Education Loans in Mumbai

Loan Amount

The education loan amount in Mumbai starts from INR 50,000/- and goes up to INR 10 Lakhs for studies in India and goes up to INR 25 Lakhs for studies abroad. The education loan amount depends on various factors pertaining to the college/university and also on the expenses covered under the loan. The Bank’s or NBFC’s policies also determine the loan amount.

Repayment & Moratorium Period

Usually, the repayment period of education loans in Mumbai is pre-decided by the lending institution. The moratorium period starts anywhere from six months to twelve months from when you secure a job. However, both the repayment period and the moratorium period largely depend on the lending institution’s policies.

Security & Margin

Parents or guardians are the primary debtors in education loans as well as co-applicants. No margin is asked and no collateral is required in case the loan amount is up to INR 4 lakhs. However, as a security, the lender asks for collateral if the loan amount is above INR 4 lakhs. Likewise, the margin varies from bank to bank on an amount higher than INR 4 lakhs.

Eligible Courses

Education loans in Mumbai cover almost all mainstream and most sidestream courses including post-graduate as well as graduate courses. These include professional and technical courses offered by universities and colleges that are Government recognized and/or UGC approved as well as autonomous institutes such as IITs, IIMs, etc.

For education abroad, the professional graduate and post-graduate courses that are job-oriented are covered. The courses may vary from MBA to MS and such.