Banks offer loans of up to `10 lakh for courses in Indian colleges and up to `20 lakh for studies abroad, in line with the Indian Banks' Association norms.
For an education loan, a co-applicant is a must and can be either parents, spouse or siblings.
No security is required if the loan amount is less than `4 lakh. For loans above `4 lakh, a personal guarantee is required from a person whose income and repayment capacity is acceptable to the lender. For loans above `7.5 lakh, the lenders will require an acceptable collateral security such as a residential house, jewellery, securities etc.
Repayment starts six months to one year after completion of the course and simple interest charged during the moratorium period.
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