Education Loan
Education Loan Eligibility, Benefits & How to Apply
Education loans in India are designed to help students finance higher education both domestically and abroad, covering a wide range of expenses and offering flexible repayment terms. They offer benefits like tax deductions and the ability to build a credit history.
Educational qualification:
 You must have passed the 12th grade (or 10th for polytechnic courses) from a recognized board. You must be enrolled in or admitted to a higher education course at a recognized institution.
Admission:
You must have a confirmed admission offer from a recognized college or university for a career-oriented course like medicine, engineering, or management.
How to apply
- Select a lender and check eligibility: Choose a bank or financial institution and carefully review their terms, interest rates, and eligibility criteria online or in person. The government’s PM-Vidyalaxmi portal allows you to search and apply for schemes offered by various banks.
- Gather required documents: Collect all necessary paperwork, including:
- Student documents: Completed application form, passport-size photos, proof of identity and address (e.g., Aadhaar, PAN card, passport), academic records, entrance exam scores, and the admission offer letter.
- Co-applicant documents: Proof of identity and address, income proof (salary slips/IT returns), and bank statements for the last six months.
- Collateral documents: If applicable, documents related to the property or other assets being offered as security.
- Submit the application: Submit the application form and all documents to the bank. This can be done online or by visiting a branch in person.
- Attend a discussion: You may be asked to attend an interview with the bank, where the student (as the primary applicant) and co-applicant will discuss the academic plan and future employment prospects.
- Wait for approval and sign documents: The bank will process your application, and if approved, you will receive a sanction letter. You will then need to sign the final loan agreement.
- Receive loan disbursement: The bank will disburse the loan amount directly to the educational institution, either all at once or in installments according to the fee schedule.
Begin your journey today
Don’t let the complex admission process stand between you and your dream career. Contact our expert counselors at Vinayaka Educare Servicesto receive the guidance you deserve.