What types of educational loans are available in India?

In India, there are primarily two broad types of education loans offered by lending institutions to help students finance their higher studies. These are:

1. Domestic education loans: These loans help applicants pay for higher studies within India. The loan can be used for various recognised courses like graduation, post-graduation, and professional degrees offered by accredited Indian universities and colleges. Expenses covered usually include tuition fees, exam fees, hostel fees, expenses for books/equipment, etc., required by the course.
2. International education loans: These loans enable financing higher studies abroad in globally reputed universities and institutes. The loan amount can fund admission and tuition costs of selected eligible courses, travel expenses, visa application fees, accommodation costs, airfare tickets, health insurance, etc., related to studying abroad.

Most education loans require a co-applicant, such as a spouse, parent, or guardian, who acts as a guarantor for the loan. Margins and collateral, such as property documents, may also be required depending upon the loan amount and lending institution policy.

The interest rate and loan terms, such as repayment options, tenure, etc., also differ based on the education loan type and amount borrowed. However, they aim to provide feasible financing options for higher studies based on the applicant's needs and eligibility.