{"id":786366,"date":"2023-09-14T11:47:31","date_gmt":"2023-09-14T06:17:31","guid":{"rendered":"https:\/\/leverageedu.com\/discover\/?p=786366"},"modified":"2026-01-20T13:58:28","modified_gmt":"2026-01-20T08:28:28","slug":"what-is-education-loan-in-india","status":"publish","type":"post","link":"https:\/\/leverageedu.com\/discover\/indian-education-loans\/what-is-education-loan-in-india\/","title":{"rendered":"What is an Education Loan in India: Meaning, Benefits &amp; Process"},"content":{"rendered":"\n<p>Education is the cornerstone of personal and societal progress, yet the rising costs of higher education can be a barrier in gaing access to this basic right. In India, students can avail themselves of education loans to fund their studies and reduce any financial burden. These loans access to quality education and play a major role in shaping the nation&#8217;s intellectual capital. The education loan in India covers the student&#8217;s basic course fee, accommodation, and exam fee.\u00a0<\/p>\n\n\n\n<p>The education loan is available to students who wish to pursue education either within India or abroad. The specific funding limits for studying in India or overseas can differ among different banks. In this blog, we will talk about the education loan in India, its benefits, the process, and the interest rates.\u00a0<\/p>\n\n\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-an-education-loan-in-india\">What is an Education Loan in India?<\/h2>\n\n\n\n<p>An education loan in India is a financial arrangement provided by banks or financial institutions to students who are looking to pursue higher education, both within India and abroad. This loan helps students cover various educational expenses, including tuition fees, course materials, accommodation, and other related costs.\u00a0These loans often come with favourable terms and repayment options, making it easier for students to fund their education and achieve their academic goals.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-benefits-of-education-loan-in-india-nbsp\">Benefits of Education Loan in India&nbsp;<\/h2>\n\n\n\n<p>Education is a powerful tool that can shape one&#8217;s future, but the cost of pursuing higher studies can be a significant obstacle for many students in India. This is where education loans come into play. These financial instruments are designed to provide aspiring scholars with the necessary funding to pursue their dreams of higher education. Let&#8217;s explore the key benefits of education loans in India.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-financial-accessibility\">Financial Accessibility<\/h3>\n\n\n\n<p>Education loans make quality education accessible to a number of students, irrespective of their financial background. They cover a wide range of educational expenses, including tuition fees, books, equipment, and living expenses, easing the financial burden on students and their families.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-competitive-interest-rates\">Competitive Interest Rates<\/h3>\n\n\n\n<p>Many banks and financial institutions offer education loans at competitive interest rates, often lower than personal loans or other forms of credit. This makes it cost-effective for students to borrow the necessary funds for their education.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-flexible-repayment-options\">Flexible Repayment Options<\/h3>\n\n\n\n<p>Education loans typically come with flexible repayment options. Students can often choose to start repaying the loan after they complete their studies or opt for a grace period, giving them time to find stable employment before beginning repayments. This flexibility ensures that students can focus on their studies without immediate financial stress.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-tax-benefits\">Tax Benefits<\/h3>\n\n\n\n<p>Under section 80E of the Income Tax Act, the interest paid on education loans is tax-deductible, providing additional financial relief to borrowers and their families. This tax benefit can significantly reduce the overall cost of borrowing.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-credit-building\">Credit Building<\/h3>\n\n\n\n<p>Successfully repaying an education loan can positively impact an individual&#8217;s credit history. This can be beneficial for future financial endeavours, such as securing housing loans or starting a business, as it demonstrates responsible financial behaviour.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <a href=\"https:\/\/leverageedu.com\/discover\/indian-education-loans\/education-loan-for-merchant-navy\/\">Here\u2019s How You Can Get an Education Loan for Merchant Navy in India!<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-types-of-education-loan-in-india\">Types of Education Loan in India<\/h2>\n\n\n\n<p>There are various types of education loans in India, depending on several factors such as location, courses, career development, and collateral. Below, we have discussed two of the important factors: location and collateral requirements, depending on whether they can obtain private student loans in India.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-depending-on-the-location\">Depending on the Location<\/h3>\n\n\n\n<p>Depending on location, there are two types of student education loans &#8211; domestic education loans and overseas education loans.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Domestic Education Loan<\/strong>: This type of loan is offered to those Indian students who want to pursue their higher education in India.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Overseas Education Loan<\/strong>: This type of loan is offered to those Indian students who want to pursue their higher education abroad.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Depending on Collateral<\/h3>\n\n\n\n<p>Depending on collateral, there are two types of student education loans: collateral and non-collateral education loans<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Collateral Education Loan<\/strong>: This type of loan requires students to lend certain kinds of properties, such as residential land, flat, house, and others, fixed deposit certificates, recurring deposits, gold deposits, bonds, etc., to obtain an education loan.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Non-Collateral Education Loan: <\/strong>This type of loan doesn\u2019t require students to pledge properties to obtain an education loan.<\/li>\n<\/ul>\n\n\n\n<p>Look at the types of collateral and non-collateral education loans for students in the table below:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Type of Education Loan<\/strong><\/td><td><strong>Description<\/strong><\/td><td><strong>Average Interest Rates (per annum)<\/strong><\/td><td><strong>Maximum Amount Granted<\/strong><\/td><\/tr><tr><td>Secured Education Loan (Collateral Loan)<\/td><td>Requires collaterals such as home, plot, FD, etc.<\/td><td>7.5-11%<\/td><td>Up to 1 Crore<\/td><\/tr><tr><td>Unsecured Education Loan (Non-collateral loan)<\/td><td>Do not require any collateral<\/td><td>9-13%<\/td><td>Up to 50 Lakhs<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read<\/strong>: <a href=\"https:\/\/leverageedu.com\/discover\/indian-education-loans\/nainital-bank-education-loan-to-study-in-india\/\"><strong>Nainital Bank Education Loan to Study in India: A Complete Guide<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-eligibility-criteria-to-apply-for-an-education-loan-in-india\">Eligibility Criteria to Apply for an Education Loan in India<\/h2>\n\n\n\n<p>To apply for the education loan in INdia, you need to fulfil certain requirements or criteria as required by your chosen loan. The following are some of the common eligibility criteria to apply for a student education loan in India.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>The applicant must be an Indian citizen<\/li>\n\n\n\n<li>The applicant must have secured admission into a recognised Indian university or institution offering a UG\/PG course through merit or entrance examination.<\/li>\n\n\n\n<li>The student should have completed Class 12 with the required percentage (usually 50% or above, may vary by bank)<\/li>\n\n\n\n<li>Generally, the applicant should be between 16 and 35 years of age at the time of the loan application.<\/li>\n\n\n\n<li>A parent, guardian, or spouse is usually required as a co-applicant with a stable income source<\/li>\n\n\n\n<li>The institution must be recognised by UGC\/AICTE\/State or Central Government<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-education-loan-in-india-required-documents\">Education Loan in India: Required Documents<\/h2>\n\n\n\n<p>Here\u2019s the list of documents required for applying for an education loan to study in India.<\/p>\n\n\n\n<p><strong>1. Application Form<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Duly filled loan application form<\/li>\n\n\n\n<li>Two passport-size photographs<\/li>\n\n\n\n<li>Signature of the applicant<\/li>\n<\/ul>\n\n\n\n<p><strong>2. Identity and Address Proof (Student &amp; Co-applicant)<\/strong><\/p>\n\n\n\n<p><strong>ID Proof (any one):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Aadhaar Card<\/li>\n\n\n\n<li>PAN Card<\/li>\n\n\n\n<li>Passport<\/li>\n<\/ul>\n\n\n\n<p><strong>Proof of Residence (any one):<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Voter ID Card<\/li>\n\n\n\n<li>Passport<\/li>\n\n\n\n<li>Bank account statement<\/li>\n\n\n\n<li>Electricity bill<\/li>\n\n\n\n<li>Ration card<\/li>\n\n\n\n<li>Telephone bill<\/li>\n<\/ul>\n\n\n\n<p>3<strong>. Academic Documents of the Applicant<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Class 10 and 12 mark sheets and certificates<\/li>\n\n\n\n<li>Admission letter from the college\/university<\/li>\n\n\n\n<li>Entrance exam scorecard (if applicable)<\/li>\n<\/ul>\n\n\n\n<p>4.<strong> Financial Documents of Co-applicant (Parent\/Guardian)<\/strong><\/p>\n\n\n\n<p><strong>For Salaried Individuals:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Last 3 months\u2019 salary slips<\/li>\n\n\n\n<li>Form 16 for the last 2 years<\/li>\n\n\n\n<li>ITR (Income Tax Returns) for the last 2 years<\/li>\n\n\n\n<li>Employee ID card<\/li>\n<\/ul>\n\n\n\n<p><strong>For Self-Employed Individuals:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>ITR for the last 3 years<\/li>\n\n\n\n<li>Audited balance sheet and profit &amp; loss account for the last 3 years<\/li>\n\n\n\n<li>Business address proof<\/li>\n<\/ul>\n\n\n\n<p>5<strong>. Bank Statements<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Last 6 months&#8217; bank statements of the co-applicant (showing salary credits or business transactions)<\/li>\n<\/ul>\n\n\n\n<p>6. <strong>Other Mandatory Documents<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A letter from the co-applicant stating responsibility for any cost not covered by the loan<\/li>\n\n\n\n<li>A joint affidavit with the co-applicant, notarised in the bank&#8217;s required format<\/li>\n<\/ul>\n\n\n\n<p>7.<strong> Additional Documents (if applicable)<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Payment receipts for any advance fees paid to the university<\/li>\n\n\n\n<li>Statement of any pending education loan<\/li>\n\n\n\n<li>Gap certificate (on INR 100 stamp paper) explaining any break in studies<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: <a href=\"https:\/\/leverageedu.com\/discover\/indian-education-loans\/education-loan-after-12th\/\">How Can You Get an Education Loan After 12th? Here\u2019s a Guide<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-process-of-obtaining-an-education-loan-in-india\">Process of Obtaining an Education Loan in India<\/h2>\n\n\n\n<p>In India, pursuing higher education is a dream cherished by many, but the costs involved can often be a significant barrier. Thankfully, education loans provide a easli accessible financial solution for students and their families.<\/p>\n\n\n\n<p>Obtaining an education loan in India involves a structured process that can help aspiring scholars achieve their academic goals. Let&#8217;s delve into the key steps involved and the <strong><a href=\"https:\/\/blog.fly.finance\/education-loan\/loan-application-process\/\">application process of obtaining an education loan<\/a><\/strong> in India.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Research and Selection: <\/strong>Begin by researching various banks and financial institutions that offer education loans in India. Compare their interest rates, loan terms, and eligibility criteria. Choose the one that best suits your needs.<\/li>\n\n\n\n<li><strong>Eligibility Check:<\/strong> Once you&#8217;ve selected a lender, review their eligibility requirements. These typically include criteria related to age, academic course, institution, and often a co-borrower or collateral. Ensure you meet these criteria.<\/li>\n\n\n\n<li><strong>Application Form:<\/strong> Obtain the loan application form from your chosen lender or download it from their website. Fill out the application form accurately and completely. Be prepared to provide details about your course, institution, and financial requirements.<\/li>\n\n\n\n<li><strong>Document Submission:<\/strong> Prepare a set of required documents, which may include proof of identity, residence, age, academic records, offer letter from the institution, and income proof of the co-borrower (if applicable). Ensure all documents are in order and up to date.<\/li>\n\n\n\n<li><strong>Loan Processing:<\/strong> Submit the completed application form and the required documents to the bank or financial institution. The lender will then assess your application, including your eligibility and the creditworthiness of your co-borrower (if applicable).<\/li>\n\n\n\n<li><strong>Loan Approval:<\/strong> If your application meets the lender&#8217;s criteria and is approved, you will receive an <strong><a href=\"https:\/\/blog.fly.finance\/education-loan\/education-loan-sanction-letter\/\">education loan sanction letter <\/a><\/strong>specifying the loan amount, interest rate, and terms and conditions. Review this document carefully before proceeding.<\/li>\n\n\n\n<li><strong>Collateral or Security (if applicable):<\/strong> If your loan requires collateral or security, provide the necessary documentation and assets as specified by the lender. This step is essential for securing the loan.<\/li>\n\n\n\n<li><strong>Loan Disbursement:<\/strong> Once all formalities are completed and documentation is in order, the lender will disburse the loan amount directly to the educational institution to cover your academic expenses.<\/li>\n\n\n\n<li><strong>Loan Repayment:<\/strong> Start repaying the education loan as per the agreed-upon terms and conditions. Many lenders offer flexible repayment options, such as a grace period post-course completion.<\/li>\n\n\n\n<li><strong>Regular Communication:<\/strong> Maintain regular communication with your lender and stay informed about your loan status, repayment schedule, and any changes in interest rates or policies.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-major-bank-amp-nbfc-for-education-loans-in-india\">Major Bank &amp; NBFC for Education Loans in India<\/h2>\n\n\n\n<p>Below, we have tabulated the major banks and NBFCs that offer education loans in India.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Banks\/NBFCs<\/strong><\/td><td><strong>Interest Rate (per annum)<\/strong><\/td><td><strong>Loan Amount<\/strong><\/td><\/tr><tr><td>State Bank of India<\/td><td>7.15\u202f% p.a. onwards<\/td><td>Up to INR 1.5\u202fCr&nbsp;<\/td><\/tr><tr><td>Punjab National Bank<\/td><td>9.2\u202f%\u201311.9\u202f%<\/td><td>Up to INR 1 Cr<\/td><\/tr><tr><td>Bank of Baroda<\/td><td>8.15\u202f%\u201311.7\u202f%<\/td><td>Up to INR 80 Lakhs<\/td><\/tr><tr><td>Central Bank of India<\/td><td>7.00\u202f%\u201310.6\u202f%<\/td><td>Up to INR 50 Lakhs<\/td><\/tr><tr><td>Axis Bank<\/td><td>11%<\/td><td>Up to INR 75 Lakhs<\/td><\/tr><tr><td>ICICI Bank<\/td><td>From 10.25\u202f%<\/td><td>Up to INR 1 Cr<\/td><\/tr><tr><td>IDFC First Bank<\/td><td>From 8.5\u202f%<\/td><td>Up to INR 50 Lakhs<\/td><\/tr><tr><td>Canara Bank<\/td><td>9.25\u202f%\u201312.1\u202f%<\/td><td>Up to 40 Lakhs<\/td><\/tr><tr><td>Cradila<\/td><td>10.25%-11.25%<\/td><td>100% coverage<\/td><\/tr><tr><td>Avanse<\/td><td>10.25%-11.25%<\/td><td>100% coverage<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\">FAQs<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1694671924657\"><strong class=\"schema-faq-question\">Q1. What is an education loan in India?<\/strong> <p class=\"schema-faq-answer\">Ans. An education loan in India is a financial product designed to provide monetary support to students pursuing higher education. It covers expenses like tuition fees, books, accommodation, and other related costs. <\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1694671932133\"><strong class=\"schema-faq-question\">Q2. Who is eligible to apply for an education loan in India?<\/strong> <p class=\"schema-faq-answer\">Ans. Eligibility criteria for education loans in India vary from lender to lender, but generally, the following factors are considered:<br \/>1. Must be an Indian citizen<br \/>2. Good academic performance<br \/>3. Admission to Recognised Institutions<br \/>4. Should have course and college approval<br \/>5. Co-signer (if required)<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1694671999642\"><strong class=\"schema-faq-question\">Q3. What expenses are typically covered by an education loan in India?<\/strong> <p class=\"schema-faq-answer\">Ans. An education loan in India typically covers the tuition fees, exam and library fees, cost of books and study material, accommodation and living exeopnses and travel expenses.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1768897644727\"><strong class=\"schema-faq-question\">Q4. Is taking an education loan a good idea in India?<\/strong> <p class=\"schema-faq-answer\">Ans. Yes, if planned well. Education loans help fund quality education, but students must consider interest rates, repayment ability, and realistic post-study income.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1768897672194\"><strong class=\"schema-faq-question\">Q5. What are the disadvantages of an education loan?<\/strong> <p class=\"schema-faq-answer\">Ans. Education loans involve interest burden, long repayment tenure, collateral requirements for higher amounts, and pressure to repay even if job placement is delayed.<\/p> <\/div> <\/div>\n\n\n\n<p><strong>Additional Reads<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><a href=\"https:\/\/leverageedu.com\/learn\/canara-bank-personal-loan-interest-rate-for-studying-abroad\/\"><strong>Canara Bank Personal Loan Interest Rate for Studying Abroad<\/strong><\/a><\/td><td><a href=\"https:\/\/leverageedu.com\/learn\/yes-bank-education-loan-to-study-abroad\/\"><strong>Yes Bank Education Loan to Study Abroad: Features &amp; Eligibility<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/leverageedu.com\/learn\/how-to-fill-an-education-loan-application-form\/\"><strong>How to Fill an Education Loan Application Form for Studying Abroad?<\/strong><\/a><\/td><td><a href=\"https:\/\/leverageedu.com\/learn\/education-loan-deduction\/\"><strong>Education Loan Deduction: Eligibility Criteria, Limits<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/leverageedu.com\/learn\/how-much-cibil-score-is-required-for-an-education-loan-abroad\/\"><strong>How Much CIBIL Score Is Required for an Education Loan Abroad?<\/strong><\/a><\/td><td><a href=\"https:\/\/leverageedu.com\/learn\/does-an-education-loan-cover-living-expenses\/\"><strong>Does an Education Loan Cover Living Expenses?<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>We hope this article has provided you with all of the necessary information on the What is in an education loan in India. Get in touch with the experts at <a href=\"https:\/\/leverageedu.com\/\"><strong>Leverage Edu<\/strong><\/a> to make the entire application process a breeze!<\/p>\n","protected":false},"excerpt":{"rendered":"Education is the cornerstone of personal and societal progress, yet the rising costs of higher education can be&hellip;\n","protected":false},"author":91,"featured_media":786368,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"editor_notices":[],"footnotes":""},"categories":[366],"tags":[],"class_list":{"0":"post-786366","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-indian-education-loans"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>What is an Education Loan in India: Meaning, Benefits &amp; Process - Leverage Edu Discover<\/title>\n<meta name=\"description\" content=\"This blog explains you what it means to take an education loan in India, the benefits and the process of obtaining a loan in India.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/leverageedu.com\/discover\/indian-education-loans\/what-is-education-loan-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What is an Education Loan in India: Meaning, Benefits &amp; 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What is an education loan in India?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Ans. An education loan in India is a financial product designed to provide monetary support to students pursuing higher education. It covers expenses like tuition fees, books, accommodation, and other related costs. ","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/leverageedu.com\/discover\/indian-education-loans\/what-is-education-loan-in-india\/#faq-question-1694671932133","position":2,"url":"https:\/\/leverageedu.com\/discover\/indian-education-loans\/what-is-education-loan-in-india\/#faq-question-1694671932133","name":"Q2. Who is eligible to apply for an education loan in India?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Ans. Eligibility criteria for education loans in India vary from lender to lender, but generally, the following factors are considered:<br \/>1. Must be an Indian citizen<br \/>2. Good academic performance<br \/>3. Admission to Recognised Institutions<br \/>4. Should have course and college approval<br \/>5. Co-signer (if required)","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/leverageedu.com\/discover\/indian-education-loans\/what-is-education-loan-in-india\/#faq-question-1694671999642","position":3,"url":"https:\/\/leverageedu.com\/discover\/indian-education-loans\/what-is-education-loan-in-india\/#faq-question-1694671999642","name":"Q3. What expenses are typically covered by an education loan in India?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Ans. An education loan in India typically covers the tuition fees, exam and library fees, cost of books and study material, accommodation and living exeopnses and travel expenses.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/leverageedu.com\/discover\/indian-education-loans\/what-is-education-loan-in-india\/#faq-question-1768897644727","position":4,"url":"https:\/\/leverageedu.com\/discover\/indian-education-loans\/what-is-education-loan-in-india\/#faq-question-1768897644727","name":"Q4. Is taking an education loan a good idea in India?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Ans. Yes, if planned well. Education loans help fund quality education, but students must consider interest rates, repayment ability, and realistic post-study income.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/leverageedu.com\/discover\/indian-education-loans\/what-is-education-loan-in-india\/#faq-question-1768897672194","position":5,"url":"https:\/\/leverageedu.com\/discover\/indian-education-loans\/what-is-education-loan-in-india\/#faq-question-1768897672194","name":"Q5. What are the disadvantages of an education loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Ans. Education loans involve interest burden, long repayment tenure, collateral requirements for higher amounts, and pressure to repay even if job placement is delayed.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"acf":[],"_links":{"self":[{"href":"https:\/\/leverageedu.com\/discover\/wp-json\/wp\/v2\/posts\/786366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/leverageedu.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/leverageedu.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/leverageedu.com\/discover\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/leverageedu.com\/discover\/wp-json\/wp\/v2\/comments?post=786366"}],"version-history":[{"count":1,"href":"https:\/\/leverageedu.com\/discover\/wp-json\/wp\/v2\/posts\/786366\/revisions"}],"predecessor-version":[{"id":875452,"href":"https:\/\/leverageedu.com\/discover\/wp-json\/wp\/v2\/posts\/786366\/revisions\/875452"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/leverageedu.com\/discover\/wp-json\/wp\/v2\/media\/786368"}],"wp:attachment":[{"href":"https:\/\/leverageedu.com\/discover\/wp-json\/wp\/v2\/media?parent=786366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/leverageedu.com\/discover\/wp-json\/wp\/v2\/categories?post=786366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/leverageedu.com\/discover\/wp-json\/wp\/v2\/tags?post=786366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}