Inflation in the education sector is rising rapidly. Not only professional courses but even school fees for children have become very expensive. Parents are finding it difficult to afford higher education for their children. In such a situation, many people opt for an education loan.

An education loan allows students to borrow money from a bank to cover their education expenses. After completing their studies and getting a job, they have to repay the loan in small installments (EMIs). Today, we will explain the different types of education loans and their benefits in simple terms.

Types of Education Loans

  1. Undergraduate Loan – This loan is for students pursuing a college education after high school.
  2. Postgraduate Loan – This loan is for students who want to continue their studies after graduation.
  3. Professional Advancement Loan – This loan is for courses that help in skill development, certifications, and career growth.
  4. Parental Loan – Parents can take this loan to support their child’s education.

Key Features of an Education Loan

  1. You can get a loan of up to ₹1 crore.
  2. The repayment period is flexible, up to 15 years.
  3. Loans are available for studies in India and abroad.
  4. Some banks offer partial loan disbursement even before a visa is approved for studying abroad.
  5. Women students and children of bank employees get special discounts.
  6. Repayment starts one year after completing the course.

How to Apply for an Education Loan

Online Application Process

  • Visit the official website of your preferred bank.
  • Go to the education loan section.
  • Fill in the application form with the required details.
  • Upload necessary documents like ID proof, address proof, and educational certificates.
  • The bank will verify your application and, upon approval, transfer the loan amount to your account.

Offline Application Process

  • Visit your preferred bank branch.
  • Request an education loan application form.
  • Fill in the required details.
  • Submit the form along with the necessary documents for verification.
  • After approval, the loan amount will be transferred to your account.

Disclaimer

The information provided is for general informational purposes only. Times Bull is not responsible for any financial investments made, as it is entirely your responsibility. Please consult a financial advisor for better results.