Education Loan Services
Invest in your future with education loans designed for students pursuing higher studies in India and abroad. Flexible repayment starts after course completion.
Features & Benefits
Moratorium Period
Repayment typically starts after the completion of the course, providing students time to secure employment.
Co-borrower Option
Parents or guardians can be co-borrowers to enhance eligibility and improve approval chances.
Tax Benefits
Repayment interest is eligible for tax deductions under Section 80E of the Income Tax Act.
Multiple Courses & Institutions
Loans available for various courses, from school education to higher studies, in India and abroad.
Collateral & Non-Collateral
Depending on the loan amount, some may require collateral while smaller loans may not need security.
EMI Calculator
Using an Education Loan EMI calculator can help you estimate your monthly loan repayment amount. Plan your finances before applying.
Eligibility & Documentation
Eligibility Criteria
- Must be 18 years or older
- Proof of admission to an eligible educational institution
- Academic performance may be considered
- Co-borrower or guarantor may be required
- Credit history of student and co-borrower assessed
- Collateral may be needed for larger amounts
Required Documents
- Student-Applicant identity documents
- Proof of admission / offer letter
- Academic mark sheets and certificates
- Passport (for studies abroad)
- Cost of study documentation
Fees & Charges
| Particulars | Charges |
|---|---|
| Loan Processing Fees | 0.5% to 2% of Loan Amount |
| Loan Cancellation | 0 |
| Stamp Duty Charges | As per actuals |
| Legal Fees | As per actuals |
| Penal Charges | Usually @ 2% per month; 24% p.a. |
| EMI / Cheque Bounce Charges | Around Rs 590 per bounce |
Other fees and charges that lenders may levy on your education loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.