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Education Loans for Students in India | How To Get Right Study Loan

Education Loans for Students in India

An Education Loans for Students in India can be a saving grace for needy but eligible students to accomplish higher education in reputed professional institutes or Universities. Student loans commonly called as Education loans or higher education loans which are financial relieves to students provided by the Private financial institutions, Banks and Government organization. The process of getting education loan is simple but you need to know How to Get Right Study Loan for your intelligent and desiring wards.

Educational costs for higher studies have augmented to such an amount in the last couple of years that it has become hard for the middle class as well as upper middle class to borne the educational expenses by their own. Thus student’s loans come in useful way for people with financial restraints to a large amount.

Students loans

Many of public sector/ nationalized banks like State Bank of India and private sector banks like ICICI and HDFC etc. recommend educational loans for students to learn in India and abroad with changeable stipulations. Students can move toward these banks with some initial information about the schemes and hit the right deal for them.

Here on this page of recruitmentresult.com, we have provided much information in concern to educational loan for students in India such as the list of interest charged by banks, documents required, eligibility, hurdles, expenses considered by bank etc. So it is advised to read complete details given in the underneath section of this page before applying for student loan.

Education Loans for Students in India

  • Must be a citizen of India.
  • Age Limit varies with different Banks.
  • Your course and University should be eligible for Loan.
  • If loan amount is above Rs 4 Lakh, then you will need a guarantor.
  • No outstanding education loan from any other association.
  • Marks scored in 10+2 must be above 60% for general category and 50% for SC / ST / OBC category.
  • Branch nearest to student’s residential permanent address.

Obstacles faced by students while pertaining for education loan:

  • Increasing cost of education will indirectly relate to limitations on maximum loan amount. In some cases, tuition fees incurred for pursuing higher education abroad is minimum Rs 25 lakhs, while the maximum loan available is Rs 20 lakhs only.
  • Education loan is made accessible in specific branches only. Hence the applicant may not be able to acquire the loan from branches outside of home town.
  • If you want to get loan for studies in abroad then you have to arrange minimum margin amount for education loan for abroad that is 15 percent charged by bank.
  • Deadly documentation and troublesome education loan process.

Expenses covered under Education Loan:

  • Admission as well as Examination Fees payable at college/ school/ hostel
  • Examination /Library/ Laboratory fee
  • Acquisition of books equipment’s/ instruments/ uniforms
  • Prudence deposit/ building fund/reimbursed deposit maintained by Institution bills/receipts
  • Travel expenses/ passage money for studies in abroad (loan for two wheeler up to Rs.50,000/- could be granted by bank if distance of school and hostel is considerably long)
  • Purchase of computers essential for completion of the course
  • Insurance cover for the student

Documents Required for Application:

  • Driving license
  • Passport
  • Pan card
  • Voter s identity card
  • A signed verification letter from a recognized public authority or public servant for your identity and residence.
  • Aadhar card
  • Passport
  • Bank account statement
  • Ration card
  • Aadhar card
  • Voter’s ID card
  • Telephone bill/ water bill/ electricity bill
  • Allotment letter issued by a government department
  • The banker’s signature verification
  • Driving license
  • PAN card
  • Passport copy

Banks offering Education Loans for Students in India:

Here are some list of Private Sector banks, Public Sector Banks as well as Foreign Banks in India which provides Education loan to students according to their ease.


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