Education Loan

Indian students who have secured admission to a recognized course in India or abroad. The applicant usually needs a Indian resident as co-applicant like a parent or guardian.

Undergraduate, postgraduate, diploma, and vocational courses from recognized institutions in India or abroad.

Tuition fees, examination/lab/library fees, hostel charges, travel expenses (for overseas), books, equipment, health insurance and other necessary educational costs.

Up to 90% of your total education costs, may vary a bit for some Banks/ NBFCs.

Typically ranges between 8.0% to 14% per annum. It can vary based on the bank, loan amount, education institutes, Country, Students opting for life insurance and Collateral.

Generally, Govt. Bank’s provide loans up to ₹ 7.5 lakhs as unsecured. Based on parent’s profile & income and the institutes in which student has secured the admission, he / she may get the unsecured loan upto ₹ 75 lakhs. Higher amounts may require collateral like property, fixed deposits, etc.

Generally upto 15 years, with a moratorium (grace) period covering the course duration and 6–12 months after completion.

It’s the period during which repayment is not required—typically includes the course duration plus up to a year after completion of the course.

Yes, under Section 80E of the Income Tax Act, interest paid on an education loan is deductible for up to 8 years.