Key Highlights of Education Loan
- Competitive interest rates starting from 8.5% per annum
- Loan amount up to ₹1.5 crores for international studies
- Covers tuition fees, living expenses, and related costs
- Moratorium period available during study tenure
- Tax benefits available under Section 80E
- Collateral-free loans up to ₹7.5 lakhs
- Covers undergraduate, postgraduate, and professional courses
Best Banks & NBFCs Offering Education Loan
| Bank/NBFC | Loan Amount | Interest Rate | Processing Fee | Max Tenure |
|---|---|---|---|---|
| SBI | Up to ₹1.5Cr | 8.5% - 11.5% | ₹10,000 + GST | 15 years |
| HDFC | Up to ₹1.5Cr | 9% - 13.5% | 1% + GST | 15 years |
| ICICI Bank | Up to ₹1Cr | 9.5% - 13.25% | 1% + GST | 15 years |
| Axis Bank | Up to ₹75L | 10% - 14% | 1% + GST | 15 years |
| Bank of Baroda | Up to ₹1.5Cr | 8.85% - 12% | ₹7,500 + GST | 15 years |
Features & Benefits of Education Loan
Interest Rate
Competitive rates from 8.5% p.a. with special rates for premier institutionsLoan Coverage
100% financing for tuition fees plus additional amount for living expensesMoratorium Period
No EMI during course duration plus 6 months or until job startsTax Benefits
Complete interest paid is deductible under Section 80E without any limitCourse Coverage
Covers technical, medical, management, and other professional coursesGeography
Covers studies in India and abroad in recognized institutionsTypes of Education Loan
Eligibility & Documents
Eligibility Criteria
| Age | 18 to 35 years for student applicants |
| Income | Co-applicant should have stable income |
| Education | Admission confirmed in recognized institution |
| Credit Score | Good credit history of co-applicant required |
| Documents | Academic records and admission proof required |
How to Apply for Education Loan
1
Get admission confirmation from institution
2
Gather all required documents and certificates
3
Submit loan application with co-applicant details
4
Document verification and income assessment
5
Collateral evaluation (if applicable)
1
Get admission confirmation from institution
2
Gather all required documents and certificates
3
Submit loan application with co-applicant details
4
Document verification and income assessment
5
Collateral evaluation (if applicable)
EMI Calculator
₹50,000₹1,00,00,000
6 months360 months
8%30%
In Total:
₹5,64,882Principal: ₹5,00,000
Interest: ₹64,882
EMI: ₹23,537