One of the primary reasons for considering an Education Loan is to ensure that you take advantage of the opportunity for education and are not held back due to a lack of funds.
Education loans offer several advantages, including 100% financing that covers course fees and living and travel expenses. Additionally, they provide tax benefits, competitive interest rates, and the flexibility of a moratorium period.

To be eligible for an Education Loan, you should fulfill the following conditions:

• Be an Indian citizen
• Have a minimum score of 50% in HSC and graduation
• Secure admission to career-focused courses such as medicine, engineering, management, etc, at either graduate or post-graduate level
• Secure admission in India or abroad based on entrance exams or a merit-based selection process after completing HSC (10+2)
• Provide proof of regular income of co-applicants i.e. parents, sibling or guarantor.

Your co-applicant can be your spouse, parents, siblings or parent-in-law.

Education loans do not impose a prepayment penalty. Nevertheless, you should verify this with your loan officer as it can vary on a case-by-case basis.

Education loans have a moratorium period which includes the course duration plus an additional six months (which can be extended to 12 months), allowing you to focus on your studies without immediate financial obligations.During the moratorium period, you have pay simple interest on the amount disbursed. The EMI starts once moratorium period ends.

There are no prepayment charges.