Study in India

Person with multiple loan offers

How Online Lending is Revolutionizing Education Loans

How Online Lending is Revolutionizing Education Loans

Person with multiple loan offers

A few decades back, if you’d ask someone if the education loan industry would change in a major way, you’d get a lot of resounding no’s. For years, the education loan market was thought to be immune to structural changes, as a result of it’s niche focus. But rapid digitalization has helped create a new and exciting space for online education loans recently.


Online education loans were already a novel and game-changing introduction to the online lending space. However, ever since the emergence of the COVID-19 pandemic, the pace at which this space had been growing has accelerated rapidly. In an effort to avoid possible infection, many borrowers who relied on traditional lending are turning to online options because of their convenience. Online education loans have truly opened up doors of opportunity for a huge chunk of the tech savvy, 37 million strong Indian student population which enrolls in college each year. 


A Better Way to Borrow

In recent years, online education loans have challenged and changed the education loan market in extremely positive ways. Previously, banks and NBFCs had pretty inflexible guidelines that worked against students who required certain types of loans. Not only did this hurt business, but it also impacted most student’s ability to attain favorable study outcomes. 

Another couple of things that’ve changed for the better thanks to online education loans are processing time and paperwork involved. Traditional education loans are much slower to process. Why, you ask? Because there’s so much paper to push! Online alternatives have digitized the process to the maximum extent possible, and help improve efficiency of education loans. Therefore, online loans could be a really good option if you’re looking to find a loan quick and easy during an emergency.

Given the advantages already highlighted, you might find an online education loan tempting already. But apart from the obvious technological benefits, such loans also usher in powerful benefits and innovations that make borrowing a much more customer friendly exercise. These include:


Loan Bidding

Traditionally, getting an education loan has been all about visiting multiple banks to compare offers. But did you ever imagine you could get all lenders to run after you instead? With education loan bidding, you can do exactly that.


Loan bidding is a powerful way to get banks to bring out their best possible education loan offers on the table. The concept is quite simple and eerily similar to an IPL player auction.But the difference here is that you’re the player, while lenders are franchise teams. 

Here’s how it works: you approach multiple lenders at once, with your profile. Then, based on your profile, those lenders send their loan bids and over a period of time, compete amongst themselves to finance your education. As a result, you end up getting the best of what every bank has to offer!


Wanna learn more about how you can make the most of loan bidding? Check out this platform!


Collective Buying Power

Collective buying power is powerful, and for online education loans, it works wonderfully alongside loan bidding. Unlike traditional education loans, where you’d have to approach multiple banks alone, to get their offers, the online option also offers you ways to negotiate with banks in groups. 

How does this help? Consider this: Banks interview loan seekers individually and offer them terms based on strict criteria, sometimes ignoring potential. This way, they largely dictate terms and get away with extracting more than they should from you. 


Now with online loans, you and other students (who could be attending the same school as you) have the option to approach lenders collectively and demand better terms.  This way, your collective gains ‘buying power’ over the bank. This is because if the bank refuses, it risks losing a lot of business and its reputation.


Exclusive Offers

When banks compete, they give it their best shot. And when it comes to online education loans, banks often attempt to bring in more customers with exclusive deals and offers. These can include deals such as lower interest rates, processing fee discounts, and other similar discounts.


In the years to come, college enrollment in India is expected to boom and with it, so is the education loan market. What’s more, some banks have already begun to offer deals like 6.9% interest rate and 0% processing fees to students interested in taking education loans. Check out which ones. 



Perhaps the biggest advantage of getting your education loan online in such times, online loans are the SAFEST way to borrow, because of the minimal contact involved.

Apart from the reduction in contact, approximately, 95% of all paperwork is eliminated when you choose to get a loan online. As a result, the risk of infection from contact decreases significantly.


The true cost of your education loan can get confusing and expensive. While researching your options thoroughly and comparing offers from multiple lenders can get painful, it can help you uncover ‘hidden’ costs and pick out a great loan offer. With good research and sagacious decision-making, no cost is hidden.

 At GradRight, we recognize that your loan’s liability should not outweigh your education’s value. Our student loan bidding platform brings you well-researched and personalized loan offers from 35+ domestic and international lenders and provides you with expert advice on picking the best one. It’s completely online. No matter where you are in your student loan journey, sign up today and get offers within 24 hours!

Education loans in India

Top 4 Myths About Education Loans in India​

4 'Facts' about Education Loans in India that are actually just Myths

Education loans in India

While exploring your education financing options, you’re bound to hear a gazillion opinions about education loans in India and how to avail with minimum hassle. And while a good chunk of what you hear will be good advice, unfortunately, you are very likely to come across some many education loan myths, which are considered facts by the general public.

In this article, we’ve debunked four such prominent education loan myths, to help you make truly informed decisions about funding their higher studies:

Myth 1: People who take education loans in India become ineligible for Scholarships.

Scholarships and education loans share the same purpose; to enable you to pay your education fees. Often, they even share the same restrictions on what you can use the money for. The only thing that separates them is that you have to pay back a loan

It is true that academic performance plays a significant role in determining both scholarship amounts/eligibility and loan terms. However, the conditions for availing them also involve multiple other unrelated factors. As a result, you can never be ineligible for a scholarship if you’ve taken an education loan in India. Since, you are on an education loan, you should seek as many scholarships as you can. Every rupee in scholarship helps ease your education loan burden.

Myth 2: There’s more loans and scholarships available for study abroad.

Today, countless scholarship opportunities and a thriving market of education loans exist for study abroad aspirants. The emergence of these resources has been interpreted as a scarcity of similar opportunities for students who wish to study in India. However, this is not the case. The reason behind the surge of study abroad loans and scholarships is the boom in Indian students studying abroad in recent decades. 

Myth 3: The terms for granting education loan in India are uniform for all students.

Each student has a unique profile and each lender, their own criteria for sanctioning an education loan. Before sanctioning an education loan for a particular student, banks look at program relevance, learning outcomes and projected salary alongside financial details. As a result, decision on loan sanction, amount, and other loan terms are directly influenced by the program a student attends.

Because there’s no one single formula for sanctioning student loans, loan offers differ vastly for applicants. The best way to know which one suits your needs is to compare and analyse multiple offers from as many lenders as possible.

Myth 4: A cosigner is compulsory for Education loan

Co-signer requirement  for availing education loans in India has long been considered an indisputable feature of all education loans in India. It is widely believed that any education loan is impossible without the availability of a cosigner, who can take the responsibility to repay. But surprisingly, this too isn’t true!

Although quite rarely, banks can waive off your co-signer requirement. However, this is only done in certain circumstances. In most cases, this only happens when you’re enrolled in a highly reputed program with a great learning outcome (we’ve observed this disproportionately includes executive PGDM programs). 

The eligibility criteria differs between banks and so does the lIst of programs for which such a waiver is available. Again, it’s best to check with as many lenders as possible, so that you avoid missing out.

There are numerous myths associated with education loans in India which mislead people into taking false decisions. However, you can prepare yourself to make well informed decisions through proactive consultation and assessment of multiple offers.

Two people sitting on desks and studying

The Secret Benefits of Study in India

COVID-19 and the Study in India Rush

Two people sitting on desks and studying

Is Study in India the answer to COVID-19? For some time now, India’s brightest minds have sought opportunities to study abroad to expand their horizons. And in doing so, have foregone study in India. However, India’s education system has been gearing up and reinventing itself in recent years.

With COVID-19 interfering with study abroad plans of hundreds of thousands of Indian students, many are looking at complete (or short term) alternatives to the foreign experience.

Revamped universities, a fast evolving digital learning landscape and multiple emerging options are a few of the things Indian students can look forward to. Here’s more of what you could expect if you choose to study in India:

Get More, For Less

It’s no secret – studying abroad costs big bucks. For most Indian students, this proves extremely expensive. Moreover, the uncertainty around coronavirus restrictions and faltering prospects of in-person instruction don’t exactly help justify the cost for students enrolling in Fall 2020. 

On the other hand, the prospects of more affordable, globally recognized qualifications are plentiful across India. On average, an Indian college degree costs INR 12,00,000. What’s more, not even the most expensive programs exceed ~ INR 35,00,000. This, combined with one of the most competitive living costs on the planet, makes studying in India an exciting alternative for you if you were heading abroad.

Also, you’d be pleased to hear that India has a plethora of scholarships for talented students. Here’s a list of scholarships that you can keep handy:

Scholarships to Study in India


Cultural Immersion, Desi Style

India is a large nation, populated by people from a multitude of cultures. This is most evident on college campuses across the country, where diverse student populations thrive in a common learning environment. 

Staying back in India, you are still yet faced with the opportunity to experience cultural immersion, desi style. The simmering pots of cultural diversity on campus ensures engagement with Indians from different parts of the country. It is a similarly rewarding experience as cultural immersion overseas.


Novel, Competitive, Evolving Programs

Indian higher education has witnessed some drastic changes in the past couple of decades. The number of students studying abroad exploded exponentially from 60 odd thousand the year 2000 to close to 750,000 in 2019. Coincidentally, at the same time, scores of high quality, focused institutions of higher education and fellowship programmes (private and public) have been established all across the country. The list includes new IIMs and IITs, ISB, and various other private research and liberal education universities.

The emergence of these multifarious institutions and their diverse offerings has contributed significantly to the quality of higher education in India, increasing its stock on the global stage. Thanks to this, you now don’t have to worry about missing out on the best. A world class higher education in India has never been more accessible as it is now!


EdTech will ‘tech’ your breath away 

‘Jugaad’, an hindi word meaning an innovative ‘hack’ for a problem has long defined Indian attitudes to coping with change through innovative and inexpensive solutions. While the higher-ed sector in India hasn’t exactly been ‘jugaadu’, in the sense of finding quick fixes, it has dealt with education challenges in a smart and collaborative way.

In India, higher education institutions and industry have had a history of working together to deliver impressive solutions to challenges and/or create new avenues for learning. What’s more, it’s never been more evident than in the age of COVID. From helping students access classes online to gaining digitally taught diplomas and degrees to finding the best student loans from each lender (that’s us!), Indian ed-tech companies have been helping universities steer and build solid education outcomes. For you as a student, studying in India at such a transformative hour is really exciting. This is because it comes with a chance to actively participate in building a sector and benefit from growing employment opportunities.

A foreign education has undeniable benefits which seem more attractive to students. However, every imaginable opportunity is now emerging in India. At such a juncture and in such tumultuous times, it’s wise for you to reconsider decisions. Taking stock of potential pathways and different opportunities will help you make a well informed decision on your educational future and which path suits you best.