for education loans upto Rs 4 Lakhs. For loans above Rs 4 Lakh, the margin for studies within India is 5% and for studies overseas is 15%.

The documents required for the first disbursement are:

• Demand Letter from college or university
• Disbursement Request Form (DRF) signed by the applicant, co-applicants
• A signed copy of Loan Agreement (which includes Demand Promissory Note, DP Note Delivery-cum-Waiver Letter, Standing Instruction Request, PDC (Post-dated Cheque)
• Sanction Letter signed by the applicant, co-applicants
• Form A2 signed (for the purchase of foreign exchange) by applicant or co-applicants in case abroad Institute cases
• Receipts of Margin Money paid to the college/university along with bank statement reflecting the transaction
• Documents for collateral security ( if applicable)
• Form A2 signed by the applicant or co-applicants in case of overseas institute

For subsequent disbursements as well, many of the aforementioned documents will be needed, particularly the demand letter from the college or university, DRF, receipt of margin money paid, and one any from the exam progress report, mark sheet, bonafide certificate.

Yes, Rs 500 + taxes per cheque bounce and a penal interest @24% per annum i.e. @ 2% per month on the overdue instalment/s. So, as far as possible, keep your repayment track record clean.

Yes. When you avail an education loan, the interest paid (which is a component of your EMI) on the education loan is allowed as a deduction under Section 80E of the Income Tax Act, 1961. The deduction is available for a maximum of 8 years or till the interest is paid, whichever is earlier.

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4 ways banks are overcharging borrowers on loan interest rates, as per rbi.

Date for interest charging by banks: The Reserve Bank of India did onsite review of banks and other financial institutions to check how lenders are charging interest on loans issued to borrowers. The central bank found four instances where banks were following unfair lending practices. Read on to know more about this and what RBI has asked banks to do.

• Charging of interest from loan sanction date or date of execution of loan agreement and not from actual disbursement date of the money to the customer.
• In the case of loans being disbursed by cheque, instances were observed where interest was charged from the cheque date whereas the cheque was handed over to the customer several days later.
• In the case of disbursal or repayment of loans during the course of the month, some financial institutions were charging interest for the entire month, rather than charging interest only for the period for which the loan was outstanding.
• In some cases, it was observed that financial institutions were collecting one or more instalments in advance but reckoning the full loan amount for charging interest.

What RBI has asked banks to do

Recent initiatives taken by rbi, read more news on.

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Exclusive: Amit Shah Accuses Bengal CM Mamata Of 'Supporting Infiltration', Lambasts TMC Over Sandeshkhali Case

Amit shah on abp: the union home minister criticised the west bengal government for alleged infiltration, corruption, and lawlessness. he questioned cm mamata banerjee's opposition to the caa, alleging a vote bank strategy..

Union Home Minister Amit Shah, in an exclusive interview with ABP News, on Tuesday criticised the West Bengal government under Chief Minister Mamata Banerjee, highlighting concerns over infiltration and recent incidents like the Sandeshkhali row.

Shah expressed serious apprehensions about the security implications of alleged infiltration in Bengal, stating, "The biggest issue in Bengal is infiltration. The way infiltration is happening in the border state, serious consequences are imminent for the country's security. The demographic change in a border state happens so rapidly, and Mamata Banerjee's government is turning a blind eye to it, supporting it to increase her vote bank. This is a serious danger for the entire nation because after coming to Bengal, they do not stay confined to Bengal alone, they can go anywhere in the country."

He also criticised the state government's opposition to the Citizenship Amendment Act ( CAA ), questioning, "You allow infiltration to happen, you allow them to take citizenship by wrong means, and the refugees who have come and want citizenship legally, are opposed. What is Mamata Banerjee's problem if Hindu, Buddhist, Sikh, and Jain refugees from neighbouring countries get citizenship? She has only one problem, that her voter bank of infiltrators will be unhappy with this."

Shah slammed the ruling TMC about alleged corruption and lawlessness in the state, alleging, "Limitless corruption has taken place there. Rs 51 crore were seized from a minister's house, and you do not even expel him from the party... In such a poor state, you do not implement Modi ji's Garib Kalyan Yojana on the ground. The people of Bengal are troubled by all these issues: cut money, corruption, hooliganism, bomb blasts, and poll violence. Mamta ji doesn't see it, she just thinks she won."

ALSO READ | SC Stays CBI Probe Ordered By Calcutta HC In W Bengal School Jobs 'Scam'

Amit Shah Slams Mamata Banerjee Govt Over Sandeshkhali Case, Teacher Recruitment 'Scam'

Regarding recent events like the alleged sexual assault of women in Sandeshkhali, Shah criticised the state government's handling of the situation, accusing them of using religion-based politics to protect their vote bank, "What has happened in Sandeshkhali is shameful for our democracy. To protect her vote bank, a woman Chief Minister of her state allowed hundreds of women to be exploited on the basis of religion right under her nose, by people of her party."

He lamented, "(Mamata) Govt did not arrest them; the High Court has to order their arrest. They should feel ashamed."

Shah also touched upon the teacher recruitment scam case in Bengal, where thousands of deserving candidates were denied jobs due to corruption. He stated, "In the teacher recruitment scam, lakhs of candidates from poor households appeared for the exam, however, taking money shamelessly, jobs were given to 25,000 people, which the High Court has now declared void. Today, those 25,000 are also unhappy, and the hardworking youths who applied are also unhappy."

Looking ahead to the elections, Shah expressed confidence in his party's prospects, declaring, "We will win at least 30 seats in Bengal."

In the 2019 Lok Sabha Elections TMC emerged as the largest party with 18 seats but witnessed a significant decline of 12 seats from the 2014 elections whereas the BJP made a remarkable leap, securing 18 seats compared to just two in 2014.

In Lok Sabha Elections 2024, Bengal is witnessing polling across all seven phases from April 19 to June 1.

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Personal Corner

Best Personal Loans for Quick Funding

Lightstream personal loan, avant personal loan, best egg personal loan, lendingpoint personal loan, rocket loans personal loan, upstart personal loan, opploans personal loan.

• Why You Should Trust Us

The Best Fast Personal Loans for Quick Cash in May 2024

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate personal loans to write unbiased product reviews.

Not every personal loan has funding available the same or next business day for quick cash, but some lenders offer this option. The best personal loans for quick access to cash can get you money as soon as the same day.

• LightStream Personal Loan : Best for low interest rates
• Avant Personal Loan : Best for fair credit
• Best Egg Personal Loan : Best for short-term loans
• LendingPoint Personal Loan : Best for poor credit
• Rocket Loans Personal Loan : Best for fast and easy application
• Upstart Personal Loan : Best for limited credit history
• OppLoans Personal Loan : Best for no fees

Compare the Top Personal Loans for Quick Funding

The best quick personal loan for you will get you funds as soon as the same day, with an easy application process and minimal fees. We chose the top picks for good and bad credit, for limited credit history, short term lengths, and more. You should also look at lenders' interest rates before deciding on a loan.

0.50% discount on regular rates with AutoPay

6.99% to 25.49% (with AutoPay discount, rates vary by loan purpose)

$5,000 to $100,000

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive APR
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Approval decisions should come shortly after applying
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Loans can be funded the same day
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Wide range of borrowing amounts and terms
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No fees
• con icon Two crossed lines that form an 'X'. Only available to people with good credit
• con icon Two crossed lines that form an 'X'. No pre-approval option

LightStream offers some of the lowest rates on personal loans out there, provided you have a great credit score. The lender also has loans of up to $100,000 and can supply you with funding on the same day you apply and are approved.

• Loan amounts range from $5,000 to $100,000
• Loan term lengths range from 2 to 12 years
• Apply online and you'll receive a response shortly during business hours.
• Receive your funds as soon as the same day
• Loans are made by Truist Bank, member FDIC

LightStream personal loans are a solid choice for both relatively low interest rates and same-day funding. This lender topped Personal Finance Insider's list of best personal loans  in 2022, and quick funding is yet another bonus.  

However, this lender won't be a good option for anyone with a poor credit score or little credit history. LightStream requires that applicants have a minimum credit score of 660.

For anyone who does qualify for a personal loan with LightStream, this is the most affordable option for fast cash. If your loan is verified and signed before 2:30 p.m. ET, same-day funding is available.

LightStream Personal Loan Review

Offers emergency, home improvement, and debt consolidation loans

9.95% to 35.99%

$2,000 to $35,000

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Funds generally deposited by the next business day
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No prepayment penalty
• con icon Two crossed lines that form an 'X'. Multiple types of fees
• con icon Two crossed lines that form an 'X'. High maximum APR
• con icon Two crossed lines that form an 'X'. Low maximum loan limit

Avant Personal Loan is a good personal loan provider, especially if you have a lower credit score and need to receive your loan money quickly. Just be prepared to pay a high APR if you do have a low score.

• Loan amounts range from $2,000 to $35,000
• Loan term lengths range between 2 to 5 years
• Administration fee of up to 4.75%, which will be deducted from your loan proceeds when the loan is funded, and late fee that varies by state
• Loans made by WebBank, member FDIC

Avant personal loans are the best fast-funding personal loan option for anyone with fair credit. This lender also made Personal Finance Insider's list of  best personal loans  of 2022. Avant doesn't have the lowest available starting APRs available, but the typical Avant borrower has a credit score between 600 and 700. This company will consider scores lower than what others will, and can provide funding the next business day if the loan is approved by 4:30 p.m. CT on a weekday. 

However, it's worth noting that this lender charges up to 4.75% in administration fees with an undisclosed late fee and returned payment fee. While it could be an option for anyone needing quick funding with fair credit, borrowers with better credit could find lower rates elsewhere.

Avant Personal Loan Review

8.99% to 35.99%

$2,000 to $50,000

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Fast access to funds
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. High customer satisfaction
• con icon Two crossed lines that form an 'X'. Origination fees
• con icon Two crossed lines that form an 'X'. Unavailable in a few states and DC
• Loan term lengths range between 3 to 5 years
• You may get your money by the next business day after your loan is reviewed and approved
• Loans made by Best Egg's lending partners
• Unavailable if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories

Best Egg is a good choice for short loan terms and fast funding. Its minimum loan term is 36 months, while the maximum term is 60 months. Best Egg loans can be repaid at any time without an early payment penalty.

About half of Best Egg's customers get money the next day after a successful verification process, but it may take one to three business days to see money deposited in your account.

Best Egg Personal Loan Review

Offers debt consolidation loans. Low minimum credit score requirement.

7.99% - 35.99%

$2,000 to $36,500

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Low minimum credit score required
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. No prepayment penalties
• con icon Two crossed lines that form an 'X'. Restrictive loan amount range
• con icon Two crossed lines that form an 'X'. No loans in Nevada or West Virginia

LendingPoint is a solid option if you need to get a loan with bad credit or you don't qualify for a loan with another lender. However, the range of loan amounts is more limited than what other lenders offer, and if you have good credit, you can likely get a better rate elsewhere.

• Loan amount range $2,000 to $36,500
• Loan term lengths range from 24 to 60 months
• Loans made by FinWise Bank, member FDIC

LendingPoint is great for borrowers with poor credit, as its minimum credit score requirement is only 580. However, LendingPoint doesn't offer joint or cosigned loans, meaning you won't be able to enlist a cosigner to get a lower rate. 

The application process is fast with LendingPoint, and the company may approve you for a loan the same day you apply. You often get your funds the next business day after approval.  

LendingPoint Personal Loan Review

9.116% to 29.99% with AutoPay

$2,000 to $45,000

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Competitive minimum APR
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Same-day funding available
• con icon Two crossed lines that form an 'X'. Not available in all states
• Unavailable in Iowa, Nevada, and West Virginia

Rocket Loans is one of the only lenders on our list to offer same-day funding, but it comes with a lot of fees. You'll pay when your loan is funded, which will be deducted from your overall loan proceeds. Additionally, you'll pay a $15 fee for any payments not made within 10 days of the due date and a $15 fee for a returned check. 

Rocket Loans also has a quick application process, and you can complete it within several minutes. 

Rocket Personal Loans Review

You can prepay your loan at any time with no fee or penalty

6.40% - 35.99% fixed

$1,000 to $50,000 (borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100)

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Small minimum loan amounts
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Quick loan fund disbursement
• con icon Two crossed lines that form an 'X'. Only three and five year terms
• con icon Two crossed lines that form an 'X'. Potential for high origination fees

Upstart could be the right lender if you have a strong work and education history, but you have a low credit score or limited credit history. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.

• Loan amounts range from $1,000 to $50,000. However, borrowers in four states are subject to higher minimum loan amounts: Massachusetts: $7,000, Ohio: $6,000, New Mexico: $5,100, Georgia: $3,100
• Loan term lengths are either 3 or 5 years
• Can have origination fees up to 8%
• Considers employment and education history when making loan approval decisions
• Loans are made through one of several Upstart-powered bank partners

Upstart is a good option for quick funding if your credit score is between 600 and 660. However, the lender includes other pieces of information in its approval decisions — such as where you went to school and your area of study — making it good for borrowers who may not qualify for a loan solely based on their credit score alone. Upstart offers only three-year and five-year loans. While the platform has no prepayment penalties, there's less flexibility in terms than for loans offered by other lenders. Next-business-day funding is available as long as the personal loan is accepted by 5 p.m. ET. 

Upstart Personal Loans Review

$500 to $4,000

Undisclosed

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. OppLoans doesn't charge an origination fee, late fee, or prepayment penalty. 
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Depending on when your loan is approved, you can get your money as soon as the next business day. 
• Check mark icon A check mark. It indicates a confirmation of your intended interaction. Many other personal loan companies and financial institutions will turn away people with poor credit, but OppLoans offers options for those who have bad credit standing.
• con icon Two crossed lines that form an 'X'. OppLoans' APR range is substantially higher than most other personal loan companies.
• con icon Two crossed lines that form an 'X'. You'll only be able to take out a loan for up to $4,000, though the highest amount of money you're qualified to borrow depends on your state, creditworthiness, income, and ability to repay.
• con icon Two crossed lines that form an 'X'. OppLoans is only available in 35 states and Washington, DC. If you don't live in one of those states, you won't be able to take out a loan with the company.

OppLoans is good for borrowers with poor credit because there is no minimum credit score required to qualify, which is different from other personal loan companies.

Additionally, you won't pay any fees with an OppLoans loan, including an origination fee , late fee, or prepayment penalty. Other lenders on our list charge fees. 

Which Quick Loan Lender Is the Most Trustworthy?

The Better Business Bureau, a non-profit organization focused on consumer protection and trust, evaluates businesses using factors like their responsiveness to consumer complaints, honesty in advertising, and clarity about business practices. Here is each company's score:

All of our three top picks are rated B+ or higher by the BBB. Keep in mind that a top-notch BBB score does not ensure a positive relationship with a lender. You should keep doing research and talking to others who have used the company to get the most information possible. 

Alternatives to Personal Loans for Quick Cash

It's worth noting that if you have an emergency fund or cash savings , dipping into those resources is a better option than borrowing. If you need to borrow money in an emergency , there are a few other avenues to explore. 

Payday alternative loans from a credit union

Not to be confused with traditional payday loans , payday alternative loans are offered by many different credit unions and work with all types of borrowers. Only available to members, these loans are good for anyone needing a small loan, and who can repay it quickly.

According to the National Credit Union Administration , payday alternative loans typically range from $200 to $1,000 and have terms between one and six months. Check with your credit union to see if this option is available, and what interest rates and borrowing amounts are available.

Loans from friends or family

While loans from family or friends aren't to be taken or made lightly, it could be an option for anyone needing cash quicker than a bank could send it. 

If you plan to make or ask for this type of loan, one financial planner recommends putting loan terms and repayment plans in writing, and paying interest if possible.

A 0% interest credit card

If you happen to have (or can open) a 0% interest credit card that's still within the intro APR term, it could be a useful option for spending. However, you'll need to repay the balance before the 0% term expires. Most cards have between nine and 21 months of interest-free borrowing.

See our full ratings methodology for personal loans » 

How Do I Choose the Best Fast Cash Loans for Me?

To find the best fast loan for you, consider the factors that are most important to you. Many borrowers prioritize the speediest funding time, but also take into account the lowest personal loan interest rate , any fees, the minimum credit score needed, and the accessibility of the lender's customer service. You'll also want to make sure you're able to select a term length that works for you and that your loan's purpose is allowed by the lender you choose.

Guides like this one will help you compare multiple lenders in the same place to weigh their pros and cons. Make sure to also read individual reviews of any lenders you're considering. 

In some cases lenders will charge higher interest rates or fees for the convenience of quick cash, so you might save money if you waited longer for your money. However, if you have an excellent credit score , you could very well be offered the same interest rate for quick loans as you would for loans that take a longer time to fund.

Personal loans are some of the most simple and fast loans you can get. While three-to-five business days is a more common timeframe to expect, it's possible to get a same-day loan or next-day loan with some lenders. However, there are variables that could affect the funding speed, such as how quickly your bank processes the proceeds and makes them available in your account.

While you won't get your money "instantly," in some cases you can apply for a personal loan, be approved, and and have access to the cash very quickly. With fully online application and funding processes, some lenders can provide same-day loans if you qualify.

Some online lenders can approve you for a personal loan and deposit the funds into your bank account on the same day, if you complete the application and it's processed by a certain time of day. LightStream and Rocket Loans are two examples.

Why You Should Trust Us: Our Experts' on Choosing the Best Fast Loans

We consulted personal loan and financial experts to give their insights into finding the best quick cash loans for your needs.

• Markia Brown, certified financial education instructor and registered financial associate at Money Plug, LLC
• Ryan Wangman, former loans reporter at Personal Finance Insider

Our Experts' Advice on Choosing the Best Fast Personal Loan How do borrowers decide on their repayment terms?

Markia Brown:

"Repayment options are important when considering a lender for a loan because some lenders may charge you a fee if you repay your loan early. When you pay your loan off early, it means you pay the lender less in interest. They charge this prepayment penalty to get some of that money anyway. This fee varies by lender and loan type, so keep this in mind when shopping for a lender."

Ryan Wangman:

"Repayment terms can be crucial in determining the overall cost of your loan. One of the biggest things to watch out for are origination fees. Origination fees are taken out of the total proceeds of your loan and reduce the overall amount of money you receive."

What makes the best personal loan?

Markia Brown: 

"The best personal loans meet your financial needs without exceeding your budget. They have the lowest interest rate and fees, flexible repayment options, and the money is available quickly."

"Especially when it comes to fast funding, the best personal loans will get you your cash quickly without saddling you with an overwhelming amount of fees. You'll also want a lender that has minimum credit score requirements that fit your financial situation."

Why Trust Our Recommendations?

At Personal Finance Insider, we strive to help smart people make the best decisions with their money. We spent hours comparing and contrasting the features and fine print of dozens of personal loans so you don't have to.

We understand that "best" is often subjective, however, so in addition to highlighting the pros of a lender's personal loan, we outline the cons, too.

Methodology

We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:

• Interest rate (20% of rating)
• Fees (20% of rating)
• Term lengths and loan amounts (15% of rating)
• Funding speed (15% of rating)
• Borrower accessibility (15% of rating)
• Customer support (7.5% of rating)
• Ethics (7.5% of rating)

Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating. 

OneMain Financial Personal Loan disclosure: Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral) and your state of residence. If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit  omf.com/loanfees  for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB's Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: $3,100. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers in these states are subject to these maximum loan sizes: North Carolina: $9,000 for unsecured loans to all customers, $9,000 for secured loans to present customers. Maine: $7,000. Mississippi: $15,000. West Virginia: $14,000. Loans to purchase a motor vehicle or powersports equipment from select Maine, Mississippi, and North Carolina dealerships are not subject to these maximum loan sizes. Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07. Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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Personal Finance Insider offers tools and calculators to help you make smart decisions with your money. We do not give investment advice or encourage you to buy or sell stocks or other financial products. What you decide to do with your money is up to you. If you take action based on one of the recommendations listed in the calculator, we get a small share of the revenue from our commerce partners.

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