An education loan is a financial product provided by banks or lenders to individuals aiming to pursue technical, academic, or vocational courses both in India and abroad. These loans typically allow students to start repaying only after they finish their studies, with a grace period of six months for job placement before payments commence.
These loans are designed to support multiple educational stages, from early schooling to advanced degrees, and are tailored for both full-time and part-time working professionals who seek to enhance their skills.
Moreover, borrowers can benefit from tax incentives under Section 80E of the Income Tax Act, which allows for deductions on paid interest. The application process, accessible via both online and offline methods, requires key documents like admission confirmations and academic qualifications.
An Education Loan EMI Calculator helps borrower’s project monthly installments, offering clarity on the loan's financial implications. Repayment typically starts 12 months after the completion of studies, and borrowers can choose from various repayment methods such as internet banking, checks, direct debits, and demand drafts.
Education loans serve as a crucial financial resource, addressing a variety of expenses including tuition, accommodation, travel, insurance, and more. With loan amounts reaching up to Rs.1 crore and repayment terms of up to 15 years, students receive invaluable assistance throughout their educational endeavors.
These are the costs that the loan will finance:
Bank Name | Interest Rate | Processing Fee | Loan Amount | Tenure Range |
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SBI Education Loan
HDFC Bank Education Loan
Canara Bank Education Loan
Bank of India Education Loan
Bank of Baroda Education Loan
Bank of Baroda Education Loan
Punjab National Bank Education Loan
Indian Bank Education Loan
IDFC Bank Education Loan
AVNSE Finance Education Loan
ICICI Bank Education Loan
IDBI Bank Education Loan
AXIS Bank Education Loan
Bandhan Bank Education Loan
Union Bank of India Education Loan