Features and Benefits of Education Loans

An education loan is a loan that students apply for, in order to fund their education in India or abroad. Different banks and financial institutions offer Education Loans to aspirants at competitive rates, to help them make quality education affordable. Few key features are

• Unlimited Income Tax benefits under Section 80(E) on full interest paid
• Collateral free loan, up to Rs lakh, for select institutes and courses.

What Are the Benefits Of Taking An Education Loan?

• The loan amount can vary from minimum Rs 1 lakh to Rs 1 crore, depending upon your area of study. Various Lenders offers loan up to Rs 50 lakh for education in India and up to Rs 1 crore for education abroad, for both Undergraduate and Postgraduate courses
• In certain cases, even 100% financing is available
• The financing covers other expenses such as the cost of laptop or travel expenses
• The lender offers a flexible repayment option. The education loan repayment tenure can exceed up to 12 years, after the completion of the course
• Parents and siblings can be co-applicant(s) in an Education Loan
• Education Loans are easily available.

Eligibility Criteria for Education Loans

To be eligible for an Education Loan, students need to submit the following documents:

• Marksheet and passing certificate of 10th and 12th exams
• Admission Letter from the respective college/university
• Fee structure
• KYC document of the applicant and co-applicant
• Income proof in some cases.