Education Loan Overview

What Is an Education Loan?

An education loan is a financial product designed to help students cover the cost of higher education, including tuition fees, living expenses, books, and travel.

Types of Education Loans

• Domestic Education Loans — For studies within India at recognised colleges and universities
• Overseas Education Loans — For studying abroad at accredited international institutions
• Vocational / Skill-based Loans — For diploma, certification, and upskilling courses

Who Offers Education Loans?

Education loans are offered by public sector banks (SBI, BOB, PNB), private banks (HDFC, ICICI, Axis), NBFCs (Credila, Avanse, InCred), and government schemes (Vidyalakshmi, Central Sector Scheme).

Key Features

• Moratorium period: repayment starts 6–12 months after course completion
• Tax benefit under Section 80E on interest paid
• Loan tenure typically 5–15 years