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Education Loan

An education loan (also called a student loan) is money borrowed from a bank or financial institution to pay for education expenses. This includes tuition fees, books, accommodation, travel, and other study-related costs. You repay the loan later, usually after completing your studies.

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Key Features

- Covers tuition and other study-related expenses.
- Repayment starts after course completion (moratorium period).
- Flexible repayment tenure (5–15 years).
- Lower interest rates compared to personal loans.
- Tax benefit on interest under Section 80E of the Income Tax Act, 1961 (India).

Type of

- 1. Domestic Education Loan – For studying within your country.
- 2. Study Abroad Loan – For foreign universities.
- 3. Undergraduate Loan – For bachelor’s degree.
- 4. Postgraduate Loan – For master’s or higher studies.

How it's work

- 1. You apply to a lender.
- 2. The lender approves a certain loan amount.
- 3. The money is paid directly to the college or to you.
- 4. You start repayment after a moratorium period (course duration + 6–12 months)

Expense Covered

- Tuition fees
- Examination and library fees
- Books and study materials
- Hostel or accommodation fees
- Travel expenses (for studying abroad)
- Laptop (in some cases)

Eligibility Criteria

- Admission to an eligible course/institution.
- Co-applicant/guardian support as required by lender.
- KYC and income criteria as per policy.

Documents Required

- KYC documents (Aadhaar/PAN).
- Admission letter and fee structure.
- Income proof of co-applicant.
- Academic records and bank statement.

Advantages

- Helps afford higher education.
- Easy repayment options.
- Builds credit history.
- Tax benefits in some states/countries

Things To Check Before Applying

- Interest structure
- Prepayment charges
- No hidden charges