Education LOANS INFORMATION

Please see information on Education Loans below.

        

Looking for the money to pay for your or your child's education? An education loan provides the financial support you need when you do not have enough funds at hand. Education loans are sometimes known as Student Loans.

What is an Education Loan?

An education loan is a loan that is designed to pay for your or your children's education or studies. Many people do not have the readily available funds to pay for tuition fees, study material (books) and the other often immense cost of a good education.

An education loan can provide the support that you are looking for. Many banks and lender across India offer good deals on education loans, so take your time and shop around for a good one.

What Can the Loan Pay For?

You can use an education loan to deal with the many costs of studying, including:

  • Tuition fees, examination fees, other fees that come direct from the institution of study (school, university, college)
  • Equipment costs (computer, laptop, any other equipment needed)
  • Study material costs (books, paper, uniform)
  • Travel expenses (for any trips if necessary during the course)
  • Any other course-related expenses

Taking an education loan can also include some tax benefits. It is worth finding out if you are eligible for these because you could save money.

Options for Unemployed People

Education loans often carry flexible repayment plans for those who are unemployed or who cannot start on their loan repayments (equated monthly instalments or EMIs) immediately. In this case, the EMI will commence between six months and a year after the course is completed or as soon as you find employment.

This option may carry a higher interest rate but is useful for those who cannot afford to deal with their repayments immediately.

Am I Eligible for an Education Loan?

To be eligible for an education loan you will need to provide documentation for the bank or lender to approve. The criteria usually include:

  • Proof that you are an Indian national
  • Proof of address
  • Proof of age between 16 and 26 years
  • One of your parents may need to be earning a regular salary / income
  • Proof of your course (letter from institution / college)

You may need to provide documentation from your parents / guarantor, if the loan is higher than a certain amount (around 4 Lacs).

How Much Interest Will I Pay?

The amount of interest will vary according to which bank or lender you use. Remember to compare interest rates when you are looking for an education loan on Which Way To Pay India, because some offers are far better than others.

        


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