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Education Loan

Invest in your future with our education financing options with tax benefits and flexible repayment terms

Education Loan Overview

An education loan is designed to help students pursue higher education in India or abroad without financial constraints. It covers tuition fees, accommodation, books, equipment, and other education-related expenses.

At Cheema Capital, we offer education loans with competitive interest rates, flexible repayment options, and tax benefits to ensure that financial constraints don't hinder your educational aspirations.

Loan Amount

Up to ₹75,00,000

Interest Rate

Starting from 8.50% p.a.

Tenure

Up to 15 years

Moratorium Period

Course duration + 6 months

Education Loan

Features & Benefits

Comprehensive Coverage

Covers tuition fees, living expenses, travel costs, books, equipment, and other education-related expenses.

Tax Benefits

Avail tax deduction on interest paid under Section 80E of the Income Tax Act with no upper limit.

Moratorium Period

Enjoy a repayment holiday during your course duration plus an additional 6 months or 1 year.

Study Anywhere

Finance your education at prestigious institutions in India or abroad.

Flexible Repayment

Long repayment tenure of up to 15 years to manage your EMIs comfortably.

Competitive Interest Rates

Enjoy attractive interest rates starting from just 8.50% per annum.

Tax Benefits Under Section 80E

Under Section 80E of the Income Tax Act, you can claim a deduction on the interest paid on your education loan. There is no upper limit on the amount of interest paid that can be claimed as a deduction. This benefit is available for a maximum period of 8 years or until the interest is paid in full, whichever is earlier.

The tax benefit is available to the person who has taken the loan and is repaying it, whether it's the student or the parent/guardian.

Eligibility Criteria

  • Indian citizen with valid ID proof
  • Admission to a recognized institution in India or abroad
  • Courses eligible for education loans include graduate, post-graduate, professional, and technical courses
  • Co-applicant (parent/guardian) required with stable income
  • Good academic record
  • Age: 18-35 years for student, co-applicant's age should not exceed 65 years at loan maturity

Required Documents

  • Identity Proof (Aadhaar Card, PAN Card, Voter ID, Passport)
  • Address Proof (Aadhaar Card, Passport, Utility Bills)
  • Income Proof of co-applicant (Salary Slips, Form 16, ITR)
  • Bank Statements for the last 6 months
  • Mark sheets of last qualifying examination
  • Proof of admission (Admission Letter, Fee Structure)
  • Collateral documents (if applicable)
  • Passport and Visa (for studies abroad)

Collateral Requirements

Loan Amount Collateral Requirement
Up to ₹4 lakhs No collateral required, only co-applicant's signature
₹4 lakhs to ₹7.5 lakhs Third-party guarantee along with co-applicant
Above ₹7.5 lakhs Tangible collateral security equal to 100% of loan amount along with co-applicant

Note: Collateral can be in the form of residential or commercial property, fixed deposits, insurance policies, or other approved securities.

Application Process

  1. Secure Admission

    Get admission to your desired educational institution in India or abroad.

  2. Fill the Application Form

    Complete our education loan application form with personal, academic, and financial details.

  3. Document Submission

    Submit all required documents including admission proof, academic records, and financial documents.

  4. Verification & Assessment

    Our team will verify your application details, documents, and assess your loan eligibility.

  5. Loan Approval

    Upon successful verification and assessment, your education loan will be approved.

  6. Disbursement

    The approved loan amount will be disbursed directly to your educational institution in installments as per the fee schedule.

Ready to Invest in Your Future?

Don't let financial constraints limit your educational aspirations. Apply for an education loan today!

Apply Now

Frequently Asked Questions

What expenses does an education loan cover?

An education loan covers tuition fees, hostel fees, examination fees, library fees, laboratory fees, purchase of books, equipment, instruments, uniforms, computer, travel expenses, caution deposit, building fund, and other expenses required to complete the course.

When do I start repaying my education loan?

Repayment of the education loan starts after the moratorium period, which includes the course duration plus 6 months or 1 year after getting a job, whichever is earlier. During the moratorium period, you only need to pay the simple interest on the loan amount disbursed.

Can I get an education loan without a co-applicant?

Generally, a co-applicant (usually a parent or guardian) is required for an education loan. However, if you have a regular source of income or can provide sufficient collateral, some lenders may consider your application without a co-applicant.

What tax benefits are available on education loans?

Under Section 80E of the Income Tax Act, you can claim a deduction on the interest paid on your education loan. There is no upper limit on the amount of interest paid that can be claimed as a deduction. This benefit is available for a maximum period of 8 years or until the interest is paid in full, whichever is earlier.

Can I prepay my education loan?

Yes, you can prepay your education loan partially or fully without any prepayment penalties. Prepayment helps reduce your interest burden and loan tenure.