What are the options for student loans?

In India, there are primarily two types of student loans available for higher education:

1. Education loans offered by banks and financial institutions: These loans cover the cost of tuition fees, hostel fees, examination fees, library fees, laboratory fees, and other expenses required to complete a course. The maximum loan amount that can be availed varies from bank to bank, but typically ranges from Rs. 20 lakhs to Rs. 1.5 crore, and the repayment period can go up to 15 years.

2. Education loans offered by the government: The Government of India offers various education loan schemes to help financially weaker sections of the society. Some of the popular schemes include Vidya Lakshmi, Central Sector Interest Subsidy Scheme, and Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Educational Loans.

It is important to note that different banks and financial institutions may have different eligibility criteria, interest rates, and repayment terms for their education loan schemes. Therefore, it is advisable to compare the loan offerings from multiple banks before selecting the one that suits your needs.