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Education Loan

  • Educational Loans are term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.
  • Repayment period of up to 15 years starting after 12 months of course completion.
  • No processing / upfront charges is levied on Education loans.
  • Expenses Covered under Educational Loans are:
    1. Tuition fees payable to institution including hostel, library & laboratory charges
    2. All examination fees during the study period.
    3. Cost incurred for purchase of books, equipment/instruments etc and purchase of computers if essential for completion of the course (all this is generally capped at a maximum of 20% of the total tuition fees payable).
    4. Any caution deposit etc payable (all this is generally capped at a maximum of 10% of the total tuition fees payable).
    5. Travel Expenses to and fro for studies abroad.
    6. Some banks also cover the cost of a two-wheeler up to a maximum of Rs 50000.
    7. Any other expenses required to complete the course like study tours, project work etc.
  • The security for education loan is usually the parent who is generally the co-borrower. For higher value education loans, banks can insist on tangible collateral to be provided by the parents / co-borrower. In case of married person applying for the educational loan, co-borrower can also be the spouse or the parents-in-law.
  • The borrower (especially in case of studies abroad) is mandated to provide a margin which is nothing but own contribution and bank would them finance the balance.

Documents required:

  • Student-applicant:
    1. Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
    2. Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhaar Card
    3. Passport to be mandatorily submitted in case of Studies Abroad
    4. Academic Records:

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