Back in India, Still Winning: How Kajal Refinanced at 9.99%, Recovered Insurance Overcharges, and Cut Her EMI by ₹8,400

Refinancing isn’t just for students abroad. Kajal’s story proves that returning home doesn’t mean you’re stuck with a bad loan.

Case Study Overview

When people think about education loan refinancing, they usually picture someone working in the US or UK with a dollar salary and an NBFC loan from back home. Kajal’s situation was different- and her story is important precisely because of that.

Kajal had returned to India after studying abroad. Employed full-time and earning around ₹40,000 per month, her education loan stood at approximately ₹27 lakhs at 14.4% – a rate that, relative to her salary, made every EMI feel like a stretch. More frustratingly, her previous lender had charged a high insurance premium that was neither transparent nor justified.

After a detailed profile review, GradRight helped Kajal refinance through a leading private sector bank in January 2026. Rate: 9.99%. Processing fee: zero. EMI reduced by ₹8,400 per month. And the insurance overcharge? Successfully recovered.

Student Financial Profile

READ MORE: I Have EMI Bounces on My Indian Loan. Can I Still Refinance From the US?

Problem Statement

A Rate That Made Every EMI a Stretch At 14.4% on ₹27 lakhs, Kajal’s monthly EMI of ₹49,300 was a significant burden relative to a monthly income of ₹40,000. The loan wasn’t just expensive in total terms – it was actively limiting her financial breathing room every single month.

An Insurance Overcharge Nobody Flagged Kajal’s previous lender had bundled an insurance product into the loan at a premium she felt was neither transparent nor justified. She had been paying it without recourse – a hidden cost on top of an already high interest rate.

The Assumption That Returning Home Meant Fewer Options Refinancing is often seen as a tool for borrowers abroad with foreign income. Kajal’s case challenges that assumption directly. A borrower back in India, earning in INR, with a high-rate NBFC loan still had strong refinancing options – she just needed the right guidance to find them.

Solution

GradRight conducted a detailed profile review and identified the right private sector bank for Kajal’s profile – a borrower with stable employment, a clean repayment track, and a loan that could be refinanced at a significantly lower rate.

Single Move – Original Lender to New Lender Kajal’s loan was refinanced through a leading private sector bank in January 2026. Disbursement amount: ₹26,87,409. Rate: 9.99%. Processing fee: zero.

Insurance Recovery In addition to the refinance, GradRight identified the insurance overcharge from Kajal’s previous lender and successfully recovered the excess amount – an unexpected but meaningful additional win.

Old Loan → New Loan

Old Loan

New Loan

READ MORE: Student Loan Refinance Rates: How to Find the Lowest Deals Right Now

How Did GradRight Help?

Profile Review and Lender Identification GradRight assessed Kajal’s employment, income, and repayment history, and identified the right lender for her profile – one that could offer a significantly more competitive rate than her existing NBFC.

End-to-End Refinance Execution GradRight managed the full process from application to disbursement, completing the refinance in January 2026 with zero processing fees.

Identifying and Recovering the Insurance Overcharge GradRight identified that Kajal had been overcharged on an insurance product bundled into her original loan – and successfully recovered the excess amount from her previous lender.

Results

• Rate: 14.4% → 9.99% (New Lender)
• Monthly EMI: ₹49,300 → ₹40,900 (saving of ₹8,400 per month)
• Total Interest Savings: ~₹8 Lakhs over 8 years
• Processing Fee: ₹0
• Insurance Overcharge: Successfully recovered from previous lender

A monthly saving of ₹8,400 – a 17% reduction in EMI – changes daily financial decisions for someone earning ₹40,000 a month. That’s not a rounding error; it’s real breathing room. And the insurance recovery added a further financial benefit that most borrowers don’t even know is possible.

Refinancing isn’t just for students abroad. If you’ve returned to India after studying abroad and feel trapped in a high-interest education loan, the options exist. You just need someone who knows how to find them.