Wide variety of education loan products to suit your requirements.

How to choose the best education loan?

Comparison of education loan rates will help you select the best loan providers. Here at Policybazaar.com, one can compare different lenders rates and then select the best option.

Costs covered under educational loans?

Mostly expenses are covered such as tuition fees, examination fees, mess fee and hostel fees.

Some banks may also provide costs for books and instruments.

Type of courses for which educational loans can be taken

Educational loan can be taken for schooling, graduation, post graduation or any specialized course.

Eligibility criteria for an educational loan

Eligibility criteria vary to a great extent from bank to bank. Some common criteria are:

The institution must be recognized

Confirmed Admission Letter from college or any institute

Age of the student must be 16-26 or around this age specification

Student should have good academic record

Regular income of parent

Documents required for an educational loan

Confirmed admission letter from institute or college
Residence Proof
Agreement with parent and student
Age proof
Records of past academic performances of the student
Regular income proof of parent

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* Name:  
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* Date Of Birth:      
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I Need
* Type Of Loan:   
* Loan Amount:
* Occupation:   
* Loan Tenure:   
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*Most selected loans you can apply through PolicyBazaar.com
Bank Name Type Rate Processing Fees Pre-Paid Charges   

Fixed INDIA :- upto 4 lakhs 10%, >4 lakhs 12% ; ABROAD :- upto 4 lakhs 10%, >4 lakhs 12%
INDIA :- 0 ; ABROAD :- 1%NA
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Fixed INDIA :- upto 4 lakhs 10.75%, > 4 lakhs 11.5% ; ABROAD :- upto 4 lakhs 10.75%, > 4 lakhs 11.5%
INDIA :- upto 4 lakhs 100, > 4 lakhs 500 ; ABROAD :- 1000NA
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Fixed INDIA :- upto 4 lakhs 11%, > 4 lakhs 11.75% ; ABROAD :- upto 4 lakhs 11%, > 4 lakhs 11.75%
INDIA :- 0 ; ABROAD :- 0NA
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Fixed INDIA :- upto 4 lakhs 11.5%, 4-7.5 lakhs 11.25%; > 7.5 lakhs 11% ; ABROAD :- upto 4 lakhs 11.5%, 4-7.5 lakhs 11.25%; > 7.5 lakhs 11%
INDIA :- 0 ; ABROAD :- 0NA
View Details

Education Loan

A wise man once quoted “An investment in education pays the best interest.”

So true! Education is imperative to thrive in today’s fiercely competitive world. But what if money becomes a stumbling block in your dreams? Let the Education Loans be your savior.

Education Loan is the money, a student or his parent borrows from a loan issuing authority for financing an educational course in India or abroad. It is granted for a multitude of academic, professional, vocational and technical courses.

Education Loan Coverage

The maximum sum that can be loaned out can be up to 10 lakh for education in India and up to 20 lakh for education abroad. The interest rate may vary from 5 to 15% depending on both the borrower and the lender.

How Education Loans Differ from Scholarships?

Unlike grants and scholarships that are available only for meritorious students, education loans can be availed by anyone willing to pursue a specific course of his/her choice.

Features & Benefits

There’s more to education loans than just financing your child’s education. Here are a few unique benefits that Education Loans offer:

  • An education loan covers not just tuition fees but also examination fees, hostel fees, books, laptops and other resources, study tours, etcetera.
  • You get to enjoy deductible tax benefit on the interest you pay on your loan (as per Section 80E of the Indian Income Tax Act).
  • The repayment is not be made while pursuing the course or even immediately after the course is completed.
  • The repayment begins after 1 year of course completion or 6 months from the commencement of a job, whichever is earlier.
  • The repayment period is extendible up to 8 years.

Checklist: Before you go for education loan

  • The granting of education loan isn’t much time consuming it should be applied for only after the admission is confirmed.
  • It gets easier to get the loan approved if the student is insured. The reason being, the lender can recover the outstanding money from his/her policy.
  • Before an educational loan is granted, the lender verifies parent’s income, student’s academic background of the student, and the reputation of the institution the student opts for.

Ensure a brighter future for your child. Compare the best Education Plans at Policy Bazaar.

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