The education system in India is very intense, with numerous universities offering degrees and diplomas in variety of courses and specializations. India has become an education hub for students across the world.

These new-age students whether studying in India or abroad need new-age education loan options. These options come with many associated benefits of quick sanctioning and processing. Financial institutions such as Tata Capital provide education loans that are customized to help you achieve your educational aspirations.

An education loan refers to the cost of education borne by a financial/banking institution in the form of loans to students who wish to undertake various professional courses/degrees from India or abroad. For the same, these institutions cover tuition fees, examination fees, living(accommodation) costs, travel expenses as well as associated pre-admission costs. The eligibility criteria for personal loan for education depend upon the institution’s individual policies and associated job-oriented outcomes.

As we know, quality education builds the pathway towards success and every individual has equal right to avail opportunities to fulfil their academic ambitions. With increasing expenses of education in India, education loans cater to a huge market of students interested in pursuing their futureeducation, which in turn help them to grow and prosper in life. To resort to these services, students must be well informed about eligibility criteria, loan amount/coverage, loan process, interest rates, security, services, processing fees, documentation and few other details.

Benefits of Education Loans

To set a benchmark, financial institutions like Tata Capital have a higher loan amount limit and execute hassle-free and accelerated loan sanctions via fast-track documentation. Further advantages include:

  • Instant loan approval
  • Tailor made solutions for loan structuring
  • Higher loan tenure
  • Flexible repayment / EMI options
  • Transparent charges
  • Margin-fee waiver
  • Education loan insurance
  • Collateral-free loan
  • Smart and digital e-KYC process
  • Maintenance of privacy

Courses Applicable for Education Loan in India

A wide range of courses are applicable for education loan to assist meritorious and deserving students in India. Renowned NBFCs like Tata Capital provide education loans to study almost any course from an accredited institution (holding good reputation) as opposed to banks that usually refer to a list of reputable universities and institutes associated with them.

The following courses are applicable for education loan in India: 

  • Undergraduate Degrees and Diplomas (B.A., B.Com, B.E, B.Ed, B.Sc., B.B.A, M.B.B.S, B.Tech, L.L.B. and others)
  • Postgraduate Degrees and Diplomas (M.A, M.Com, M.Sc., M.Res., LLM, M.F.A, M.Ed, M.Phil, M.B.A, M.D., and others)
  • PhD courses/Miscellaneous Doctoral Programmes
  • Specialized Training Courses
  • Certificate Courses (In Computers, Nursing, Teaching, job-oriented course, etc)
  • Diploma in Engineering, Agriculture, Veterinary courses, any job-oriented course, etc)
  • Degree / Diploma in Army, Navy or Air-Force Training courses
  • Degree / Diploma in Aeronautics or any other relevant Pilot Training courses.
  • Drone Training in renowned institutes.
  • Vocational courses offered by government institute
  • Miscellaneous other courses run by the State Skill Mission or National Skill Development Corporation.

(Normally, short term courses pertaining to soft-skills, animation, English learning, catering, etc are not applicable for education loans). Therefore, it is advisable to check with the bank/institution whether or not the particular course being considered is covered under education loan.

A personal loan for education for any of the above courses can help you avail education from the university/institute of your choice. Moreover, such personal loans for education could be full-time or part-time courses in the field of management, engineering, architecture, medicine, law, culinary, aviation, arts, media studies or even hotel management.

NBFCs such as Tata Capital allow you to take a better decision by foreseeing your educational aspirations. These are most flexible and customizable solutions to achieve your educational degrees without compromising your goals. In other words, education loans help students boost their careers by giving them a chance to pursue applicable courses and degrees which otherwise seemed unaffordable to them.