education loan

Education loans are designed to support students in pursuing higher education, covering expenses such as tuition fees, living costs and more. Here’s what you need to know:

Types of Education Loans

 Secured Loans: Require collateral, offering higher loan amounts with no upper limit.

 Unsecured Loans: Don’t require collateral, with a maximum limit of ₹75 lakhs.

Eligibility Criteria

 Be an Indian resident

 Be at least 18 years old

 Have secured admission to a recognized educational institution

 Pursue a graduate, postgraduate or PG diploma course

 Have a co-applicant (parent/guardian) with a stable income for fulltime courses

Key Benefits

 100% Financing: Covers course fees, living expenses and more

 Tax Benefits: Claiming income tax deductions under Section 80E

 Competitive Interest Rates: Repo rate linked interest rates

 Moratorium Period: Flexibility in repayment

Documentation Required

 Application Form: Duly filled and signed

 Education Qualification: 10th/12th marksheet or latest education certificate

 Identity Proof: Aadhaar Card, PAN Card

 Income Proof: Recent salary slips, Form 16 or ITR

Popular Education Loan Providers in India

 Axis Bank: Offers education loans with attractive interest rates and flexible repayment terms

 Other Providers: HDFC, ICICI and SBI also offer education loans with competitive rates and benefits

Tips for Applying

 Plan Your Budget: Create a budget covering all expenses

 Apply Early: Allow processing time to secure financial aid

 Explore Scholarships: Reduce financial burden with available scholarships and grants

 Understand Repayment Terms: Don’t neglect loan repayment obligations