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Looking for an easy and instant Education Loan?

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Education Loan starting from 10.75%. Grab the opportunity.

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What is Education Loan?

Education is the passport to the future, for tomorrow belongs to those who prepare for it today.

One of the dreams of every parent is to provide the best education to their children so that they can have a bright and successful life ahead. Indian parents are very keen about higher education of their children. Education is a costly affair so parents start to save money as soon as they are blessed with the child.

Due to inflation, there is a rise in the cost of education every year. Because of this, there may be a chance of difference between the saved amount and the actual cost of education. This gap can be filled with the help of “education loan”.

Education loan is kind of debt or money borrowed to pay for higher education with a promise to repay the borrowed money in future.

Many financial institutions are providing educational loan to help students looking to attain higher education from India or abroad.

Below is the current cost of different courses in India and abroad: –

Course Name(Private Institution)Cost in India (Average)Cost Abroad(Average)
MBA10 Lakhs50 Lakhs
MCA10 Lakhs70 Lakhs
MBBS25 Lakhs60 Lakhs
B.E10 Lakhs45 Lakhs

P.G

8 Lakhs30 Lakhs

Types of Education Loans

Education Loan to Study in India

Financial institutions like banks and NBFC’s lend money to students to pursue their higher education from India. These are unsecured loans. The loan amount can be used to pay for various expenses such as tuition fees, books, living expenses etc. Repayment of the loan can be done after completing the education.

Education Loan to Study Abroad

This type of loan can be availed by students who wish to complete their higher education from abroad. Loan amount required for completing higher education from abroad is higher as the cost of education is more. Repayment of the loan can be done after completing the education.

Courses which are covered under educational loan: –

  • Undergraduate Courses like B. Com, B.A., B.SC etc.
  • Post Graduate Courses like M.COM, M.SC, M.A etc.
  • Professional Courses like Management, Medicine, Engineering, Computer science, Biotechnology etc.
  • Hotel management.
  • Hospitality management courses.

Features of Education Loan

Easy Availability

Many financial institutions are providing educational loan to help students looking to attain higher education from India or abroad.

Interest Rate

Education loan interest rate is very competitive which varies from 9% to 15%.

Loan Amount

Education loan amount varies as per the type of loan. Students who want to study in India can obtain an education loan up to 15 lakhs. Students who wish to pursue their higher education from abroad can avail up to 50 lakhs.

Unsecured & Secured

Education loans are unsecured and secured in nature depending upon the loan amount. If the loan amount is higher than lenders will ask for collateral, if the loan amount is less than Co-borrower with good income is will be sufficing.

Loan Tenure

The education loan comes with a loan tenure of 5 to 7 years which means that loan amount can be repaid during this term. It is always advisable to opt for the lower term so that you can repay the loan quickly and less interest will be paid over the term of the loan.

Flexible Repayment Options

Repayment terms and conditions for education loan is very flexible. Lenders provide enough time to repay the loan. Borrowers can repay the education loan after completing their courses.

Benefits of Education Loan

As the cost of education is increasing day by day due to high inflation, it becomes difficult for the parents to afford the cost of higher education. The education loan can help the parents to provide the best education to their children so that they can have a bright and successful life ahead.

Below are some benefits of education loan: –

  • Easy Availability – Education loans can be availed with ease with less documentation these days.
  • Many Providers – There are many financial institutions offering education loans, students and parents willing to take the education loan have the option to select their preferred lender.
  • Low-Interest Rate – Education loan interest rate is very competitive which varies from 9% to 15%.
  • Flexible Repayment Options – Repayment terms and conditions for education loan is very flexible. Lenders provide enough time to repay the loan. Borrowers can repay the education loan after completing their courses.
  • Women Empowerment – It is an old saying that if a female is educated in the family, she can educate the entire family. To promote women empowerment, special discounts and low-interest-rate benefits are given to females who wish to pursue higher education.
  • Subsidies – Education is medium through which poverty can be alleviated from the society hence government subsidy schemes are provided to economically backward students.

Eligibility of Education Loan

Eligibility for education loan differs from provider to provider however below is the generic information.

Eligibility Criteria

Age18 years to 35 years
NationalityIndian
Academic RecordGood
Admission StatusConfirmed
Co-ApplicantRequired with stable income
SecurityCollateral required depending on the loan amount

FAQ - What Documents are Required for Education Loan

Documentation for education loan is simple however the proper understanding of what documents are needed will help you to get the loan with ease.

Below is the guide for the documentation for the education loan:-

  • ID Proof – Driving license, Ration card, Passport, PAN Card, Voter ID, Employee ID, Bank passbook.
  • Age Proof – PAN Card, Birth certificate, Bank passbook, 10th class mark sheet, Driving license, Passport.
  • Passport size photograph of the applicant.
  • Filled in Application along with the Applicant’s photograph and signature.
  • 10th/12th exam mark sheets or latest education certificate.
  • Admission letter from college or universities.
  • For income proof.
  • Bank Statement of co-borrower – Last 6 months.
  • Most recent salary slips or Form 16 of the co-borrower
  • Updated ITR (Income Tax Return with income computation) of 2 years or IT assessment order of last 2 years of co-borrower
  • Documents stating the assets and liabilities of the co-borrower