- What are the courses in India for which education loans are available?Any of the following courses, as offered by recognized universities, is eligible for an education loan in India-
- Professional courses including Engineering and Medicine
- Management courses (both full time and part time)
- ICWA, CA, CFA etc.
- Courses conducted by IIMs, IITs, IISc, XLRI. NIFT,NID etc.
- B.A/B.Com/M.A/M.Com/MCA/MCM etc.
- Architecture, Agriculture studies, Fine Arts and Designing etc.
- Hotel and Hospitality.
- Courses such as SAP , ERP , GNIIT , Air Hostess Training programmes etc.
- Distance learning programs and online certifications.
- Degree/Diploma courses like Aeronautical, pilot training, shipping, etc.,
- Aircraft Maintenance Engg, Pre-Sea Training courses and the like.
- Nursing and Para Medical courses (includes admission via management quota).
- Courses offered by reputed institutes that assure employment and are Govt. certified.
- Courses offered in India by reputed and certified foreign universities.
- All courses listed here- www.ugc.ac.in , www.education.nic.in and www.aicte-india.org
- What is the age restrictions for subscribing to an education loan?Generally, there are no restrictions. Most banks and financial institutions do not impose this rule. However, certain lenders do mark an age limit spanning from 16-35 years.
- Aside from the fee payable to the school/college, what other expenses are covered by the loan?
- Towards the purchase of books, uniforms, equipment and instruments.
- Purchase of computers/laptops, if deemed necessary for the completion of the course.
- Fees paid for Exams, Library, Laboratories, Hostel, etc.
- Building fund, Caution deposit, Refundable deposit (must be supported by receipts/bills).
- Costs incurred in travel, for studies abroad.
- Additional costs that are required to successfully complete the course, including but not limited to, Study tours, Thesis work, Projects, etc.
- Does taking an education loan entitle me to any tax benefits?Not immediately. However, after you start repaying, you are free to deduct the loan interest amount from your total income when calculating tax.
- How does the bank track my educational progress through the course period?The applicant is expected (and mandated) to submit his/her progress reports periodically. The progress reports could be mark sheets or a suitably attested letter from the applicant’s school/college.
