How to avail an Education Loan for Higher Education in India

Different Banks have devised different schemes to facilitate Education Loans to students, for higher education. Though the names of the schemes may be different, with minor variations in the content, the overall requirements are similar.

Resident Indian students can approach a Bank for a loan, once they have secured admission to higher education institutions through a merit-based process

Eligibility & Requirements

There are some other guidelines too, to be borne in mind. Credit Life Insurance Policy of the student is mandatory, where the insurance premium can be made part of the loan amount. Parents/guardian/spouse are to be made co-borrowers in all cases.

For students who secure admission in regular full-time courses, to premier institutes like medical colleges, engineering colleges, or business schools – IIT, IIM, XLRI, ISB, NIBM, etc. – such loans are made available at lower interest rates. Similarly, for students having secured merit-based admission to reputed higher education institutions abroad, financial support by way of loans is available.

Ms. Sucharita Dwivedi

Ex-General Manager from Punjab National Bank Head Office New Delhi