Check Eligibility For Education Loan

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Please select course level
Please select the course
Please enter desired loan amount
Please select loan tenure
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Education Loan Term Life Insurance

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:
    • Tuition fees payable to institution including hostel, library & laboratory charges
    • All examination fees during the study period.
    • 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).
    • Any caution deposit etc payable (all this is generally capped at a maximum of 10% of the total tuition fees payable).
    • Travel Expenses to and fro for studies abroad.
    • Some banks also cover the cost of a two-wheeler up to a maximum of Rs 50000.
    • 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.
Endowment Policy

Documents Required

Student-applicant:

  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • 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
  • Passport to be mandatorily submitted in case of Studies Abroad
  • Academic Records: