An education loan helps students finance their higher education expenses such as tuition fees, books, accommodation, and other related costs. These loans are offered by banks and financial institutions with flexible repayment options after course completion.
| Purpose | Tuition fees, accommodation, study materials, travel expenses |
|---|---|
| Loan Amount | ₹50,000 to ₹50 lakhs (based on course and institution) |
| Tenure | Up to 10 years (including course duration and repayment period) |
| Interest Rate | 8% to 15% p.a. (varies by lender and government schemes) |
| Security | Usually secured with collateral for higher amounts; unsecured for smaller loans |
| Repayment | EMIs start after course completion or grace period |
| Processing Time | Typically 7–15 days |