Education Loan

An education loan is a financial assistance provided by banks and financial institutions to help students pursue higher education in India or abroad. It covers tuition fees, accommodation, books, and other academic expenses, making quality education accessible without financial stress.

Advantages of a Education Loan

✔ Financial Support for Higher Studies – Helps students afford quality education without burdening their families.
✔ Flexible Repayment Options – Repayment starts after course completion, giving students time to secure a job.
✔ Tax Benefits – Interest paid on education loans qualifies for tax deductions under Section 80E.
✔ Covers All Expenses – Includes tuition fees, hostel charges, travel costs, and study materials.
✔ Builds Credit Score – Timely repayment helps students establish a good credit history for future financial needs.

Required Documents 

✅ Identity Proof – Aadhaar Card, PAN Card, Passport, or Voter ID
✅ Address Proof – Utility Bills, Aadhaar Card, or Passport
✅ Academic Records – Admission letter, mark sheets, and certificates of previous education
✅ Income Proof (for co-applicant) – Salary slips, ITR, or bank statements of parents/guardians
✅ Collateral Documents (if required) – Property papers or fixed deposit details for secured loans