Type Of Home Loan

Based on Location

Domestic Education Loan: Students who would like to pursue education in India can apply for this loan type. The loan will get approved only if the applicant is admitted to an Indian educational institution and meets all other lender criteria.

Overseas Education Loan: Such loans help students realise their dream of pursuing the course of their desire in a foreign institution. The loan covers the airfare, accommodation, and tuition fee for students who wish to study abroad only if they satisfy the eligibility criteria.

Features and Benefits

The loan amount can go up to Rs.1 crore for international student and up to Rs.50 lakh for domestic students.
100% financing available for certain conditions.
The financing covers other expenses, such as student exchange travel expenses and laptop.
Preferential forex rates may be available for international disbursements.
Parents should be joint borrowers for the education loan.

List of Expenses Covered under Education Loan

Fees payable to educational institutes.
Examination/library/laboratory fee.
Travel expenses/passage money for studies abroad..
Insurance premium for student borrowers, if applicable.
Caution deposit, building fund/refundable deposit supported by institution bills/receipts (total expense should not exceed 10% of total loan).
Purchase of books/equipment/instruments/uniforms (total expense should not exceed 20% of total loan).
Purchase of computer at a reasonable cost, if required to complete the course (total expense should not exceed 20% of total loan).
Any other expense required to complete the course, such as study tours, project work, thesis, etc. (total expense should not exceed 20% of total loan).
While computing loan required, scholarships, fee waiver, etc., if any available to the student borrower.

Education Loan Eligibility

Indian nationals only.
Secured admission/invite from university in approved university/college in degree/diploma course
Education: Should have completed 10+2 (12th standard) for an undergraduate course and degree for a postgraduate course.
Approved courses leading to graduate/post-graduate degree and PG diplomas were conducted by recognised colleges/universities recognised by UGC/Govt./AICTE/AIBMS/CMR. Courses like ICWA, CA, CFA etc..
Courses conducted by IIMs, IITs, IISc, XLRI, NIFT, and NID..
Regular degree/diploma courses, such as aeronautical, pilot training, shipping
Degree/diploma in nursing or any other discipline approved by Director General of Civil Aviation/Shipping/Indian Nursing Council or any other regulatory body as the case may be if the course is pursued in India.

The above course list is indicative, not exhaustive.

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