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What is Education Loan?
An Education Loan is designed to help students pay for university tuition, books, and living expenses.
Student Loan Income Tax Benefits
Get tax benefits under Section 80E of Income Tax Act of India for the Student Loans.
Student Loan Repayment
Generally Repayment will start after the Course period + 1 year or 6 months after getting job.
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Education Loan Overview
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About Education Loan:
When it comes to all the building blocks that form a complete and successful life, nothing is as important as quality education. However, education in India, at least the commonly perceived ‘quality education’ as imparted by acclaimed and influential educational institutions, is decidedly costly and not easily available to everyone- especially those who deserve it based on merit alone. Thus, education loans are vitally important. A barebones explanation for an education loan is thus, ‘funds offered by financial institutions to meritorious and/or deserving students so that the latter can pursue their basic/higher education, in India or abroad’. Almost all banks in India offer education loans, and the demand for it has remained stable with the Indian student community.
Why Choose Education Loan?
The question should ideally be, why choose an education loan over a personal loan, or the money accumulated in your savings account? The versatility and advantages of education loans are listed below-
- Education is Expensive-It's a matter of instant availability. A comprehensive education loan frees you from the task of accumulating sufficient money to fund your son/daughter’s higher education. And, with inflation and shifting prices, can you ever be 100% certain? A good education is expensive and the expenses aren’t changing in a predictable curve. A good education loan scales accordingly and helps you be safe from unexpected surprises.
- Specialised Help-The expenses incurred through a standard study course are many, caution deposits, library fees, building deposits, laboratory fees, etc. With a comprehensive education loan, individual facets of the course can be better addressed without the risk of running out of money. It’s more organized and seamless with an education loan.
- Widely and Easily Available- Comprehensive education loans are a priority product in most banks’ arsenal of products and the RBI lists them as part of the priority sector lending of banks. Conforming to some basic requirements and confirming your ability to repay the borrowed amount is all it takes to get on-board.
- Timely Assistance- Often, good intent isn’t backed by good monies. A good education loan offers timely help when it comes to a crucial pillar that promises a successful life- education. Nullifying the worry that accompanies the need to gather up the requisite amount, a full-fledged education loan puts you at ease.
Features & Benefits of Education Loans:
When it comes to a complete education loan, the features and benefits offered are the designated deal makers. Commonly, the following conveniences are offered as part of the education loan-
- Universally available. Anyone with a will to study can apply.
- Education loans are provided to pursue all types of academic courses, in India and abroad. The courses include graduation, post-graduation, vocational courses and other certificate courses.
- Loan amounts can vary from a minimum of Rs.10 lakhs to a maximum of Rs.15 lakhs. For education abroad, banks will provide loans to the quantum of Rs.20 lakhs.
- The applicant’s annual family income and the course pursued are primary determinants for the applicable loan amount.
- Usually, female students are offered discounts and/or lower interest rates when it comes to education loans.
- Government sponsored subsidy schemes, such as ‘Central Scheme to provide Interest subsidy (CSIS)’ help students from the economically backward sections of society avail the benefits of a robust loan for education.
- The applicant need not repay the borrowed amount immediately. Post the completion of the course, the repayment tenure can stretch upto 5-7 years.
- Generally, loans below Rs.4 lakhs do not require a security or guarantor.
Banks, in their individual capacity, will offer a whole suit of exclusive features and benefits. Check the same before zeroing in on the one that best complies with your requirements.
Why Apply for an Education Loan on BankBazaar?
BankBazaar is a user friendly portal that is dedicated to the comparison of various banking products, including Education Loans. A helpful resource, BankBazaar allows visitors to better understand this loan, its pros and cons, as well as the various banks that offer them in India. Why BankBazaar? The reasons are as follows-
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100% Hassle Free- Save on time and effort as you ditch legwork and fire up your computer to check out the best education loan options. The process is extremely simple, distraction free and incredibly quick.
- Compare Education Loans- BankBazaar lists almost all the education loans offered by the various banks and other financial institutions in India. The simple comparison option allows you to choose the loan that best suits your limitations and requirements. Plus, detailed information on every available loan option.
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Apply Online- Post the comparison, use the simplistic BankBazaar interface to apply online for your chosen education loan. Kindly note- Currently, you can only apply for Avanse Education Loan on BankBazaar. More options are expected to be available soon.
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Know it All- From important details such as education loan eligibility, documentation and the basic terms and conditions, to informational bytes that relate to the latest happenings across the education loan landscape in India, BankBazaar is a treasure trove of helpful information.
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Always With You- Have a query or concern? BankBazaar’s brand of superior customer support is always just a phone call, email or chat-box away.
How to apply for an education loan on BankBazaar?
Applying for a suitable education loan (currently Avanse Education Loan is available) on BankBazaar is a very interactive and simple process. The following steps list this process clearly-
- On BankBazaar’s homepage, access the ‘Education Loan’ option from the top navigation bar.
- Spread before you, on the drop-down, are popular education loan options. You can directly choose any lender from this list.
- Do you notice the ‘Get Quote’ and ‘Explore’ buttons? These link to wizards that help you, a) find the most suitable education loan for you, and b) find more information about individual loan options.
- Your eligibility for the loan is determined by an interactive wizard that takes just about 3 minutes to complete. At the end, a selection of the most appropriate education loan options are listed before you. Clicking on any of these allows you to explore this option further.
- On a particular bank’s education loan page, the ‘Apply’ button is a prominent fixture. Click on the same to set the wheels in motion. Your information (as provided) will be forwarded to the bank in question and the representative from the latter will contact you in a short while.
- You can also track your loan application via SMS alerts and email notifications.
Comparing Education Loans from Top Indian Banks:
| Lender. | Loan Amount/ Interest Rate. | Max. Loan Amount | Repayment Tenure |
| State Bank of India (Base Rate- 9.70%) | Upto Rs.4 lakhs / 13.35% p.a (base rate + 3.65%) Between Rs.4 lakhs- Rs.7.5 lakhs / 13.60% p.a(base rate + 3.90%) Above Rs.7.5 lakhs / 11.60% p.a (base rate + 1.90%) | Studies in India- Rs.10 lakhs Studies Abroad- Rs.30 lakhs | 5-7 years |
| Axis Bank (Base Rate- 9.95%) | Upto Rs.4 lakhs / 16.95% p.a (base rate + 7.00%) Between Rs.4 lakhs- Rs.7.5 lakhs / 17.95% p.a (base rate + 8.00%) Above Rs.7.5 lakhs / 15.95% p.a (base rate + 6.00%) | Studies in India- Rs.10 lakhs Studies Abroad- Rs.20 lakhs | Maximum 7 years |
| Punjab National Bank (Base Rate- 10.00%) | Upto Rs.4 lakhs / 12.00% p.a (base rate + 2.00%) Between Rs.4 lakhs- Rs.7.5 lakhs / 13.00% p.a(base rate + 3.00%) Above Rs.7.5 lakhs / 12.50% p.a (base rate + 2.50%) | Studies in India- Rs.10 lakhs | Loans upto Rs.7.5 lakhs : 10 years Loans above Rs.7.5 lakhs : 15 years |
| Avanse Education Loan (Avanse Base Lending Rate- 11.50%) | Calculated individually based on course being pursued and the accompanying cost. | Minimum- Rs.50,000 Maximum- No Limit | Minimum Repayment Tenure- 12 months Maximum Repayment Tenure- 120 months |
Top Banks Offering Education Loans in India:
The following banks are listed at the top of their class when it comes to education loans in India-
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SBI Education Loan-India’s largest public sector bank is also a firm favourite when it comes to education loans. Offering upto Rs.10 lakhs for studies in India and Rs.30 lakhs for studies abroad, the SBI Education Loan is a full-fledged offering with customer friendly features and benefits. Some of the key highlights of the SBI Education Loan are as follows- friendly interest rates, coverage of a wide spectrum of educational courses in India and abroad, immensely student friendly terms and the backing of SBI’s legendary name and reliability.
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Axis Bank Education Loan- India’s third largest private sector bank is a strong contender when it comes to student friendly loans for education. The Axis Bank Education Loan is a full featured offering that is characterised by friendly interest rates, quick turnaround times, loan amounts of Rs.10 lakhs for studies in India and Rs.20 lakhs for studies abroad, a comprehensive listing of funded educational courses (in India and abroad) and Axis Bank’s famous brand of customer support and banking innovation.
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HDFC Education Loan- India’s fifth largest bank is a veteran when it comes to offering comprehensive and student friendly education loans and also commanding absolute devotion towards its loan schemes from students aspiring for higher education in India and abroad. Competitive interest rates, a whole range of student centric options and features, funding for an elaborate list of educational courses in India and overseas, alongside HDFC’s constant popularity and new-age banking methodologies, are some of the fundamental reasons why HDFC must be on your scanner when talking of good education loans.
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Avanse Education Loan-The first thing that hits you about education loan offerings from Avanse is the sheer number of options on offer. Loans for studies in India, abroad, executive education, pre-admission loans, pre-visa disbursement loans and fast track loans are popular offerings, while a number of student friendly terms and conditions make the aforementioned loans very popular. Avanse Education Loan is focussed on top notch customer service that is backed by an interactive and robust loan processing and disbursal system that will ably match the best on offer in India.
Education Loan Interest Rates
Many factors determine the attractiveness and acceptability of any standard loan product, a competitive interest rate being one of the more important factors in this regard. In India, education loans usually command an interest rate from anywhere “Between” 12.00 % to 16.00 %, depending on the bank’s base lending rate and other factors. The base lending rate for banks in India, as directed by India’s apex bank, the RBI, is around 9.00- 10.00%. Some private education loan lenders/ financial institutions offer interest rates that are based on their own base lending rates (often very dynamic) and calculation of interest rates are accomplished on a case-to-case basis.
Education Loan Application Checklist:
| No. | Things to Do. | Yes/No? |
| 1. | Confirm upon applicable educational course (University, location, costs, etc.) | |
| 2. | Compare all available educational loans on BankBazaar. | |
| 3. | Basic Documents to Keep Ready- Address, Age and Nationality Proof. | |
| 4. | Attested Marks Cards- Starting from SSLC/10th Std. | |
| 5. | Admission Letter as issued by the admitting School/College/Institute. | |
| 6. | All essential documents issued by the admitting School/College/Institute, including prospectus, breakup of fees, etc. | |
| 7. | Letter from admitting School/College/Institute that stipulates non-availability of hostel facility. | |
| 8. | Income Proof- Bank statements (6 months), Salary slips (3 months) & ITR of Parent/Guarantor. | |
| 9. | Passport sized photographs (2 nos. each) for applicant, guarantor and parent. | |
| 10. | Studying Abroad- Employment Contract. | |
| 11. | Studying Abroad- Entry Permit (Validity, issuing authority etc., must be noted). | |
| 12. | Studying Abroad- Admission letter & I-20 form from Foreign Institution. | |
| 13. | Studying Abroad- Passport & Visa. | |
| 14. | Documents confirming upon the security/collateral. | |
| 15. | Substantiating documents if immovable property is offered as security. | |
| 16. | Affidavit confirming that NO education loans have been availed or defaulted on with regards to other banks or financial institutions. | |
| 17. | If Employed- Resignation letter, Acceptance of Resignation letter or Sanction letter for study leave. |
How to calculate EMI interest rates for education Loans?
The generally tedious task of calculating Equated Monthly Installments (EMI) on your subscribed education loan is easily accomplished (minus the sweat) with the friendly Education Loan EMI Calculator on BankBazaar. This useful tool offers the following advantages,
- Saves Time- Calculate your applicable EMIs, for varying inputs, in mere seconds! Massive saving of time and patience.
- Know it All- Unearth all the information you need about your education loan, including applicable EMI amount, amortization details, etc.
- Find your Sweet Spot- Calculate EMI for different interest rates and applicable tenures. Find the combination that works the best for you.
- 100% Free- Using this handy tool is completely free of cost.
Education Loans From Other Banks:
Education Loan FAQs
- What are the courses in India for which education loans are available?
Any of the following courses, as offered by recognized universities, is eligible for an education loan in India-
- Professional courses including Engineering and Medicine
- Management courses (both full time and part time)
- ICWA, CA, CFA etc.
- Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.
- B.A/B.Com/M.A/M.Com/MCA/MCM etc.
- Architecture, Agriculture studies, Fine Arts and Designing etc.
- Hotel and Hospitality.
- Courses such as SAP , ERP , GNIIT , Air Hostess Training programmes etc.
- Distance learning programs and online certifications.
- Degree/Diploma courses like Aeronautical, pilot training, shipping, etc.,
- Aircraft Maintenance Engg, Pre-Sea Training courses and the like.
- Nursing and Para Medical courses (includes admission via management quota).
- Courses offered by reputed institutes that assure employment and are Govt. certified.
- Courses offered in India by reputed and certified foreign universities.
- All courses listed here- www.ugc.ac.in , www.education.nic.in and www.aicte-india.org
- What is the age restrictions for subscribing to an education loan?
Generally, there are no restrictions. Most banks and financial institutions do not impose this rule. However, certain lenders do mark an age limit spanning from 16-35 years.
- Aside from the fee payable to the school/college, what other expenses are covered by the loan?
- Towards the purchase of books, uniforms, equipment and instruments.
- Purchase of computers/laptops, if deemed necessary for the completion of the course.
- Fees paid for Exams, Library, Laboratories, Hostel, etc.
- Building fund, Caution deposit, Refundable deposit (must be supported by receipts/bills).
- Costs incurred in travel, for studies abroad.
- Additional costs that are required to successfully complete the course, including but not limited to, Study tours, Thesis work, Projects, etc.
- Does taking an education loan entitle me to any tax benefits?
Not immediately. However, after you start repaying, you are free to deduct the loan interest amount from your total income when calculating tax.
- How does the bank track my educational progress through the course period?
The applicant is expected (and mandated) to submit his/her progress reports periodically. The progress reports could be mark sheets or a suitably attested letter from the applicant’s school/college.
Education Loan Eligibility & Documentation
Education Loan Eligibility:
Listed herein are the basic requirements that qualify your application for an education loan,
- The applicant must be a resident Indian.
- He/she must have secured admission into a recognized course of study, in India or abroad, through an entrance test or other such qualification procedure.
- If the applicant is a Non-Resident Indian (NRI), he/she must hold a valid Indian Passport.
- Courses applicable in India- Graduation, Post-Graduation, Diploma programs, Technical courses, Management courses and other professional courses. All from recognized universities.
- Courses applicable Abroad- Graduation, Post-Graduation, Certificate Degree courses from CIMA- London, CPA-USA and other such well known educational entities.
- The applicant must provide a collateral/security that is enforceable in India.
Note- This above listing is a basic eligibility requirement. Banks, in their own capacity, may request for more documentation and proof.
Documentation Required When Applying for an Education Loan:
When applying for the loan, the lender in question will ask for a number of documents that prove your eligibility in terms of your student status, family income, ID and address proof, course applied for, and other such factors. Listed herein is the basic list of required documents-
- Completed loan application form.
- Documents for proof of age (self-attested).
- ID and Address proof.
- Passport sized photographs of the applicant, guarantor, etc.
- Copies of highest educational qualification (degree/post-graduation, etc.)
- Proof of income (IT returns of parents/guarantor).
- Six months bank statement for account held by applicant/parent/guarantor.
- Details of collateral security marked by a Government approved valuer (if applicable).
- Passport/Visa copy, airfare cost as established in documents (for studies abroad).
As noted, banks in their individual capacity can request for additional documents. Submission of the same, in their required format, is crucial for the smooth sailing of your application form.
Education Loan Interest RatesUpdated on 29 September 2016
Details of Education Loan
- Education Loan Interest Rate.(Monthly reducing balance)
- 12.00% to 17% floating.
- Processing Fees
- NA
- Education Loan Tenure
- 1 year to 10 years
- Educationa Loan Amount
- Up to 100% of educational expenses
- Pre-closure Charges
- NA
- Guarantor Requirement
- Yes, guarantor required
Education Loan Articles
- Union Cabinet Minister Maneka Gandhi demands cheaper education loans for girl students
With a view to promote higher education among girls students in the country, Maneka Gandhi has written a letter to to the HRD and Finance ministers, requesting them to cut the interest rates for education loans availed by female students. The Union Minister for Women & Child Development is seeking benefits on education loans under the much touted “Beti Bachao, Beti Padhao” program of the NDA government which aims to uplift and promote education for girls and bringing an end to female foeticide. In her letter to Smriti Irani and Arun Jaitley, the Union Minister has expressed her intent to make education loans more affordable so that girls can take up specialised courses. Parents generally shy away from taking a loan for daughter’s education, denying them the opportunity to pursue a course of their choice. With a concession in the interest rate on education loans, girl students can look forward to taking up higher education from an institute of their choice. - CM of HIMACHAL inaugurates Rajeev Gandhi Digital Vidyarthi Yojna
Virbhadra Singh (Chief Minister of Himachal Pradesh) inaugurated the Rajeev Gandhi Digital Vidyarthi Yojna 2015-16, accomplishing the declaration he made in his recent Budget speech. Under this ambitious scheme unveiled at in Mandi, laptops and note books were given to the deserving students of classes 10 and 12, who sat the HP Board of School Education. This was a UPA Government initiative. The Chief Minister gave away laptops to 86 chosen students. They also plan to grant over 10,000 laptops the financial year 2015-16 to those students on whom an outlay of 18.32 lacs was being sustained. While addressing people gathered at the event, the minister briefed about the State Government’s considerable efforts to ensure quality education regardless of economic backgrounds. 'Mukhya Mantri Gyandeep Yojna' had also been declared which offers interest subsidy of four percent to every student who apply for education loan up to INR 10 lacs. - In Goa, 97% of education loan borrowers make repayments regularly.
The Goa Chief Minister said that 97% of education loan borrowers have been repaying their debts in a timely manner. These figures relate to the interest-free education loans given to students, which also does not require any surety or security collateral. The Chief Minister was speaking at the Agnel Institute of Technology and Design (AITD) and Centre for Incubation and Business Acceleration in Assagao during an inaugural ceremony. The Goan Government allots Rs. 30 crores every year for education loans. The Chief Minister also said that investing in educational institutions across the state has proved to be very fruitful for the local population. - Court Rules in Favor of Students against Bank
After their application for a 4-year educational loan was rejected by Canara Bank, two girls from Tuticorin sought the help of the court in 2014. The bank had rejected their application in 2012-13 as they had scored less than 60% marks in their Plus Two examinations. With the case going on for years, the bank had stated that the student’s course is ending by this year, therefore the case would not survive. But the judge has not accepted the bank’s submissions and has rejected “60% cut-off” as a reason for loan rejection. As the girls are in their final year, the bank’s branch manager has been directed to reconsider the loan application and sanction the loan for the last academic year of the course in accordance with the revised rules. This ruling should be carried out within two weeks from the receipt of the court order. - Avanse Financial Services to offer loans for schooling.
As school fees skyrocket, Avanse Financial Services has come up with a new loan scheme to provide financing for schooling from Kindergarten to up to 12th standard. Avanse plans to target working parents whose children are studying in international schools affiliated to the International Baccalaureate based in Geneva, Edexcel and Cambridge International Examinations (CIE) based in the United Kingdom. Adding this to its existing education loan portfolio, Avanse is currently holding talks with international schools. A pilot will be launched within three months by Avanse. Customers going for financing for schooling can get custom-made loan packages and convenient EMI options. Avanse specialises in offering education loans for students pursuing education in India and abroad. - Bihar State Assembly approves education loans for Rs. 5 lakhs.
The Bihar State Government has accepted the proposal put forward by the education department for granting student credit cards which will help avail education loans. As part of the seven resolves or Saat Nischay from the Chief Minister, this scheme was approved by the Bihar State Government. Around five lakh aspiring students would be presented with the credit card in order to pursue higher studies during the financial year of 2016-2017. An increase of 1 lakh students is expected every year. Students will have to register at the local offices and submit the required documents inclusive of ID proofs, address proofs, Aadhaar Card and qualification certificates. The Central Government would be the guarantor for 75% of the education loan amount and the State Government for the remaining 25%. The credit card scheme will be available for a period of five years to help students complete their higher education. - Banks are in a better position to vet foreign universities
The end of 2014 witnessed a large number of students being deported from US universities. The reasons are unclear, but the common factor is that the universities were low profile such as NorthWestern Polytechnic University and Silicon Valley University. This also happen in 2011, where 6,500 Indian students were deported from Australia despite many of them being enrolled in accredited universities. These events result in shock, stress and a huge loss of money. To try to avoid such circumstances, Indian Bank Association has a list of 1,100 institutions that are accredited and pre-vetted. The list is not rigid but helps when seeking admission into a good college and while trying to get an educational loan. Also, check the employability after your course and the general placement record of your university. The type of degree chosen, the level of the course, and the specialisation also play an important role. If you choose to fund your studies abroad with an educational loan, banks will check applicable guidelines of a country and the immigration laws. Banks are also up to date on accredited universities as well as accreditation agencies. Each case is evaluated separately and you have a better chance of going abroad without much of the hassle. - Bhubaneshwar sees many new Universities and Reforms on Education Loan
With the beginning of a brand new paradigm in higher education with introduction of Choice Based Credit System (CBCS) at the undergraduate level, the year 2015 would be remembered as a year of new universities. The Bhubaneswar government also upgraded three erstwhile colleges to universities - Gangadhar Meher University, Rama Devi Women's University and Khallikote Cluster University. The Odisha State Open University and VSS Institute of Medical Sciences (VIMSAR) also became functional with an upgraded status this year. Indian Institute of Management (IIM) at Sambalpur became operational this year and the Centre has also promised to establish Indian Institute of Science Education and Research by this year. The government has also recruited a significant number of faculty members for universities and offered liberal funding for their infrastructure upgradation. One of the biggest milestones in higher education in 2015 was that all universities and 32 autonomous colleges in the state introduced CBCS. Introduction of three-month short-term spoken English course for undergraduate students in over 25 state colleges to prepare job-ready student workforce is also one major milestone this year. The Odisha State Interest Subvention Scheme (OSISS) offers subsidy in education loan interest by 4 per cent for boys and six per cent by girls. This has encouraged students from the economically weaker sections to pursue professional and higher education. - Enlarging the access to Higher Education through Education Loans
The Government is planning to offer schematic interventions that will subsequently overcome economic and social disadvantages to make higher education available for all. The Central Government is aiming to implement the Central Sector Plan Scheme named “Scheme on Interest Subsidy on Educational Loans" which aims to provide professional higher education for students from economically backward sections of the society. This scheme will offer full interest subsidy during the moratorium period of duration of the course plus a year. This loan scheme can be availed by students whose parent’s/guardian's’ annual income is not more than Rs.4.5 lakhs. Towards this, Rs.5501.36 crores have been released to National Scheduled Tribes Finance & Development Corporation (NSTFDC), National Safai Karmacharis Finance & Development Corporation (NSKFDC), National Scheduled Castes Finance & Development Corporation (NSCFDC) and Banks. Another education loan scheme aims at students from Jammu and Kashmir having a parental annual income of not more than six lakhs. The main aim of these education loan schemes introduced by the Central Government and the UGC is to offer education for all, especially professional higher education. - Lok Adalat in Trichy benefits education loan borrowers
Education loan borrowers have benefitted in a huge manner through the Mega National Lok Adalat held in Trichy, recently. Around 35,334 cases were settled by the Lok Adalat, for a value of Rs. 23.35 crore. This included 980 non-performing assets cases, worth Rs.7.78 crore, 626 vehicle accident cases worth Rs.13.31 crore, 99 cheque bouncing cases worth Rs.51.08 lakh and 352 civil disputes worth Rs.99.21 lakh. Additionally, 31,625 traffic violation cases were also settled for Rs. 24.83 lakh. The Lok Adalat facilitated the settlement of education loans with special concessions. For example, a student had taken an education loan for Rs. 1.05 lakh from the Mannachanallur branch of Bank of Baroda. The Lok Adalat got in touch with the bank and reduced the loan repayment amount to Rs. 65,000
Education Loan Forum
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