Are you eligible for an education loan? How much loan can you get? What expenses does the loan cover? Do you have to provide collateral for the loan? Here are some important things you need to know before you apply for a loan.
Does your course qualify for a loan?
Loans are available for educational courses within the country and abroad. Bear in mind that banks usually offer loans for courses that are of a duration of a year and above. The specific list of courses varies from bank to bank.
Studying in India
- Most graduate, post-graduate and professional courses (engineering, medicine, veterinary, law, dentistry, management).
- Programmes like those of the Institute of Cost and Work Accountants of India, the Institute of Chartered Accountants of India, the Institute of Chartered Financial Analysts of India.
- Courses recognised by the University Grants Commission, the All India Council for Technical Education, the government, the AIBMS, and the Indian Council for Medical Research.
- Less conventional courses like biotechnology, fashion technology and aviation. Banks are usually flexible in approving and disbursing such loans.
- Not all the courses will be eligible for tax benefits on the interest repayment.
- Undergraduate job-oriented professional/ technical courses offered by reputed universities.
- Post-graduate courses like MCA, MBA, MS, etc
- Courses conducted by CIMA, London, CPA, USA, etc
- If youre an employed person and want to better your prospects, you can avail of a loan to get additional educational qualifications and/ or receive training in modern technology in India/ abroad