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An education loan can be used to fund higher education in India or abroad.

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  • A loan that is offered by a bank or financial institution to fund higher education for courses in management, engineering, medical sciences, etc.
  • Most banks offer education loans that cover 100% of the educational expenses at an interest rate of 12 - 20%.
  • Educational loans are secured. It needs collateral and a co-applicant who is a relative of the student.
  • They are usually approved within 3 to 4 weeks.
  • The value of the loan depends on the course and the income of the co-borrower.
  • The loan amount is disbursed directly to the institute. 10% may be disbursed for personal use in some cases.
  • Education loans are repaid through Equated Monthly Installments (EMIs) that comprise both the principal and interest.
  • The loan has to be repaid after one year of the completion of the course or 6 months after procuring a job, whichever is earlier.

Eligibility

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Documents

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FAQ's

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  • Resident Indian
  • Based on Course type
  • Study in India or abroad
  • Required
  • Required
  • Relative to the student
  • Rs. 15,000
  • *These are general terms only. Policy norms vary from bank to bank and customer to customer.

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