Education loan - A loan is taken to meet education fees, hostel charges, and other related costs for seeking after determined educational courses in an institution is called Education Loan. Banks offer student loans for pursuing pre-specific courses in India and abroad from specific institutions or universities. Banks free a list of allowed courses and institutions for which it will give education loans. In this way, the course you need to pursue is within the bank's lists alongside the institution or universities you wish to join, at that point you can apply for an education loan.
Interest rates online
Education loan is
offered by leading banks in India to assist students with accomplishing their
achieve dreams. Education Loan Interest
rates start from 8.05% p.a. with loan residencies of as long as 15 years.
Education loan is offered for higher education in both India and abroad.
Education loan in
- Nursery to class 12.
- Graduation and Post-Graduation courses (diploma,
technical, professional) directed by approved colleges or schools under
- Normal degree/diploma courses managed via the
self-sufficient institution, for example, IIM/IIT, and so forth.
- Regular degree or diploma courses, for example, pilot
preparing, aeronautical, delivery, and increasingly affirmed by the
Director-General of Civil Aviation/Shipping/other administrative
- Job oriented courses (technical or professional) for
Graduation/Post Graduation/Diploma, for example, MBA/MCA/MS offered by
reputed educational institutions, courses led by the Chartered Institute
of Management Accountants (CIMA) – London or Certified Public Accountant
(CPA) – USA.
for skill development.
Tax benefits on
paid on education loan can
be claimed as a derivation from the income of borrower according to
Section 80E of the Income Tax Act,
- Refund is accessible for full-time courses, low
maintenance courses and professional courses pursued after in India and
- The refund can be guaranteed inside eight years present
ban period subject on the real installment of interest.
- Discount is accessible for interest paid on loan for
the education of self, life partner, youngsters or for the students of
whom he/she is the legal guardian.
- No discount is accessible for principal repayment.
Benefits and features
of Education Loan
financing up to Rs.1 crore
repayment residency as long as 15
- Get an Education loan for studies in India and
- A few banks offer loan disbursals before applying for a
- Door-steps services to collect required records.
- Children of the bank's workers appreciate particular
rates at a few banks.
- Certain banks offer concessional loan rates to female students.
- Enjoy a ban time of as long as 1 year after course
fulfillment. During this period, you don't need to make installments on the loan.
- Enjoy tax benefits as long as 8 years on the interest
Documents required for
- Properly filled the application structure along with
two passport size photos of the candidate and co-candidate.
- Admission Letter from the Institute. It should have the
institution's name and address on the letterhead.
- The detailed cost separation of the course from the
Institute, which indicates the education cost, the term of the course,
year-wise charges, and costs.
- The academic record of the candidate/students, which
should include 12 Mark sheet, declaration of any subsequent education like
graduation or post-graduation, mark sheet of the placement test and any
- An affidavit or a statement that no loan has been
profited from some other bank or financial organization.
- Any ID proof like PAN
card, Aadhar card, Driving
License, visa, and so forth.
- Any address proof like Ration Card, Driving License,
Passport, Aadhaar Card, and so forth
- For age verification Birth Certificate or 10th Class