Financing your path to success: All you need to know about education loans

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₹2.5 lakh to ₹20 lakh over 15 years. An education loan typically covers the essential course fees along with ancillary expenses such as college accommodation fees, examination fees, and other miscellaneous charges.

Also Read: How to plan educational loan repayment effectively? MintGenie explains The primary borrower for an education loan is the student themselves.

However, a parent, spouse, or sibling can also act as a co-applicant, supporting the student's loan application. Education loans are available to students seeking to pursue their studies either within India or abroad.

The maximum loan amount offered for domestic and international studies varies among different banks. These loans can be availed for a variety of courses, including full-time, part-time, or vocational programs, as well as undergraduate or postgraduate studies.

Eligible fields of study may include engineering, management, medicine, hotel management, architecture, and more.

Also Read: From Tuition to Takeoff: The essential checklist for education loan applicants To be eligible for an education loan, the applicant must be an Indian citizen who has obtained admission to a college or university recognized by a competent authority in India or abroad. Typically, the applicant should have completed their higher secondary level schooling.

While some banks may offer loans even before admission is secured, it's essential to note that as per Reserve Bank of India (RBI) guidelines, there are usually no restrictions on the upper age limit for loan applicants, although individual banks may have their own policies regarding this. Banks typically require additional documents alongside the application, including the admission letter from the institution, a breakdown