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Applicants must provide valid identity proof issued by the government. Accepted documents include:
Proof of residence is required to confirm the applicant’s address. Commonly accepted documents are:
These documents help evaluate the student’s academic performance and eligibility:
Lenders require information about the selected course and institution:
Since most education loans require a co-applicant (parent/guardian), their financial documents are necessary:
Recent bank statements of both the applicant and co-applicant are required to assess financial stability.
Recent passport-size photographs of the applicant and co-applicant.
For secured education loans, documents related to the collateral are required:
Depending on the lender, additional documents may be required:
An education loan is a financial aid provided by banks or financial institutions to help students cover the cost of higher education, including tuition fees, accommodation, and other related expenses.
Students who have secured admission to a recognized institution in India or abroad can apply. A co-applicant (parent/guardian) is usually required.
Education loans typically cover:
Collateral may be required depending on the loan amount and lender. Smaller loan amounts are often unsecured, while higher amounts may require security like property or fixed deposits.
Repayment usually starts after a moratorium period (course duration + 6–12 months). The tenure can range from 5 to 15 years depending on the loan terms.
A moratorium period is the time during which the borrower is not required to repay the loan. It typically includes the course duration plus a grace period after completion.
Yes, education loans are available for both domestic and international studies, provided the institution and course are recognized by the lender.
Loan approval timelines vary by lender but typically take between 7 to 15 working days after submission of all required documents.
Yes, most lenders allow prepayment of education loans, sometimes without any penalty. It is advisable to check with your lender for specific terms.
In case of repayment issues, it’s important to inform the lender immediately. They may offer restructuring options, but defaulting can impact your credit score and the co-applicant as well.
