Education Loan Assistance
An Education Loan provides financial support to students for pursuing higher studies in India or abroad. It covers tuition fees, accommodation, travel, and other academic expenses, enabling students to achieve their career goals without financial burden.
Types of Education Loans
Education loans are categorized based on study level and location
Undergraduate Education Loan
For students pursuing bachelor’s degree programs.
Postgraduate Education Loan
Designed for higher studies like master’s and professional courses.
Study Abroad Loan
Covers tuition, travel, and living costs for overseas education.
Career Development Loan
For specialized courses, certifications, and skill enhancement.
Loan for Professional Courses
Tailored for courses like medical, engineering, MBA, law, etc.
Parents/Guardian Loan
Taken by parents on behalf of their children for education financing.
Why Education Loans are Important?
Access to Quality Education
Helps students study at reputed institutions in India or abroad.
Financial Support
Covers tuition, living, and other academic expenses.
Builds Career Opportunities
Enables students to pursue specialized and professional courses.
Flexible Repayment
Easy EMIs and moratorium periods make repayment convenient.
FAQs
What expenses are covered under an education loan?
It includes tuition fees, hostel charges, travel expenses (for study abroad), books, and other academic costs.
Do I need collateral for an education loan?
Collateral is required for higher loan amounts, while smaller loans may be unsecured.
When does repayment of the education loan start?
Repayment usually starts after course completion plus a grace (moratorium) period of 6–12 months.
Can I get a tax benefit on education loan repayment?
Yes, under Section 80E of the Income Tax Act, interest paid on education loans qualifies for tax deduction.