Why Choose Us for Your Education Loan?

To Achieve Academic and Career Goals: Education loans help students access quality education without financial barriers, enabling them to achieve their academic aspirations and build successful careers. It opens doors to opportunities that may otherwise remain out of reach due to financial constraints.

Affordable Repayment Options: Education loans come with flexible repayment options, including a moratorium period that allows students to focus on their studies without immediate financial pressure. Repayment typically begins after completing the course, providing sufficient time to secure a job and start earning.

Coverage of Various Academic Expenses: An education loan not only covers tuition fees but also includes accommodation, travel, and other necessary academic expenses like books, laptops, and exam fees, reducing the financial burden on students and their families.

Low Interest Rates: Banks and NBFCs offer competitive interest rates for education loans, making them an affordable option compared to other types of loans. Government subsidies and schemes like interest rate concessions for specific categories of students further reduce the cost of borrowing.

Building a Financial Discipline: Taking an education loan instills financial discipline and responsibility in students. Managing the loan repayment builds their credit history, which is beneficial for future financial needs, such as home loans or personal loans.

Global Education Opportunities: Education loans are available for both domestic and international studies, helping students pursue their dreams at top institutions around the world without worrying about upfront costs.

Investment in the Future: An education loan is an investment in a student’s future. The returns on this investment come in the form of better career prospects, higher income potential, and personal growth, ensuring long-term financial security and success.

Education loans are designed to support students in achieving their academic aspirations. Banks and NBFCs offer a variety of education loan products to cater to different educational needs, each with unique features and benefits. It is advisable to consult a professional financial advisor before opting for an education loan to select the most suitable option for your needs.

For professional guidance, contact India Finserv. We are here to assist you at every step.

• Domestic Education Loan: This type of loan is provided for pursuing higher education in recognized institutions within India. It covers tuition fees, accommodation, travel, and other academic expenses.
• Overseas Education Loan: For students planning to pursue higher education abroad, this loan covers tuition fees, living expenses, travel costs, and other necessary expenses associated with studying overseas. It is often tailored to the requirements of international students.
• Undergraduate Education Loan: This loan is specifically designed for students seeking financial assistance for undergraduate programs. It typically has lower interest rates and a moratorium period that aligns with the course duration.
• Postgraduate Education Loan: For students pursuing postgraduate courses, this loan provides financial support for tuition fees, project costs, and other academic-related expenses. It often includes provisions for professional or technical courses.
• Professional and Technical Course Loan: This type of loan is offered for students enrolling in specialized professional or technical courses, such as medical, engineering, or management programs. It may include higher loan amounts due to the cost-intensive nature of such courses.
• Vocational Education Loan: For short-term vocational or skill-development courses, banks and NBFCs provide this type of loan to encourage students to gain practical skills that improve employability.
• NRI Education Loan: For Indian students with Non-Resident Indian (NRI) parents, this loan is tailored to support their education either in India or abroad. The eligibility criteria and procedures may vary for such loans.

An education loan is an agreement between the borrower and the lender (bank or NBFC) that sets out the terms and conditions of the loan. Loan eligibility criteria can vary among banks and NBFCs, but there are some common factors that applicants must meet to secure an education loan.

Below are some key factors that banks or NBFCs consider to approve or reject an education loan application:

• Age: The applicant must typically be between 18 and 35 years of age at the time of applying for an education loan. In some cases, the co-borrower's eligibility (such as parents or guardians) may also be considered.
• Academic Background: Banks or NBFCs assess the applicant’s academic performance, including grades, test scores, and admission confirmation from a recognized institution in India or abroad.
• Admission to a Recognized Institution: It is mandatory for the student to have secured admission in a recognized university, college, or educational institution for eligible courses such as undergraduate, postgraduate, or vocational programs.
• Repayment Capacity: The income of the co-borrower (parent, guardian, or spouse) is evaluated to ensure the ability to repay the loan. Regular and stable income increases the chances of loan approval.
• CIBIL Score: A good credit score of the co-borrower is an important criterion. It helps establish trust in the borrower’s financial responsibility and increases the likelihood of approval.