Education Loan

1. Based on Location

• Domestic Education Loan - Students who would like to pursue education in India can apply for this loan type. 
• Overseas Education Loan - Students who would like to pursue education outside India can apply for this loan type. The loan covers the airfare, accommodation, and tuition fee.

2. Based on Course

• Undergraduate Loans - An undergraduate degree will usually be a 3 to the 4-year long course under various specialisations. Having an undergraduate degree helps individuals to land a decent job and start earning.
• Postgraduate Loans - Many undergraduates would like to continue their education with a postgraduate course, usually a 2-year long course in India. An advanced degree is desired to get more profound knowledge in the area of interest.

3. Career Development Loans
Many professionals who work in corporate jobs prefer to pause their career and take up professional courses to improve their employment prospects. Such individuals would strive hard to get into reputed business and technical schools to polish their skills.

4. Based on Collateral

• Loan Against Property, Deposits, and Securities - You can pledge immovable assets, such as agricultural land, residential land, flat, house, and others, fixed deposit certificates, recurring deposits, gold deposits, bonds, debentures, and equity shares to get the necessary financing to pursue education.
• Third-Party Guarantee - A guarantee letter from an employee of the bank or a home bank can help the student get an education loan.
   

Some banks provide a 6-month grace period after completing the course to land a suitable job and start the repayment process. This grace period may vary with the lender. Once you land a job within this period, you may start the repayment process in the form of EMIs.