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Education Loan
What is the eligibility criteria to apply for an Education Loan?
Indian citizens must be 16 to 35 years of age with a good academic record and should have completed 10+2 or diploma. If the applicant is enrolled in a recognised institute in India or overseas, loans are sanctioned based on pre-admission, entrance exam scores, 12th/HSC results or confirmed admissions.
What are the courses for which one can avail an Education Loan?
Graduate/Postgraduate/Diploma courses in professional education from recognised and accredited institutes in India and overseas.
What is the interest rate on an Education Loan?
Interest rates for Education Loans are linked to RBI Repo Rate and may vary depending on various parameters.
Can I avail partial fee as Loan?
Yes, you can avail partial fee as Loan at any point of time during your studies.
Who can be my co-applicant?
Parents, brother, sister, spouse, father-in-law, mother-in-law, daughter-in-law, maternal and paternal uncle/aunt and grandparents can be your co-applicant.
Can I apply for an Education Loan if I do not have a co-applicant with income?
For postgraduate courses, applicants with 2+ years of experience can apply for a loan with a non-financial co-applicant.
Will my scholarship be considered as margin money?
Yes. Scholarship awarded to the applicant from the institute will be considered as margin money.
How is the interest calculated on my Loan in moratorium period? Simple or compounded?
Simple Interest will be calculated in moratorium period.
Can I pre-pay my Loan? What will be the charges for pre-payment?
Yes, you can pre-pay your Loan any time. There are no charges for pre-payment.
Can I pre-close my Loan?
Yes, you can pre-close your Loan any time during the tenure.
When can I start repaying my Education Loan?
You can start repaying any time as soon as the Loan starts.
