An education loan is a financial aid solution designed to assist students in covering the costs of higher education, including tuition fees, living expenses, travel, books, and other academic necessities.

Interest rates vary depending on the lender, loan amount, and type of loan. They generally range between 8.15% to 14% per annum.

Repayment tenures typically range between 5 to 15 years, depending on the lender and loan amount.

The time frame for loan approval varies depending on factors such as the completeness of your application, verification process, and lender's processing times. In general, you can expect to receive a decision within a 2- 3 weeks of submitting your application.

Most lenders offer a moratorium period, meaning repayment begins 6 to 12 months after course completion or once the borrower secures employment.

Yes, most lenders permit prepayment without any charges. However, some may impose prepayment penalties. It is advisable to confirm specific terms with the lender.

Yes, under Section 80E of the Income Tax Act, borrowers can claim a tax deduction on the interest paid for up to 8 years.

Borrowers facing repayment challenges should inform their lender immediately. Possible solutions may include loan restructuring, tenure extension, or temporary relief options. Failure to repay may negatively impact the borrower's credit score

For unsecured loans, most lenders require a co-applicant (such as a parent or guardian). However, certain institutions may consider exceptions for students with strong academic or financial credentials.

Yes, several financial institutions provide education loans for overseas studies, covering tuition fees, living costs, travel, and additional academic expenses.

Most lenders offer easy unsecured loans for students pursuing graduate studies in India or abroad. If you're going for an undergraduate program,you might need to provide collateral for higher loan amounts—usually above ₹7.5 lakh for studies in India and ₹25 lakh for studying abroad. But don't worry—unsecured loans are still an option for smaller amounts!

The processing time varies by lender but generally takes 7 to 15 working days, provided all necessary documents are submitted.

Yes, borrowers may refinance or transfer their loan to another lender offering better interest rates and terms. However, it is advisable to check for any transfer fees or charges.

Certain banks and financial institutions may require loan insurance to mitigate repayment risks. The requirement varies by lender.

Most financial institutions provide online portals, mobile applications, or customer service support for borrowers to monitor their loan application and repayment status.