Compare education loan offers from bank experts
An education loan covers tuition, hostel, books, exams and sometimes travel and a laptop. Repayment usually starts after the course ends, with a grace period for finding work. A parent or guardian normally joins as a co-applicant. Offers differ in rate, collateral and moratorium period, so compare them before you pay the first fee.
- Amount
- 3 Lacs to 1 Cr
- Tenure
- Often up to 15 years, starting after the course
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Personal Loan at a glance
| Loan amount | 3 Lacs to 1 Cr |
|---|---|
| Tenure | Often up to 15 years, starting after the course |
| Interest rate | Roughly 9% to 13% a year |
| Security | Smaller loans often need no collateral, larger loans usually do |
| Best for | Students going to college or university in India or abroad |
Rates and terms are indicative and change often. Each bank decides the final offer based on your profile.
Who can apply
- Admission, or likely admission, to a recognised institution in India or abroad.
- Indian citizen.
- A co-applicant with income, usually a parent or guardian.
- A good academic record.
- Professional and well-known courses are usually easier to finance.
Documents you may need
- Admission letter and fee structure.
- KYC of the student and the co-applicant.
- Income proof of the co-applicant.
- The student’s mark sheets.
- Collateral documents, if the loan needs them.
- For study abroad: passport, visa and test scores such as GRE or IELTS.
How to get a better deal
- Ask how long the moratorium is and whether interest builds up during the course. Paying simple interest while you study lowers the total cost.
- Government interest subsidy schemes may apply to eligible students. Ask your expert.
- Check which costs are covered: tuition, hostel, travel, laptop, insurance.
- Interest on an education loan may qualify for a tax deduction. Check current rules with a tax adviser.
Personal Loan questions
When do I start repaying?
Usually after the course ends, plus a grace period of 6 to 12 months. You can pay interest earlier to cut the total cost.
Is collateral required?
Many banks do not ask for collateral on smaller loans. Larger amounts, especially for study abroad, usually need security or a strong co-applicant.
Can I borrow for study abroad?
Yes. Banks lend for universities abroad, often up to the upper limit of 1 Cr on Loan Masala, depending on the course, country and your co-applicant’s profile.
Do I need a co-applicant?
Usually yes. A parent or guardian with a steady income is the most common co-applicant.