Education Loan By Prakash Finance

Education is the most important investment of our life. Education loan supports students who want to pursue higher education in India or abroad and It allows students to focus on studies without worrying about the money

Characteristics of a Education loan

• Education loan can be opted for studying in India or abroad
• Generally, for a higher loan amount, a collateral security is required
• Usually, the maximum loan limit for students studying in India is capped to Rs. 9 lakh and 20 lakh for studying abroad
• Flexible repayment option with longer time period.
• Tax rebate under Section 80E

Education Loan FAQs

1. For What Professional Courses can I get an education loan?
   You can avail Student Loan for various education courses like, management, medical and engineering, etc.


2. How much loan I can get?
   Depending on your course you can get student loan. The loan amount will depend on the course and the income of the loan guarantor.


3. When will the repayment of loan start?
   Generally Repayment will start after the Course period + 1 year or 6 months after getting job, whichever is earlier.


4. What is the Interest rate charged for Student/education loan?
   The interest rates vary from bank to bank for student loan.


5. Is it possible to get 100% Loan to cover all educational expenses?
   Yes, most banks offer 100% loan to cover all educational expenses.

Education Loan Eligibility & Documentation

• Student should be of Indian Nationality.
• Age limit might differ from one bank to the other.
• Whether in India or abroad, student should have secured admission in professional/ technical courses on the basis of entrance test.
  
• Student should not have any outstanding loan from any institution.
• Father/ mother is required to be mentioned as the co-borrower.

• Mark-sheets of 10th, 12th & graduation (or the last highest educational qualification)
• Institute admission letter with detailed fee break up
• Age proof, identity proof, signature proof, address proof and photographs for KYC (Know Your Customer) section.
• Salaried individuals need to present their salary slips and bank statement
• Self employed individuals need to submit IT returns for 2 years and computation of income certified by a CA.

Education Loan Interest Rates updated on April 2015