Here's what the loan amount will cover:

• Tuition fees
• Hostel fees
• Travel expenses passage money for students studying abroad
• Insurance premium
• Cost of books/equipment/instruments/uniform
• Examination/laboratory/library fees
• Cost of a computer/laptop required for course completion
• Caution deposit, building fund/refundable deposit supported by institution bills/receipts
• Any other expenses required to complete the course such as study tours/thesis/project work

• Loan financing up to Rs.1 crore available.
• Loan repayment tenure up to 15 years.
• Get Education loans for studies in India and abroad.
• Some lenders offer loan disbursal before applying for a Visa.
• Door-step service to collect required documents.
• Children of the bank's employees enjoy preferential rates at several banks.
• Certain banks offer concessional interest rates to female students.
• Enjoy a moratorium period of up to 1 year after course completion. During this period, you do not have to make payments on the loan.
• Enjoy tax benefits up to 8 years on the interest paid.

The interest you pay on your student loan can be deducted under Section 80E of the Income Tax Act of 1961. This advantage is only available to individual borrowers and is only offered for the purpose of higher education. The deduction is available to all fields of study, both domestically and internationally. It includes both vocational and academic courses.

It's important to remember that the tax deduction only applies to the interest portion of the EMI, not the principle. There is, however, no limit to how many times you can claim this benefit. You'll need a certificate from your bank or financial institution that separates the principal and interest components of your EMIs to qualify for this benefit.

This benefit is accessible for 8 years from the day you started repaying your loan or until the interest component is paid off, whichever comes first.

Here is an indicative list of documents that most lenders ask:

• Admission letter from the educational institution
• Marksheets (previous education - school/college)
• Age proof
• ID proof
• Address proof
• Signature proof
• Salary slips
• Recent bank account statements
• ITR with income computation
• Audited balance sheet
• Recent bank statements
• Proof of turnover (service tax return/sales receipt)
• Completed application form with signature
• Latest passport size photographs
• Appropriate Visa for studies abroad

There are several ways of applying for a student loan:

Online:

Apply through an online platform is one considerably fortunate way to apply. You have to go to the main website. Then, fill out the form with your documents, & IDs.

Additionally, You can apply with the help of a lender. It will give all the necessary details about the loan. Then, you can effortlessly produce with your application.

Offline:

For the offline process, you can visit the nearby branch with the required documents. You can discuss the terms of the loan, & after that, you can fill out the form and apply.

Virtual Assistant

To better serve their consumers, banks and other financial organisations are turning to digital ways. Using a Virtual Assistant to clear your doubts and request assistance with the application process is one such way.

Some of the additional expenses covered by education loans are:

• Hostel charges
• Exam charges, laboratory and library charges
• Travel payments for Overseas Education.
• Expenses for uniforms, books, and project work.
• Assurance required by the Education Association

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