Education Loan: Repayment of an education loan typically begins one year after the completion of the course, providing students a grace period before they are required to start paying it back.
New Delhi: These days, pursuing higher education can be quite costly, covering expenses like entrance exams, coaching, college fees, and living expenses. For professional courses, the total cost may range from Rs 10 to Rs 30 lakh, and studying abroad can push this amount even higher. In such scenarios, education loans play a crucial role by providing financial assistance, allowing students to repay the loan after completing their education and securing employment. Let’s explore the various types of education loans, their benefits, key features, and the process of applying for one.
Benefits and features of education loan
Loans of up to Rs 1 crore can be availed, depending on the course and institution.
A flexible period of up to 15 years is available to repay the loan.
An education loan is available for higher studies both in India and abroad.
Some banks offer partial disbursement even before a visa is granted for overseas education.
The loan application and approval process is generally simple and student-friendly.
Interest concessions are offered to female students and children of bank employees.
Repayment can be started up to one year after the course is completed, offering a convenient grace period.
Types of Education Loans
Undergraduate Loan: For initial college studies.
Post Graduate Loan: For further studies after graduation.
Professional Advancement Loan: For skill development, certification and career-advancing courses.
Parents Loan: Parents can avail this for their children’s education.
How to apply for education loan online?
Visit the official website of the bank you wish to apply through.
Navigate to the ‘Education Loan’ section on the website.
Fill out the online application form with all the necessary personal, academic, and course-related details.
Upload the required documents, including identity proof, address proof, academic certificates, admission letter, and income-related documents.
Submit the application for review.
The bank will verify your details and documents. If everything is in order, the loan amount will be approved and disbursed as per the terms.
How to apply for education loan offline?
Visit the nearest branch of your preferred bank.
Ask for the education loan application form from the loan officer or customer service desk.
Fill in the form with your personal, academic, and course-related details.
Attach all necessary documents, such as identity proof, address proof, academic records, admission letter, and income proof.
Submit the completed form and documents to the bank representative.
The bank will review and verify your application. If everything is in order, the loan will be sanctioned and the amount disbursed accordingly.
Also Read: Gold gains nearly 25 per cent in 2025, marking all-time highs on MCX and COMEX
Also Read: India’s forex market average daily turnover doubled from USD 32 billion in 2020 to USD 60 bn in 2024
