• Domestic Education Loan - This loan provides the funds for higher studies in the domestic country only.

• Overseas Education Loan -This loan provides the funds to persue the desired courses in the foreign country from a foreign institution.

• Undergraduate Loans - These are the loans for persuing undergraduate course.

• Postgraduate Loans - These are the loans for persuing postgraduate course.

• Career Development Loans - These loans are provided to working professional so that they can persue any professional course for their career development.

• Loan against Property - This is a collateral loan, in which funds are provided in return of mortgage of any immovable property or financial instrument.

• Third Party Guarantee - In this, loan is provided only in return of security given by the home bank.

Eligibility

• Citizenship - You must be a citizen of the country where you are applying for loan.

• Education Institution - You must have got the admission from a reputed or recognized institution.

• Previous Academic Record - Lender checks your previous academic record to analyse if you would be able to complete the course successfully or not. It would enable them to secure from risk to an extent.

• Security - Some Lenders demand for the security in return of funds.

Documents Required:

• KYC Documents

• Previous Education Certificates

• Admission Letter

• Income proof of co-applicant

Courses covered under this loan:

• Graduation and post-graduation courses (professional/technical/diploma) conducted by approved universities.

• Regular degree or diploma courses administered by autonomous institutions such as IIM, IIT, IISc, XLRI, NIFT, NID, ICWA, CA, CFA, etc.

• Pilot training, aeronautical, shipping, and more approved by the Director General of Civil Aviation, Shipping, other regulatory authority.

• Job oriented courses (professional/technical) such as MBA/MCA/MS

• Loans for skill development.

Expenses covered under Educational Loan:

• Tution Fees

• Examination/library/laboratory fee.

• Travel expenses to study abroad.

• Insurance premium for student borrowers. Caution deposit, building fund/refundable deposit supported by institution bills/receipts (total expense should not exceed 10% of total loan).

• Books/computer/laptop/equipment/instruments/uniforms.

Benefits

• It offers a good amount of money upto RS. 1 crore.

• Loan repayment upto 15 years

• Tax benefit can be availed upto 8 years.