An educational loan is a type of personal loan specifically designed to pay education-related expenses such as tuition, books, or living costs.

Piramal Finance provides personal loans up to Rs. 5 lakhs to Education. The actual personal loan amount is subject to our internal policy and credit assessment of the applicant, which includes income proof, repayment capacity analysis, CIBIL score, and other personal details.

Yes, personal loans for Education do not require any security. Most personal education loans are unsecured, which means that you don't need to provide collateral or security to get approved for the loan. However, Piramal Finance may ask for a guarantor in certain cases.

The calculation of education personal loan EMI is done using the following formula:

EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1]
Here,
P = Principal amount
R = Rate of Interest
N = Number of years for repayment (this is calculated in months). You can also avail our EMI Calculator .

Yes, you can foreclose or prepay the loan anytime during the loan tenure. There are Zero foreclosure or prepayment charges at Piramal Finance