Education Loan

Loan for education is availed by existing students from leading banks and financial institutions in India for achieving academic goals. The tenure for education loan can be termed up to 15 years with a minimum interest rate of 6.60% per annum. Education loans in India can be availed for both in and out of country higher education. The list of eligible courses is determined by the lender providing the loan.

Features of Education Loan

• The max amount that can be availed as a student loan for domestic education purposes is INR 50lac and for international education purposes is INR 1Cr. 
• 100% financing is also available. 
• Apart from direct academic expenses, education financing also covers various purposes such as laptops, exchange travel expenses, etc. 
• Tenure can go up to 15 years. 
• For international disbursements, forex rates may be available. 
• Parents can be the joint borrowers for the student loan. 

Education Loans Comparison

Many Indian banks and financial institutions offer education loans at effective interest rates. The comparison of the major education loan lenders and their interest rates is discussed below:

Lender	Interest Rate
Punjab National Bank	8.75% to 9.50%
Axis Bank	13.70% to 15.20%
State Bank of India	8.65%
Bank of Baroda	7.85% to 9.85%
HDFC Bank	9.55% to 13.25%
Tata Capital	10.99% onwards
Union Bank of India	8.80% to 10.05%
Kotak Mahindra Bank	Up to 16%
Federal Bank	10.05% onwards

*Note: These rates are subject to change as per the rules and regulations of the bank.

Education Loan EMI Calculator

We provide an education loan EMI calculator for easy calculation of your EMIs. With the input of 3 variables including loan amount, tenure, and interest rate, you can easily calculate the monthly EMIs of your education loan through our calculator.

Education Loan Eligibility

A certain education loan eligibility criteria are required to be fulfilled before availing one. This contains a number of aspects that are mentioned below.

Criteria	Eligible requirements
Nationality	Indian citizensNon-Indian Residents (NRIs)Overseas Citizens of India (OCI)Persons of Indian Origin (PIOs)Students born to Indian parents staying abroad and wants to study in India
Institutes	Recognized institutions and government collegesPrivate institutes aided by governmentProfessional institutionsInternational colleges and universities
Courses	Undergraduate programsPostgraduate programsDoctoral courses and PhDsCertificate courses with 6 months or longer durationJob-oriented coursesTechnical/diploma/professional courses
Security and Collateral	Collateral-free loans up to Rs.7.5 lakh from leading lendersCollateral-free loans up to Rs.40 lakh for select courses/institutions from select lendersCollateral accepted for loans above INR 1Cr. including Residential or commercial property or plot, fixed deposits, insurance

Documents required for Education Loan

The list of documents required for education loan disbursal is stated below:

• ID proof: Voter ID proof/ Aadhar Card/ Passport/ Driving License/ PAN Card
• Age proof: Passport/ PAN Card/ Birth Certificate 
• Mark sheets of previous education (school/college)
• Address proof: Voter ID proof/ Aadhar Card/ Passport/ Driving License
• Latest passport size photographs 
• Admission letter from the educational institution
• Completed application form with signature
• Appropriate Visa for studies abroad
• Signature proof: Voter ID proof/ Aadhar Card/ Passport/ Driving License/ PAN Card
• Salary slips: As stated by the bank 
• Audited balance sheet
• Recent bank account statements: As stated by the bank
• ITR with income computation
• Recent bank statements: As stated by the bank 
• Proof of turnover (service tax return/sales receipt): As stated by the bank

*Note: The list of documents and charges are subject to change as per the rules and regulations of the bank.