Who can apply for an education loan?

Any Indian student pursuing higher education in India or abroad can apply. A co-applicant (usually a parent or guardian) is generally required.

What courses are eligible under the education loan?

Loans are available for recognized full-time, part-time, or vocational courses in approved institutions in India and abroad.

What expenses are covered under the loan?

The loan covers tuition fees, exam and library charges, accommodation, travel (for overseas studies), books, and other academic essentials.

How much loan amount can I get?

The amount depends on the course, institution, and repayment capacity. Loans typically range from ₹50,000 to ₹50 lakhs or more for international education.

What is the repayment period for education loans?

Repayment usually starts after the course completion and a grace period (moratorium). Tenure can go up to 15 years.

Is collateral required for the loan?

It depends on the loan amount. Higher-value loans may require collateral or third-party guarantees.

Do I get a tax benefit on the loan?

Yes, under Section 80E of the Income Tax Act, interest paid on the loan is eligible for tax deduction.

Can I apply for a loan before receiving admission confirmation?

Yes, you can apply early. The sanction will be provisional and subject to admission confirmation.

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