Minimum Tenure (excluding grace period)
Moratorium Period (after course completion)
Minimum Loan amount
Maximum Loan without collateral
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Education Loan Interest Rates in India
Education Loan Interest Rates in Abroad
Avanse DHFL Education Loan
Axis Bank Education Loan
Bank of Baroda Education Loan
Bank of India
Bank of Maharashtra
Central Bank of India
Indian Overseas Bank
Karur Vysya Bank
Union Bank of India
United Bank of India
A loan taken to meet tuition fees, hostel fees, and other related expenses for pursuing a specified educational course in an institution is called Education Loan. Banks offer student loans for pursuing pre-specified courses in India and abroad from certain institutions. Banks release a list of permitted courses and institutions for which it will give education loans. So, the course you want to pursue is within the bank’s list along with the institution you wish to join, then you can apply for an education loan.
|Age of the Applicant|
|Who is eligible|
|Maximum Loan Amount|
|Which Cost Heads/ Expenses are Funded by Bank|
|Co-borrower/ Guarantor/ Security|
|Key Appraisal Criteria|
Tax benefit on Educational Loan
Documents Required for Education Loan
What courses are eligible for education loans?
Some examples of the courses eligible for education loan are:
Can I avail tax benefits on education loan?
Yes, you can avail tax benefits under section 80C and 80E of the Income-tax Act, 1961 for education loan’s interest and payment.
Can I transfer my education loan to another bank with a lower rate of interest?
Yes, you can transfer your education loan to another bank. But in such a case, your current bank will charge a certain fee and also the new bank will charge a processing fee. Thus, consider all the factors and expenses before making a decision.
What are the factors that lenders consider for approving an education loan?
Some of the factors that lenders consider while assessing an education loan application are: