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Frequently Asked Questions
An education loan is a type of loan offered by banks and financial institutions to help students cover the costs associated with their education, such as tuition fees, books, accommodation, and other related expenses.
Any Indian citizen who has secured admission in a recognized institution for a specific course is eligible to apply for an education loan. The applicant must also have a good academic record and be able to provide collateral or a co-signer, depending on the loan amount.
The loan amount that you can get depends on the course you have opted for and the institution you are attending. Generally, banks offer loans up to Rs. 10 lakhs for studies in India and up to Rs. 20 lakhs for studies abroad.
The interest rate on education loans varies from bank to bank and depends on the loan amount, repayment tenure, and credit score of the borrower. Typically, education loan interest rates range from 7% to 14%.
The documents required to apply for an education loan include the admission letter from the
institution, mark sheets of the last qualifying exam, proof of income of the co-signer, and other
relevant documents as per the banks requirements.