Types of Education Loan

There are various types of education loans available in India. Education loans can be classified on the basis of different factors. Below we will discuss the types of education loans –

1. Education Loans Based on Location

  • Domestic Education Loan
  • Overseas Education Loan

2. Education Loans Based on the Course of Education

  • Undergraduate Education Loans
  • Post Graduate Education Loans
  • Career Development Loans

3. Education Loans Based on the Security of Collaterals and/or Guarantee

  • Loan Against Deposits
  • Loan Against Property
  • Loan Against Securities
  • Third-Party Guarantee

4. Loans for Parents

Types of Education Loan

Education loans are very important in the perspective of students’ studies, especially for the students who are willing to study higher education. Education loan is often called student loans. There are various types of education loans available in India. In this article, we will learn about education loans along with the various types of education loans and their brief discussion.

Table of Content

  • What is an Education Loan?
  • Types of Education Loan
  • 1. Education Loans Based on Location
  • 2. Education Loans Based on the Course of Education
  • 3. Education Loans Based on the Security of Collaterals and/or Guarantee
  • 4. Loans for Parents
  • Features & Benefits of Education Loan
  • List of Expenses Covered in Education Loan
  • Best Education Loan in 2024
  • Conclusion
  • FAQs – Types of Education Loan

Similar Reads

What is an Education Loan?

Education Loans can be defined as a type of loan offered by banks, Non-Banking Financial Companies (NBFCs), or any other lenders to support students with financing their college or university education with an agreement to pay it back within a certain time duration. These loans can cover tuition fees, hostel charges, books, and other education-related expenses....

Types of Education Loan

There are various types of education loans available in India. Education loans can be classified on the basis of different factors. Below we will discuss the types of education loans –...

1. Education Loans Based on Location

Based on the geographical location, education loan is classified into two types – domestic education loan and overseas education loan....

2. Education Loans Based on the Course of Education

Course based education loan is offered for various degree courses as well as professional courses....

3. Education Loans Based on the Security of Collaterals and Guarantee

Loan Against Depositsproperty: A student can avail education loan against his/her deposits....

4. Loans for Parents

The parents are willing to provide a quality and higher education to their children but due to financial hurdles, they are unable to fund their children’s studies. In this case, they can avail an education loan for their children’s studies....

Features & Benefits of Education Loan

Education loan has many features along with several benefits. These are given below –...

List of Expenses Covered in Education Loan

The list of expenses covered in education loan are as follows –...

Best Education Loan in 2024

Banks Interest Rates SBI 8.15% p.a. to 11.75% p.a. Central Bank of India 8.10% p.a. to 10.60% p.a. Canara Bank 9.25% p.a. onwards PNB 9.20% p.a. onwards IDFC FIRST Bank 10% p.a. to 15% p.a. IDBI Bank 11.10% p.a. Bank of Baroda 8.55% p.a. onwards Bank of India 10.95% p.a. to 11.75% p.a. ICICI Bank 9.40% p.a. onwards HDFC Bank 9.50% p.a. Axis Bank 13.70% p.a. to 15.20% p.a. Bank of Maharashtra 9.45% p.a. to 11.45% p.a. Kotak Mahindra Bank Up to 16% p.a. Federal Bank 12.55% onwards Tamilnad Mercantile bank 12.60% p.a. to 12.85% p.a....

Conclusion

An education loan is the utmost important thing that plays a crucial role in pursuing higher education, especially for the students those are unable to get higher education due to financial hurdles. Education loans not only provide financial aid but also fulfil the dream of a student....

FAQs – Types of Education Loan

Can I get a 25 lakh education loan without collateral?...