Higher Education Loan
A Higher Education Loan is a financial product designed to support students in pursuing undergraduate, postgraduate, or professional education in India or abroad. It covers tuition fees, living expenses, travel, books, and other educational costs.
Key Features
- Loan available for studies in India and abroad
- Covers tuition, accommodation, travel, books, and exam fees
- Loan amount typically ranges from ₹1 lakh to ₹50 lakhs
- Repayment starts after course completion + moratorium period
- Subsidies available for eligible categories under government schemes
Eligibility Criteria
- Indian nationality
- Admission to recognized institutions (India/abroad)
- Co-applicant (parent/guardian) with stable income
- Good academic record and entrance exam score (if applicable)
Required Documents
- KYC documents of student and co-applicant
- Admission letter from educational institution
- Fee structure and academic records
- Income proof of co-applicant
- Bank statements (last 6 months)
Benefits
- Access to quality education without financial burden
- Flexible repayment post-education
- Tax benefits on interest under Section 80E
- Coverage for both academic and living expenses
Top Lenders Offering Education Loans
Major lenders include SBI, HDFC Credila, Axis Bank, ICICI Bank, Bank of Baroda, and government-subsidized loan schemes via Vidya Lakshmi portal.
Important Notes
- Check if collateral is required (depends on amount/institution)
- Compare interest rates and moratorium clauses
- Government interest subsidies available for eligible students