Education loans enable students to pay for their post-secondary studies and their related fees, such as books and supplies, tuition, and living expenses.
Students who desire to pursue higher education in India or Abroad can opt for this loan. Presently, mostly all banks or NBFCs do provide Education Loans for graduate, postgraduate, professional, or doctoral courses. In India, the leading banks that provide education loans are Axis Bank, State Bank of India, Avanse, Punjab National Bank, Union Bank, Dhanlaxmi Bank, HDFC Credila, and many others.
To avail education loan, you can visit the respective bank and inquire about the loan process, or visit the bank's portal to apply online. When the loan gets finalized, the bank will initiate the process by gathering your documents, it will evaluate the course of study you intend to take the loan for, and it'll keep you informed.
Education loans are granted to eminent students who are unable to keep up with the expenses of the higher education they desire to pursue. Thus, the eligibility for such loans is assessed based on the student's academic performance as evidenced in the mark sheets of previous exams.
Following are the few vital education loan eligibility criteria which the candidates must fulfil:
