An education loan is a sum of money borrowed to finance post-secondary education or higher education-related expenses.
Education loans are intended to cover the cost of tuition, books and supplies, and living expenses while the borrower
is in the process of pursuing a degree. Payments are often deferred while students are in college and, depending on the lender,
sometimes they are deferred for an additional six-month period after earning a degree. This period is sometimes referred to as a "grace period."

Benefits of educational loan
Financial benefits
Pay after education
Wide range of expenses covered
Easy repayment terms
Build financial prudence
Financial benefits
Opting for an education loan reduces the strain on your family savings and eliminates the need to liquidate your investments in fixed deposits, mutual funds or bonds. Besides, the interest on an education loan is eligible for a tax rebate under Section 80 E of the Income Tax Act 1961.
Pay after education
EMIs are payable only after students complete their study programme, so you don’t need to worry about repaying immediately. What’s more, you can use the repayment schedule as a guideline while planning your family’s finances in the medium and long-term.
Wide range of expenses covered
Study abroad loans cover not just tuition, but also living and travel expenses, study material, a student laptop and much more. Hence these non-fee expenses won’t create an additional financial burden.
Easy repayment terms
Some bank offers reasonable interest rates on education loans, and preferential rates for top-ranked universities and institutes. We also offer flexible collateral and co-borrower terms so your loan repayment is a stress-free process.
Build financial prudence
Taking on an education loan is a great opportunity for students to pay for their own education, without needing to depend on family. Besides, when your child repays a loan, they also start building their credit history. A good credit profile will help them get cheaper loans in the future.
different kinds of educational loan
Based on Location
Domestic Education Loan
Students who would like to pursue education in India can apply for this loan type. The loan will get approved only if the applicant is admitted to an Indian educational institution and meets all other lender criteria.
Overseas Education Loan
Such loans help students realise their dream of pursuing the course of their desire in a foreign institution. The loan covers the airfare, accommodation, and tuition fee for students who wish to study abroad only if they satisfy the eligibility criteria.
Based on Course
Undergraduate Loans
This type of education loan is provided for students to give financial aid to students so they can complete their undergraduate degrees. An undergraduate degree will usually be a 3 to the 4-year long course under various specialisations. Having an undergraduate degree helps individuals to land a decent job and start earning.
Postgraduate Loans
Many undergraduates would like to continue their education with a postgraduate course, usually a 2-year long course in India. An advanced degree is desired to get more profound knowledge in the area of interest.
Career Development Loans
Many professionals who work for a few years in corporate jobs prefer to pause their career and take up professional courses and training to improve their employment prospects. Such individuals would strive hard to get into reputed business and technical schools to polish their skills and reach greater heights in their career.
Based on Collateral
Loan Against Property, Deposits, and Securities
You can pledge immovable assets, such as agricultural land, residential land, flat, house, and others, fixed deposit certificates, recurring deposits, gold deposits, bonds, debentures, and equity shares to get the necessary financing to pursue education.
Third-Party Guarantee
A guarantee letter from an employee of the bank or a home bank can help the student get an education loan.

Features of educational loan
- The loan amount can go up to Rs.1 crore for international students and up to Rs.50 lakh for domestic students.
- 100% financing available for certain conditions.
- The financing covers other expenses, such as student exchange travel expenses and laptop.
- Preferential forex rates may be available for international disbursements.
- Loan repayment tenure can go up to 12 years after six months from completing the course.
- Parents should be joint borrowers for the education loan.
List of Expenses Covered under Education Loan
- Fees payable to educational institutes.
- Examination/library/laboratory fee.
- Travel expenses/passage money for studies abroad.
- Insurance premium for student borrowers, if applicable.
- Caution deposit, building fund/refundable deposit supported by institution bills/receipts (total expense should not exceed 10% of total loan).
- Purchase of books/equipment/instruments/uniforms (total expense should not exceed 20% of total loan).
- Purchase of computer at a reasonable cost, if required to complete the course (total expense should not exceed 20% of total loan).
- Any other expense required to complete the course, such as study tours, project work, thesis, etc. (total expense should not exceed 20% of total loan).
- While computing loan required, scholarships, fee waiver, etc., if any available to the student borrower.
Education Loan Eligibility
- Indian nationals only.
- Secured admission/invite from university in approved university/college in degree/diploma course.
- Education: Should have completed 10+2 (12th standard) for an undergraduate course and degree for a postgraduate course.
- Approved courses leading to graduate/post-graduate degree and PG diplomas were conducted by recognised colleges/universities recognised by UGC/Govt./AICTE/AIBMS/CMR.
- Courses like ICWA, CA, CFA etc.
- Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, and NID.
- Regular degree/diploma courses, such as aeronautical, pilot training, shipping
- Degree/diploma in nursing or any other discipline approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be if the course is pursued in India.

Documents Required
- KYC documents
- Mark sheets of 10th, 12th, graduation and entrance exams
- Admission letter
- Fee structure
- Co-applicant KYC and income proof in some cases
- Additional documents may be requested in some cases.

How to Apply
You can either go to the bank of your choice and enquire about the loan process, or you can apply online. Once the loan application is submitted, the bank will initiate the process by verifying your documents, evaluating the course of study for which you wish to take the loan, and collateral you can provide. The bank will, then, keep you notified.

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