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What is an Education Loan?
An Education Loan is a financial product offered by banks and NBFCs to help students finance higher education in India or abroad. The loan covers tuition fees, accommodation, books, travel expenses, and other education-related costs.
Types of Education Loans
- Education Loan for Studies in India: For undergraduate, postgraduate, and professional courses within India.
- Education Loan for Abroad Studies: For higher education in foreign universities.
- Education Loan without Collateral: Loans up to a certain limit based on institute and student profile.
- Education Loan with Collateral: Higher loan amounts secured against property or fixed deposits.
Benefits of Taking an Education Loan
- Financial support for quality education without immediate burden.
- Lower interest rates compared to personal loans.
- Moratorium period during study and initial employment.
- Tax benefits under Section 80E of the Income Tax Act.
- Flexible repayment tenure up to 15 years.
Education Loan Interest Rates in India
Interest rates vary depending on the lender, course, institution, and whether collateral is provided. Below is a comparison of education loan interest rates offered by major Indian banks.
| Bank / Lender | Interest Rate (p.a.) | Maximum Loan Amount | Repayment Tenure |
|---|---|---|---|
| SBI | 8.15% – 11.15% | Up to ₹1.5 Cr | Up to 15 years |
| Bank of Baroda | 8.15% – 11.00% | Up to ₹1.5 Cr | Up to 15 years |
| Punjab National Bank | 8.55% – 11.25% | Up to ₹1 Cr | Up to 15 years |
| HDFC Bank | 9.50% – 13.00% | Up to ₹75 Lakh | Up to 15 years |
| ICICI Bank | 9.75% – 13.50% | Up to ₹1 Cr | Up to 12 years |
| Axis Bank | 9.90% – 13.70% | Up to ₹75 Lakh | Up to 15 years |
Eligibility Criteria for Education Loan
- Applicant must be an Indian citizen.
- Confirmed admission to a recognized institution in India or abroad.
- Age generally between 18 and 35 years.
- Co-applicant (parent/guardian) with stable income.
- Good academic background and credit profile of co-applicant.
Documents Required for Education Loan
- Filled education loan application form.
- Student and co-applicant KYC documents.
- Admission letter from college/university.
- Academic records and mark sheets.
- Income proof of co-applicant.
- Bank statements (last 6 months).
- Collateral documents (if applicable).
Factors Affecting Education Loan Interest Rate
- Institute Ranking: Premier institutes get lower rates.
- Loan Amount: Higher amounts may have higher rates.
- Collateral: Secured loans attract lower interest.
- Credit Profile: Co-applicant’s credit score matters.
- Course & Country: Professional courses and certain countries get better terms.
How to Apply for an Education Loan?
- Compare education loan interest rates across banks.
- Check loan eligibility and EMI affordability.
- Submit online or branch application.
- Upload documents and complete verification.
- Loan approval and disbursal as per academic schedule.
Digital education loan platforms make the process faster, transparent, and student-friendly.
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