Education Loan FAQs

An education loan helps you pursue higher studies without financial constraints. Other benefits include tax benefits, comprehensive coverage of education expenses, building a positive credit history, credible fund proof for visa processing and more

Loan coverage and tenure, Interest rate, moratorium availability, foreclosure terms, tax benefits (Sec. 80E), other applicable charges and collateral requirements.

Loan processing requires 7-14 days including legal and technical evaluation of the offered collateral. Faster decisions are possible and depend on completeness of documents provided by the applicant.

Disbursement can be availed as per your university or visa requirements. Disbursement will be initiated post completion and verification of the applicable documentation as per the loan sanction conditions.

Yes, a strong credit score positively influences your loan decision with quicker timelines and better loan terms. A poor credit score negatively impacts loan decisions.

Applicants applying to undergraduate, postgraduate and PhD programs at recognized institutions are eligible to apply for education loans under Saraswat Udaan Education Loan.

The loan amount depends on the course, institution, and applicant profile. It may vary as per bank norms and eligibility.

Parents, sibling, spouse, parents-in-law, maternal/paternal aunt or uncle can be considered as financial co-applicants.

Yes, interest paid on education loans is eligible for tax benefits under Section 80E of the Income Tax Act.

Yes, you can foreclose your loan without prepayment penalty.

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