Pursuing higher education in India or abroad can be expensive, but with an education loan, you can achieve your dreams without financial burden. Whether it’s tuition fees, accommodation, or travel, an education loan covers all major expenses. Here’s a detailed guide to education loans in India — eligibility, required documents, and the best way to apply online through Shah Communication.
What is an Education Loan?
An education loan is a financial product that helps students fund their studies in India or abroad. The loan is provided to the student with a parent or guardian acting as co-borrower. Repayment usually begins after course completion or after a grace period of 6–12 months.
Expenses Covered Under Education Loan
- - Tuition fees and admission charges
- - Hostel and accommodation expenses
- - Books, laptops, and other study materials
- - Examination and library fees
- - Travel expenses for studying abroad
Eligibility Criteria
- - Applicant must be an Indian citizen
- - Admission must be secured in a recognized institution (India or abroad)
- - Co-applicant (parent or guardian) with a stable income
- - Good academic record and repayment capability
Documents Required
- - Admission letter from recognized college or university
- - Academic certificates and mark sheets
- - KYC documents (PAN, Aadhaar, Passport)
- - Income proof of co-applicant (ITR, salary slips, or business proof)
- - Collateral documents (for secured loans)
- - Fee structure from the institution
Interest Rates and Repayment
Interest rates for education loans typically range from 8% to 12% per annum, depending on the lender and course type. Repayment begins after the moratorium period, and tenure can extend up to 15 years for larger loan amounts.
Types of Education Loans
- - Domestic Education Loan – For studies in India
- - Overseas Education Loan – For higher education abroad
- - Secured Education Loan – Requires collateral
- - Unsecured Education Loan – No collateral required
Top Banks Offering Education Loans
- - State Bank of India (SBI)
- - HDFC Bank
- - Axis Bank
- - ICICI Bank
- - Bank of Baroda
- - Union Bank of India
How to Apply Online for Education Loan
- - Visit Shah Communication Education Loan page
- - Compare interest rates and repayment options
- - Fill in the online application form with your details
- - Upload required documents securely
- - Get instant eligibility check and loan offers
Benefits of Applying via Shah Communication
- - Compare offers from multiple banks and NBFCs
- - No processing or hidden charges
- - Transparent loan terms and faster approval
- - Free guidance for both domestic and abroad studies
An education loan is a stepping stone to achieving your academic and career goals. Start your journey by visiting Shah Communication and find the best education loan with easy repayment options today.
Disclaimer: Interest rates and eligibility criteria are subject to change as per the lender’s policies.