Higher education opens doors — but it can also come with a hefty price tag. Whether you're planning to study in India or abroad, understanding how education loans work can help reduce financial stress.
At Vizzve Finance, we’re here to simplify education loans for students and parents. From eligibility to repayment, here’s everything you need to know before applying.
📘 What Is an Education Loan?
An education loan is a loan taken to fund expenses related to higher studies. It covers:
Tuition fees
Hostel/boarding charges
Travel expenses (for abroad studies)
Books, laptop, and other academic needs
Vizzve partners with top lenders to provide custom loan solutions for Indian and international education.
✅ Types of Education Loans
1. Domestic Education Loans
For students pursuing education in India
Lower loan amounts
Collateral often not required up to ₹7.5 lakh
2. Overseas Education Loans
For students studying abroad (USA, UK, Canada, etc.)
Higher loan amounts
Often requires collateral/security
Can include visa, insurance, and travel costs
📝 Eligibility Criteria
Must be an Indian citizen
Admission to a recognized institution (India or abroad)
Co-applicant (parent/guardian) with stable income
Good academic track record
💡 Pro tip from Vizzve: Some lenders allow funding even before visa approval!
💼 Documents Required
Admission letter
Mark sheets (10th, 12th, degree)
ID & address proof (student + co-applicant)
Income proof of co-applicant
Collateral documents (if required)
💰 Key Loan Features to Compare
| Feature | Details |
|---|---|
| Loan Amount | ₹50,000 to ₹50 Lakhs (depends on course/location) |
| Interest Rate | 8% to 13.5% p.a. (can be fixed or floating) |
| Repayment Tenure | Up to 15 years |
| Moratorium Period | Course duration + 6–12 months |
| Processing Time | 1–3 weeks |
📌 Repayment Rules
Repayment starts after moratorium period (course + grace period)
EMI includes both principal + interest
You can prepay or start partial EMI during the course to save interest
💡 Use Vizzve’s EMI calculator to estimate repayment based on your loan amount and interest.
🧠 Smart Tips Before Applying
✔️ Choose reputed lenders with education loan experience
✔️ Don’t overborrow — take only what you need
✔️ Check if you’re eligible for government subsidy schemes (like Padho Pardesh)
✔️ Compare multiple offers using Vizzve’s smart loan match tool
✔️ Understand the fine print on prepayment, processing fees & forex charges
🙋♂️ FAQs
Q1. Can I get an education loan without collateral?
Yes. Most banks offer up to ₹7.5 lakh without collateral for domestic education. For higher amounts or foreign study, collateral may be needed.
Q2. Do I have to repay the loan during the course?
No. You typically get a moratorium (course + grace period), but you can pay interest during this period to save on overall cost.
Q3. Can I apply if I don’t have a co-applicant?
Some NBFCs allow education loans without a co-applicant, but they may charge higher interest. A co-applicant improves approval chances and rates.
Q4. How can Vizzve help with education loans?
Vizzve offers a free consultation, helps compare lenders, and supports you through the application process end-to-end.
published on 2nd july
Publisher : SMITA
www.vizzve.com || www.vizzveservices.com
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RBI-Registered Loan Partner | 10 Lakh+ Customers | ₹600 Cr+ Disbursed.