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student loans : How to Apply - Ultimate Guide for Applying Loan in Bank

 Banks and other financial institutions give students money in the form of student loans to help them pay for college (in India or abroad). They usually cover:

  • Tuition fees
  • Hostel/mess fees
  • Books and supplies
  • Travel costs (for studying abroad)
  • Exam and library fees

Important Things About Student Loans

Feature

Description

Loan Amount

₹50,000 to ₹1.5 crore (depends on course and location)

Interest Rates

Usually between 8% – 13% per annum

Repayment Period

5 to 15 years (after moratorium)

Moratorium Period

Course duration + 6 months to 1 year

Collateral

Required if loan > ₹7.5 lakh (depends on lender)

Tax Benefit

Interest paid is eligible for deduction under Section 80E of the Income Tax Act

 

Requirements for Eligibility: Indian citizen

  • Accepted into a school that is well-known (in India or another country)
  • Usually, a co-applicant (parent or guardian) is needed.
  •  Approval may depend on grades and entrance scores.

Banks Offering Student Loans

Lender

Key Features

SBI Education Loan

Low interest rates, moratorium, SBI Global Ed-Vantage for abroad

Bank of Baroda

Baroda Scholar & Vidya schemes

HDFC Credila

Non-collateral loans, fast processing

Axis Bank

Covers full expenses, including travel

PNB Udaan / Saraswati

Schemes for domestic and overseas education

 Government Programs for students Loan:

 The Vidya Lakshmi Portal is the official website for education loans and scholarships from the Government of India. Visit https://www.vidyalakshmi.co.in for more information.

·        The Credit Guarantee Fund Scheme for Education Loans (CGFSEL)

·        No collateral needed for loans of up to ₹7.5 lakh

·        Canara Bank runs it according to IBA Guidelines.

Reliable Sources for Additional Research

Source

Description

Reserve Bank of India

Guidelines and circulars on education loans

Vidya Lakshmi Portal

Apply for loans to multiple banks

National Scholarship Portal

For scholarships that reduce loan burden

NSDL e-Gov

Information on tax benefits on loan repayment

[Bank Websites (e.g., SBI, HDFC)]

Check exact interest rates, eligibility, and online applications

 

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