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Education Loan EMI Calculator
Education Loan EMI Calculator
Types of Education Loan
- Common Types of Education Loan
- Education Loans for higher studies in India
- Education Loans for overseas education
- Student loans for undergraduate and postgraduate courses
- Education Loans for professional and technical courses
- Loans with co-applicant support for students
- Secured and unsecured Education Loan options based on eligibility
The suitable Education Loan type depends on course selection, institution, repayment capacity and funding requirements.
What expenses does an Education Loan cover?
- Fees payable at the college or hostel
- Examination, library or laboratory fees
- Insurance premium for student borrower
- One-way travel expenses
- Purchase of computer, books or uniforms
- Any other expense required to complete the course, e.g., study tour, project expenses, work requirements, etc.
What is Central Sector Interest Subsidy Scheme?
The Government of India, through the Ministry of Education, has introduced the Central Sector Interest Subsidy Scheme (CSIS) to provide financial relief to students during the moratorium period of Education Loans. This scheme is available to students from the Economically Weaker Section (EWS) under the Indian Banks' Association (IBA) Education Loan Scheme, enabling them to pursue technical or professional courses in India.
Eligibility:
All students whose combined annual family income from all sources does not exceed ₹4.5 lakh per annum
Students who want to pursue technical and professional courses in institutions accredited or approved by National Assessment and Accreditation Council (NAAC) and National Board of Accreditation (NBA) or Centrally Funded Technical Institutes (CFTIs)
The maximum subsidy is applicable for loans up to ₹10 lakh irrespective of the sanctioned loan amount.
- To apply for the CSIS scheme, please visit the Jansamarth Portal.
What are the documents required for Education Loan?
Student Loan required documents include:
- 1) Academic Documents: Institute admission letter with fee break-up, SSC, HSC, and graduation mark sheets.
- 2) KYC Documents: Age proof, signature proof, identity proof, and residence proof. 3) 3) Income Documents: For salaried individuals: latest 2 salary slips carrying date of joining details, and latest 6 months bank statement of the salary account. For self-employed individuals: last 2 years Income Tax Returns (ITR) with computation of income, last 2 years audited balance sheet, last 6 months bank statement, and proof of turnover (latest sales/service tax return). For self-employed professionals: last 2 years ITR with computation of income, last 2 years audited balance sheet/Profit & Loss statement, last 6 months bank statement, and proof of qualification. Others: Completed application form, and latest photograph (signed across). Once the loan is sanctioned, the following documents are required for subsequent processes.
- Loan Agreement: Completed loan agreement to be signed by the applicant and co-applicant. Repayment Instructions: Post-dated cheques (PDCs), Automated Clearing House (ACH) mandate, or Standing Instruction (SI) mandate, and 3 security PDCs in case of ACH and SI mode of repayment.
Do’s and Don’ts of Education Loan
Do's
Check Education Loan eligibility and repayment capacity before applying
Compare interest rates, repayment tenure and applicable charges carefully
Keep academic, identity and income documents ready for faster processing
Understand the repayment schedule and moratorium period clearly
Borrow only the amount required for eligible education expenses
Maintain a healthy credit profile for better loan eligibility
Track Education Loan statements and repayment obligations regularly
Pay EMIs on time to maintain a strong repayment history
Don’ts
- Avoid applying for multiple Education Loans simultaneously without requirement
- Do not ignore the total borrowing cost including interest and charges
- Avoid submitting incomplete or inaccurate application details
- Do not delay EMI or interest payments during the repayment period
- Avoid borrowing beyond future repayment capacity
- Do not overlook loan terms, foreclosure conditions or penalty charges
- Avoid using loan funds for non-education-related expenses
- Do not ignore communication and repayment reminders from the Bank
Education Loan Eligibility Criteria
Particulars | Eligibility |
Nationality | Indian |
Age | Minimum: 16 years, Maximum: 65 years at the time of maturity (on case-to- |
case basis) | |
Academic record | Proven - good |
Qualification | Completed 10+2 (12th Standard)/Diploma |
For Pursuing | Graduation /Postgraduate Degree or a PG diploma in professional Education. |
University Applied to | Listed, Recognized and Accredited Institutes in India and Overseas |
Loan can be sanctioned on the basis of | Pre- admission sanction |
Entrance exam score like GRE,GMAT etc. | |
12th/HSC Results | |
Confirmed Admission | |
Loan Amount | Domestic – Upto Rs 3 crore |
International – Upto Rs 3 crore | |
Co-borrower | Father, Mother, Brother, Sister, Spouse (Husband/Wife), Grand Parents, Parents in law, Maternal/Paternal Uncle. |
Security | Property i.e. House or Flat, FD –Fixed Deposit |
Required Documents for Education Loan
Student | Co-applicant |
Proof of Identity or Proof of Current Address (Any one): Aadhaar Card, Voter ID, Driving Licence, etc. | Proof of Identity or Proof of Current Address (Any one): Aadhaar Card, Voter ID, Driving Licence, etc. |
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Education related documents: | Financial documents |
| For Salaried (Salary slip, Bank statement, etc.) |
Academic Documents: Marksheets, Degree Certificate(s), Entrance Scores, etc. | For Self-employed (ITR, GST, Bank statement, etc.) |
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Admission Proof: Acceptance Letter, Confirmation of Acceptance, I20 (for USA). |
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