Loan for Education in India

Loan for Education in India

Higher studies can set you back by quite a bit, speaking financially. An MBA course from a reputed institute in India costs upwards of INR 20 lacs. Even an engineering degree from a reputed college can be expensive. Private engineering colleges can cost well in excess of INR 6-10 lacs.

However, you don’t have to compromise on your dream of education just because you don’t have the financial strength. In order to promote better education in India, the government of India has made procurement of education loans as easy as possible.

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If you don’t have immediate money to fund your education dreams, education loan can be a viable option for you. Here is everything you need to know about loan for education in India.

Banks which offer education loans in India

There are several banks in India which offer education loans to students. Some of the prominent banks offering loans for education in India are:

1. State Bank of Mysore

2. HDFC Bank

3. State Bank of Bikaner and Jaipur

4. Bank of Rajasthan

5. Canara Bank

6. ING Vysya Bank

7. City Union Bank

8. ICICI Bank

9. Federal Bank

10. Axis Bank

11. Vijaya Bank

12. UCO Bank

13. Syndicate Bank

14. Punjab National Bank

15. Oriental Bank of Commerce

16. IDBI Bank

17. Indian Overseas Bank

There are several others.

Eligibility criteria for education loan in India

Different banks have different eligibility criteria for education loans in India. However, generally speaking, you must meet the following eligibility criteria for loans for education in India:

1. You must be an Indian citizen

2. You must be at least 16 years of age. Most banks also have an upper age limit, which is usually 26 years

3. You should have a decent academic record.

4. Your parents or guardians should have a stable source of income

5. You need to furnish proof of acceptance to the university or college in which you wish to study.

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6. You are given education loans for studying in recognized college or university only.

Some banks also have restrictions on the kind of courses they give education loans for. Check with a requisite bank in order to get complete details about the eligibility criteria for education loans in India.

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Amount of education loan available

Different banks have different policies regarding the amount of education loan that is given to candidates. For example, HDFC Bank offers an education loan of upto 15 lacs, with an unsecured loan of upto 7.5 lacs. You need to check with individual banks for the upper limit of loans for education.

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Interest rate for education loans in India

Again, different banks have different interest rates for education loans. However, on an average, the interest rate is around 10-11% per annum. Certain banks offer certain deductions in interest rates. For example, SBI Bank offers a discount of 0.50% for girl candidates.

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Apart from that, you also get tax benefits for interest paid towards your education loan.

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