Education Loan

Invest in Your
Best Future

Fund your education in India or abroad. Covers tuition, living, travel, and more — with a moratorium period so you don't pay during studies.

8.85% p.a. onwards  ·  Up to ₹1.5 Cr  ·  Moratorium: Course + 1 Year
What's Covered

Complete Education
Financial Support

📚 Tuition fees & examination fees
🏠 Hostel / accommodation expenses
✈️ Travel expenses (for study abroad)
💻 Laptop, books, equipment
📋 Caution deposit, building fund
Loan Limits
🇮🇳 Study in India
Up to ₹75 Lakh
🌍 Study Abroad
Up to ₹1.5 Crore
Collateral-free
Up to ₹7.5 Lakh
Section 80E Tax Benefit
Full deduction on interest paid — no upper limit. Available for 8 years from start of repayment.
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Documents Required

Education Loan Checklist

🎓Student Documents
Aadhaar Card + PAN Card (student)
10th & 12th marksheets + certificates
Graduation marksheets (for PG/professional)
Entrance exam scorecard (if applicable)
Admission letter from institution
Fee structure / prospectus
Scholarship letter (if applicable)
Visa + I-20 form (for US); CAS letter (UK)
👨‍👩‍👧Co-Applicant (Parent/Guardian)
Aadhaar + PAN
Last 2 years ITR
3 months salary slips (if salaried)
6 months bank statements
Income proof (self-employed: P&L + Balance Sheet)
Address proof
Collateral documents (if applicable)
NRI documents: passport + visa + NRE/NRO statements
FAQs

Education Loan Questions

What is the moratorium period in education loan?
Moratorium = course duration + 6 to 12 months (varies by lender). During this period, you don't need to pay full EMI. You may choose to pay simple interest only (recommended — reduces principal) or defer completely. Full EMI starts after moratorium ends.
Is collateral required for education loan?
Up to ₹7.5 Lakh: no collateral (covered under government CGFSEL scheme). ₹7.5L to ₹15L: third-party guarantee. Above ₹15L: tangible collateral (property, FD). Some premium institutions (IITs, IIMs, Ivy League) may get higher unsecured limits.
Which courses are eligible for education loan?
All UG and PG courses from recognised universities — engineering, medicine, law, MBA, arts, science. Professional courses: CA, CFA, ACCA. Vocational and skill courses from approved institutions. Overseas: any institution recognised in that country.
Can NRI parents apply for education loan for children in India?
Yes. NRI parents can be co-applicants for education loans for children studying in India. NRE/NRO account statements and overseas income proof are required. The child (student) is the primary borrower.
Who can claim Section 80E deduction?
The person repaying the loan claims the deduction. If the student repays after getting a job, the student claims 80E. If parents repay, they claim it — provided the loan was taken in their name as co-borrower. Interest only (no principal) is deductible. No upper limit. Available 8 consecutive years.
What happens if the student doesn't get a job after course?
Inform the bank immediately. Options: (1) Extend repayment tenure, (2) EMI holiday for 6 months, (3) Interest-only payment for a period. Banks generally work with borrowers who communicate proactively. It is always better to negotiate than to default.
Can education loan cover coaching institute fees?
Education loans are primarily for full-time degree courses. Coaching-only fees (like UPSC coaching) are generally not covered. However, if the coaching is part of an approved course at a recognised institution, it may be included.
What is the repayment tenure for education loans?
Typically 10–15 years from start of repayment (after moratorium). Longer tenure reduces EMI burden when you're starting your career. As income grows, you can make prepayments to reduce total interest.

Important Legal Notice

For your guidance and assistance only. Srikara Financial Services is an independent financial guidance and assistance platform. We help individuals understand and access loan and insurance products offered by banks, housing finance companies, and registered insurance providers. We do not lend money, we do not underwrite or issue insurance policies, and we do not make credit or underwriting decisions of any kind.

All loan sanctions, disbursals, and credit approvals are made solely by the respective financial institutions based on their own credit assessment policies. All insurance policies are issued solely by the respective registered insurance companies based on their own underwriting criteria. Approval is never guaranteed. Interest rates and premiums shown are indicative and subject to change.

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Tax information. Tax benefits and exemptions mentioned on this website are based on prevailing Income Tax Act provisions applicable to resident Indians. Tax rules are subject to change by the government. NRI tax treatment varies by country of residence. Please consult a qualified chartered accountant or tax advisor for personalised tax guidance. This website provides general information only and does not constitute legal, financial, or tax advice.