Education Loans in India

A good education can often be the gateway to success in life. Pursuing higher education in universities abroad gives a good opportunity for better job placements. This opportunity is also seen as a great learning experience in many fields.

No wonder, in the year 2017-18 close to 8 lakh Indian students went abroad for higher studies

The cost of education together with living expenses abroad comes up to a huge sum which is a big worry for all throes dreaming of studying abroad. That is where an educational loan comes handy

Almost all banks and many NBFCs and fintech lenders are providers of education loans in India. We bring you a list of some of the top educational loan providers for studies abroad.

Main Features of Education Loans in India

  • The amount of the loan offered as an education loan can vary between Rs 4lakh to Rs 40 lakhs. Amounts higher than these can also be allowed on a case-to-case basis.
  • Any individual in the age group of 18-35 can avail of an education loan for studying abroad.
  • management, architecture, arts, fashion, law, etc.These loans can be availed for studying a wide range of subjects like science,
  • As the primary applicant of the loan may not be earning, a co-applicant (either a parent, sibling or any close relative) is needed for the sanction of the loan.
  • The credit score of the co-applicant is taken into consideration for allowing the loan.
  • A margin amount of 5 -15% may be required to be catered by the applicant.
  • An Educational loan covers expenses right from tuition fees, cost of books, food and accommodation, lab and library fee, travel expenses, expenses for a study tour, etc.
  • An education loan comes with a moratorium period until the completion of the studies. During this time, only simple interest is chargeable on the loan amount. The applicant will need to pay only the interest during this period
  • The tenure of an education loan can extend up to 15 years including the period of moratorium depending upon the policies of the lende
  • The interest paid on an education loan EMI gets Income Tax deduction under Sec 80E.

INTERLINKS

Apply for Personal Loan
Personal Loan Interest Rates
Personal Loan Eligibility
Personal Loan Documents
Personal Loan for Self Employed
Personal Loan for Salaried Employees

Was this information useful?