An education loan is a financial aid provided by banks or financial institutions to help students cover tuition fees, living expenses, books, travel, and other educational costs. These loans are available for: Higher education in India & abroad Undergraduate, postgraduate, and vocational courses Technical, medical, management, and professional studies Most education loans come with low interest rates and flexible repayment options.

Education loan eligibility criteria vary by lender but generally include: Indian citizenship with admission to a recognized university Minimum academic performance requirement (varies by bank) Co-applicant required (parent/guardian) for higher loan amounts Collateral security for loans above a certain limit (varies by bank) Some banks offer special schemes for female students and meritorious applicants.

Common documents needed include: Admission proof (offer letter from the university/institution) Academic records (marksheets & certificates) Identity & address proof (Aadhaar, PAN, passport, etc.) Income proof of co-applicant (salary slips, ITR, bank statements) Fee structure from the institution Collateral documents (if required) Ensure all documents are accurate and updated to speed up approval. Avanse

Interest rates vary based on: Loan provider (bank, NBFC, or government scheme) Loan amount & collateral security Course type & university ranking General features include: Interest rates: 7% to 12% (varies by bank) Repayment tenure: 5 to 15 years Moratorium period: No EMI payment during the study period + 6 months to 1 year after course completion Some banks offer interest rate subsidies for economically weaker sections (EWS).

Some popular banks & institutions offering education loans include: State Bank of India (SBI) – SBI Global Ed-Vantage Loan HDFC Bank – Education Loan for India & Abroad ICICI Bank – Education Loan with Quick Disbursal Bank of Baroda – Baroda Scholar Loan Axis Bank – Loan for Higher Studies Students can also explore NBFCs (like Cedilla, ) and government schemes for additional benefits.