Student Loan Apply Process – Eligibility, Documents, EMI Calculator
Complete guide (Hindi + English) for student loan in India 2025 — procedure, top lenders, charges, documents and an EMI calculator.1. Introduction
English: Student loans are a bridge between your academic dreams and financial constraints. In 2025, Indian students have multiple options — government-sponsored schemes, bank education loans, and fintech lenders offering flexible repayment plans. Whether you’re pursuing engineering, medical, MBA, or studying abroad, a well-structured student loan helps cover tuition, living expenses, exam fees and even preparatory costs. This guide explains the complete Student Loan Apply Process, eligibility criteria, required documents, charges, and includes a handy EMI calculator to estimate monthly installments.
हिंदी: स्टूडेंट लोन आपके पढ़ाई के सपनों और पैसों के बीच की खाई को पाटता है। 2025 में भारत में सरकारी स्कीम्स, बैंक्स और ऑनलाइन lenders जैसे विकल्प उपलब्ध हैं। यह गाइड आपको पूरी प्रक्रिया — कैसे apply करना है, eligibility क्या है, कौन से दस्तावेज़ चाहिए, चार्जेस क्या लगते हैं — और EMI कैलकुलेटर के साथ समझाएगा ताकि आप informed decision ले सकें।
2. What is a Student Loan? (स्टूडेंट लोन क्या है?)
English: A student loan is a debt instrument offered by banks and NBFCs to finance higher education. Loan amount, interest rate and repayment tenure depend on course type, institute, collateral (if any) and the applicant’s credit profile or co-applicant’s income.
हिंदी: स्टूडेंट लोन एक कर्ज है जो बैंक्स या नॉन-बैंकिंग वित्तीय कंपनियाँ (NBFC) पढ़ाई के खर्च के लिए देती हैं। लोन की राशि, ब्याज दर और repayment अवधि course, institute और co-applicant की income पर निर्भर करती है।
3. Types of Student Loans in India 2025
- Secured Education Loan: Requires collateral (property, FD) for higher amounts or for students with limited credit history.
- Unsecured Education Loan: No collateral; available for smaller amounts or strong co-applicant income.
- Government Schemes: Examples include Vidyalakshmi/central/state-backed schemes with concessional rates for eligible students.
- Overseas Education Loan: For studies abroad with higher loan limits and foreign-education specific features.
- Top-up/Overdraft on Education Loan: Additional funds for living expenses or exam fees.
Tip: Secured loans often have lower interest rates; unsecured loans are faster but costlier.
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4. Best Student Loans in India 2025 – Comparison Table
| Lender | Loan Type | Interest Rate (Indicative) | Max Loan | Key Feature |
|---|---|---|---|---|
| SBI | Secured/Unsecured | 8.00% – 10.50% | Up to ₹20 Lakh (domestic), higher for overseas | Low interest for priority sectors |
| HDFC Credila | Domestic & Overseas | 9.50% – 12.50% | Up to ₹1 Cr (overseas) | Specialized student loan products |
| Bank of Baroda | Secured/Unsecured | 8.15% – 10.75% | Up to ₹25 Lakh | Government scheme tie-ups |
| Punjab National Bank | Secured/Unsecured | 8.00% – 11.00% | Up to ₹20 Lakh | Multi-year loans & moratorium |
| Eduvanz/Leads | Fintech NBFC | 11% – 16% | Up to ₹10 Lakh | Quick disbursals & flexible products |
Note: Interest rates change frequently — always check lender’s current rates before applying.
5. Top 10 Student Loan Providers with Details
1) State Bank of India (SBI)
Benefits: Competitive interest, large branch network, special schemes for merit students.
Eligibility: Indian resident, admission in approved course.
2) HDFC Credila
Benefits: Expertise in overseas education loans, flexible repayment and top-up options.
3) Punjab National Bank (PNB)
Benefits: Government-backed interest concessions in some schemes; wide coverage.
4) Bank of Baroda
Benefits: Affordable rates for priority sectors and vocational courses.
5) Axis Bank
Benefits: Quick processing for good credit profiles; part-payment options.
6) Kotak Mahindra Bank
Benefits: Flexible collateral options & repayment windows.
7) IDFC First Bank
Benefits: Competitive rates for undergraduate and postgraduate loans.
8) Eduvanz / Leverage / Non-bank Lenders
Benefits: Fast disbursal, tech-enabled processing for vocational & short-term courses.
9) Tata Capital Education Loan
Benefits: Custom repayment plans, good customer service.
10) Avanse / InCred
Benefits: Specialized student loan NBFCs with overseas education focus.
6. Student Loan Apply Process (Online + Offline)
Online Apply (Fastest)
- Visit bank/NBFC official website or aggregator (e.g., Paisabazaar/BankBazaar).
- Select education loan product and click “Apply”.
- Fill student & co-applicant details (income, course, institute).
- Upload documents (Aadhaar, PAN, admission offer letter, fee structure).
- Loan sanction & verification — bank may ask for additional info or valuation for collateral.
- Disbursal: Bank pays institute directly or to student’s account per fee schedule.
Offline Apply
Visit branch → collect form → submit documents → branch processes KYC and verification → sanction & disbursal. Offline may be longer but helpful for complex collateral cases.
Note: For overseas loans, banks often require passport, visa and conditional offer letter.
EMI Calculator — Estimate Monthly Payment
Use this calculator to quickly check monthly affordability. / EMI calculator वित्तीय योजना में मदद करेगा।
7. Charges of Student Loans
- Processing Fee: 0.25% – 1.5% of loan amount (may be waived in promotional offers).
- Interest Rate: Varies by lender & secured vs unsecured (approx 8% – 16%).
- Prepayment Charges: Some lenders allow part/full prepayment with nominal fee.
- Penalty: Late payment charges apply on overdue EMIs.
8. Benefits of Taking a Student Loan
- Funds tuition & living expenses without dipping into savings.
- Helps build credit history if repayments are timely.
- Tax benefits: Interest on education loans may be deductible under Section 80E (check current tax rules).
- Flexible repayment & moratorium period (usually course duration + 6–12 months).
9. Eligibility & Required Documents
Eligibility
- Admission in recognised course/institute.
- Co-applicant (parent/spouse) with steady income preferred.
- Minimum age: usually 18; upper age depends on loan and borrower type.
Documents Required
- Aadhaar Card / PAN Card
- Admission letter / Fee structure from college
- Mark sheets / Educational certificates
- Identity & Address proof of co-applicant
- Income proof of co-applicant (salary slips / ITR)
- Collateral documents (if loan is secured)
10. Useful Links
11. FAQs — प्रश्न और उत्तर
Q1: What is the minimum income required for student loan co-applicant? / को-अप्लिकेंट की न्यूनतम आय कितनी होनी चाहिए?+
Answer: Banks prefer a stable monthly income for the co-applicant — generally ₹25,000+ per month is desirable, but requirements vary. / बैंक सामान्यतः स्थिर आय वाले co-applicant पसंद करते हैं — लगभग ₹25,000/माह या अधिक लाभकारी माना जाता है।
Q2: Can I get loan without co-applicant? / क्या बिना को-अप्लिकेंट लोन मिल सकता है?+
Answer: Unsecured loans may allow single applicant but usually at higher interest and lower loan amounts. For large loans, banks require a co-applicant or collateral. / कुछ unsecured products में संभव है पर ब्याज अधिक होता है और राशि सीमित रहती है।
Q3: What is moratorium period? / मोरैटोरियम पीरियड क्या है?+
Answer: Moratorium is the period during course + typically 6–12 months after course completion when you are not required to pay EMIs; interest may still accrue. / मोरैटोरियम में आप EMIs नहीं देते; अक्सर यह कोर्स की अवधि के साथ-साथ 6–12 महीने होता है, पर ब्याज लग सकता है।
Q4: Is there tax benefit on student loan? / क्या स्टूडेंट लोन पर टैक्स लाभ मिलता है?+
Answer: Under Section 80E (subject to current tax laws), interest paid on education loan for higher studies is eligible for deduction for a limited number of years. Check the latest income tax rules. / Section 80E के तहत शिक्षा ऋण पर ब्याज पर कटौती मिल सकती है — नवीनतम टैक्स नियम देखें।
Q5: How long does sanction take? / लोन sanction में कितना समय लगता है?+
Answer: Online pre-approved offers can be within 1–3 days; full verification and collateral checks may take 7–21 working days. / ऑनलाइन तेज़ पॉलिसियाँ 1–3 दिन में मिल सकती हैं; विलम्बित जांच और दस्तावेज़ पर 7–21 दिन लग सकते हैं।
Q6: Can I prepay the student loan? / क्या लोन提前 चुका सकते हैं?+
Answer: Many lenders allow part or full prepayment; some charge nominal prepayment fees for floating rate loans — read terms. / कई lenders prepayment की अनुमति देते हैं; कुछ में शुल्क हो सकता है।
Q7: What if I miss EMI? / EMI चूकने पर क्या होगा?+
Answer: Late payment attracts penalty and affects credit score; communicate with lender for restructuring if needed. / लेट पेमेंट पर जुर्माना और क्रेडिट स्कोर प्रभावित होता है; जरूरत पर lender से संपर्क कर restructuring संभव है।
Q8: Do banks fund living expenses? / क्या बैंक living expenses भी फंड करते हैं?+
Answer: Yes, many banks include maintenance/living expenses and books in the sanction; discuss during application. / हाँ, कई बैंक maintenance और living expenses cover करते हैं — आवेदन के समय स्पष्ट करें।
Q9: Is collateral always required? / क्या collateral हमेशा चाहिए?+
Answer: Collateral is often required for high loan amounts, especially for overseas loans; however, unsecured options exist for smaller sums. / बड़े ऋणों के लिए अक्सर security चाहिए; छोटे ऋणों के लिए unsecured विकल्प मिलते हैं।
Q10: Can I top-up my student loan later? / क्या बाद में टॉप-अप संभव है?+
Answer: Some lenders offer top-up loans or overdraft facilities for additional funds; check your lender’s policy. / कुछ lenders top-up या overdraft प्रदान करते हैं — अपने lender से पूछें।
12. Conclusion
English: Student loans are powerful tools to invest in education if chosen carefully. Compare interest rates, processing fees, moratorium terms, and check the total cost over tenure. Use the EMI calculator above to estimate monthly affordability and consult your bank or a financial advisor before signing.
हिंदी: स्टूडेंट लोन पढ़ाई में निवेश का एक महत्वपूर्ण जरिया हो सकता है — बस सही lender, दर और शर्तें चुनें। EMI calculator का उपयोग करें और apply करने से पहले सभी शर्तें व शुल्क ध्यान से पढ़ लें।