Best Education Loans in India 2026
Education loans help students fund their higher education in India or abroad. They cover tuition fees, living expenses, and other academic costs, with repayment starting after a moratorium period post course completion.
Top Education Loans (0 products)
No education loans listed yet. Check back soon!
How to Apply for a Education Loan
1
Secure admission to a recognized educational institution
2
Calculate total funding required (tuition + living expenses)
3
Compare education loan offers from banks and NBFCs
4
Submit application with admission letter and academic records
5
Provide collateral or guarantor (for loans above Rs 7.5 lakh)
6
Bank processes and sanctions the loan
7
Funds disbursed directly to the institution in installments
Education Loan Eligibility Criteria
- ✓Indian national with admission to a recognized institution
- ✓Age: 18 to 35 years
- ✓Good academic record (60%+ in qualifying exams)
- ✓Co-applicant (parent or guardian) required
- ✓Collateral required for loans above Rs 7.5 lakh (varies by lender)
Documents Required for Education Loan
- 📄Admission letter from the educational institution
- 📄Academic mark sheets and certificates
- 📄PAN Card and Aadhaar Card of student and co-applicant
- 📄Income proof of co-applicant
- 📄Cost of study breakdown from the institution
- 📄Collateral documents (if applicable)
Education Loan FAQs
For studying in India, banks offer up to Rs 10 to 20 lakh without collateral and up to Rs 1.5 crore with collateral. For studying abroad, loan amounts can go up to Rs 1 crore or more depending on the institution and course.
No, education loans come with a moratorium period covering the course duration plus 6 to 12 months after completion or 6 months after getting a job, whichever is earlier. Some banks offer the option to pay interest during the moratorium.
Yes. Under Section 80E of the Income Tax Act, the entire interest paid on education loans is deductible with no upper limit. This deduction is available for up to 8 years from the year you start repaying.
Yes, most banks offer collateral-free education loans up to Rs 7.5 lakh for studying in India and up to Rs 10 to 15 lakh for studying abroad. Government schemes like Vidyalakshmi also provide collateral-free options.