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Student Loan in India: A Complete Guide

Education is a powerful tool that can transform lives. However, it can also be expensive. For many students in India, a student loan is the only way to finance their education.

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What is a student loan?

A student loan is a type of loan that is specifically designed to help students pay for their education. Student loans can be used to cover the cost of tuition, fees, books, supplies, and living expenses.

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Who can apply for a student loan in India?

To be eligible for a student loan in India, you must be:

  • An Indian citizen
  • At least 18 years old
  • Enrolled in a full-time degree program at a recognized college or university

What are the different types of student loans available in India?

There are two main types of student loans available in India:

  • Secured loans: Secured loans require collateral, such as property or gold. Collateral reduces the risk for the lender, which means that secured loans typically have lower interest rates and more flexible repayment terms.
  • Unsecured loans: Unsecured loans do not require collateral. However, unsecured loans typically have higher interest rates and less flexible repayment terms.

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How to apply for a student loan in India

To apply for a student loan in India, you can contact a bank, non-banking financial company (NBFC), or government-sponsored agency. The application process will vary depending on the lender. However, most lenders will require the following documents:

  • Completed application form
  • Proof of identity and address
  • Proof of income (for salaried borrowers)
  • Proof of admission to a college or university
  • Academic transcripts
  • Collateral (for secured loans)

What are the interest rates on student loans in India?

Interest rates on student loans in India vary depending on the type of loan, the lender, and your credit score. Secured loans typically have lower interest rates than unsecured loans. Interest rates can also vary depending on the course of study that you are pursuing.

What are the repayment terms on student loans in India?

Repayment terms on student loans in India vary depending on the type of loan and the lender. Most lenders offer a moratorium period during which you do not have to make any payments. The moratorium period typically lasts until you graduate or complete your course of study. After the moratorium period ends, you will begin making monthly payments on your loan. The repayment term can range from 5 to 15 years.

Tips for managing your student loan debt

Here are some tips for managing your student loan debt:

  • Create a budget: Create a budget that includes your student loan payments. This will help you track your income and expenses and ensure that you are able to make your loan payments on time.
  • Set up automatic payments: Set up automatic payments from your checking account to your student loan account. This will help you avoid missing any payments.
  • Make extra payments whenever possible: If you can afford it, make extra payments on your student loan. This will help you pay off your loan faster and save money on interest.
  • Consider refinancing your loan: If you have a good credit score, you may be able to refinance your student loan to a lower interest rate. This can save you money on your monthly payments and over the life of the loan.


Student loans can be a great way to finance your education. However, it is important to understand the terms and conditions of your loan before you sign on. Be sure to compare rates from different lenders and choose a loan that is right for your needs. With careful planning and budgeting, you can manage your student loan debt and graduate debt-free.