Leading Indian banks offer education loans to help students achieve their academic objectives. A school loan with a payback duration of up to 15 years starts at 6.60 percent per year in interest. Both in-country and out-of-country higher education can benefit from education loans.
| Occupation | Salaried employees, self-employed professionals, self-employed non professionals, and business owners |
| Age | Minimum 21 years at loan application and maximum 65 years at loan maturity |
| Monthly income | 20,000 |
| Job/business continuity | 2 years continuous job or 3 years continuity in business |
| ITR | Last 2 years IT returns |
| Credit score | 700 & above |
You can consider applying for a education loan for a marriage in your family, to bear educational expenses, for vacation abroad, debt consolidation, home renovation, or any other purposes.
Generally, the minimum loan amount is around 50,000,and the maximum amount can go up to 50 Lakhs depending on your eligibility. The banks like to have a personal discussion with borrowers before approving higher Education Loan limits.
The banks do not have any collateral to fall back on in case of default. The only recourse available to the banks is to file a civil suit in the court of law.
