The education system in India is vast and competitive, where numerous universities offer degrees and diplomas in a variety of courses and specialisations. India has become an education hub for students across the world.

One of the easiest ways to finance your higher education in India is to use a personal loan for education. An education loan refers to the cost of education borne by lending institutions for students who wish to undertake various professional courses/degrees from India or abroad.

With a loan, you can easily cover tuition fees, examination fees, living or accommodation costs, travel expenses as well as associated pre-admission costs. The eligibility criteria for personal finance for education depend upon the institution’s lending policies and associated job-oriented outcomes.

To avail of education finance, you must be well informed about eligibility criteria, loan amount, loan process, interest rates, security, services, processing fees, documentation, and few other details.

Here are courses eligible for education loans in India:

  • Undergraduate Degrees and Diplomas (BA, BCom, BE, BEd, BSc, BBA, MBBS, B Tech, LLB. and others)
  • Postgraduate Degrees and Diplomas (MA, M Com, MSc, M Res, LLM, MFA, M Ed, M Phil, MBA, MD, and others)
  • PhD courses/Miscellaneous Doctoral Programmes
  • Specialised 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 institutes
  • Miscellaneous other courses run by the State Skill Mission or National Skill Development Corporation

Nowadays, owing to the increased popularity of short-term courses for soft skills, animation, English learning, catering, spoken English, data science, Artificial Intelligence (AI), digital marketing, event management etc., are also eligible for loans. However, it is advisable to check with the lender if they offer an education loan for short term courses.

Additional Read: How Do You Know Which Course of Study Is Right for You?

Benefits of education loans

Besides providing you with affordable access to top-class education in premier institutes, education loans in India offer tons of perks. With Tata Capital, you can comfortably borrow a higher loan amount along with swift and hassle-free loan sanctions at minimal fast-track documentation. Further advantages include:

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

Additional Read:  What are Some of the Challenges of Taking an Education Loan?

Education loan for courses in India

As you can see, a wide range of educational courses in India is applicable for education loans to assist meritorious and deserving students in pursuing a rewarding academic career. With a sound educational footing, you can carve a path for yourself and find lucrative job opportunities in whichever field you deem fit. Before taking an education loan to study almost any course from an accredited institution, compare lenders to see if they’ll finance your chosen programme.

Over to you

An education loan can help you complete your education from the university or institute of your choice. Moreover, such personal loans could be used to pursue full-time or part-time courses in management, engineering, architecture, medicine, law, culinary, aviation, arts, media studies, mass communication, marketing, designing, hotel management, etc.

Looking to finance your educational aspirations? Turn to Tata Capital for flexible and customisable education finance solutions to achieve your academic degrees without compromising your goals. Enjoy competitive personal loan interest rates and comfortably pursue eligible courses and degrees which would otherwise be heavy on your pocket.

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