Introduction
With the increasing cost of higher education in India—especially in fields like engineering, medicine, law, and management—many students and parents are exploring education loans as a way to fund academic aspirations. How Much Education Loan Can I Get? A common question arises: Can you get a ₹20 lakh education loan to study in India? The answer is yes, but it depends on several factors such as the type of loan, whether you offer collateral, your course and institution, & your financial background.
Is ₹20 Lakh Possible for Studying in India?
Yes, students can get up to ₹20 lakh or more for studying in India, provided certain conditions are met. Banks and NBFCs (Non-Banking Financial Companies) offer two types of education loans:
- Unsecured Loan (Without Collateral)
- Most banks offer a maximum of ₹7.5 lakh without collateral.
- Some private lenders or NBFCs may offer ₹10–15 lakh without collateral for top-tier institutions.
- Secured Loan (With Collateral)
- With property or other financial security as collateral, students can get ₹20 lakh or more.
- Public banks like SBI, PNB, Canara Bank, and private institutions like Axis Bank or HDFC Credila regularly offer such loans.
Eligibility Criteria to Get ₹20 Lakh Loan
To qualify for a ₹20 lakh loan, here’s what most banks expect:
- Admission Letter from a recognized college/university in India.
- The course should be professional or job-oriented (e.g., engineering, medicine, MBA).
- A co-applicant (parent/guardian) with a stable income and good credit score.
- Collateral security, like a residential property, fixed deposit, or LIC policy if applying for a secured loan.
- Complete documentation, including How Much Education Loan Can I Get, including fee structure, KYC details, and income proof.
Interest Rates & Repayment
- Public banks: 8.5% – 10.5%
- Private banks/NBFCs: 10% – 13%
- Repayment typically starts 6 months to 1 year after course completion.
- Loan tenure: Up to 15 years with flexible EMIs.
Tips to Improve Loan Approval Chances
- Choose reputed or government-approved institutions (like IITs, NITs, IIMs).
- Offer collateral to reduce bank risk and improve approval chances.
- Apply early and ensure all documents are accurate.
- Use the Vidya Lakshmi Portal to apply to multiple banks at once.
- Maintain a clean credit history for both the applicant and the co-applicant.
Conclusion
In 2025, obtaining a ₹20 lakh education loan for higher studies in India is possible, especially if you apply for a secured loan or are enrolled in a reputed institution. How Much Education Loan Can I Get? With proper documentation, a supportive co-applicant, and a well-planned financial approach, you can secure the funding needed to pursue your dream course without compromising on quality.
Whether you’re planning to pursue engineering, an MBA, or medicine, understanding the eligibility and preparing early can ensure you’re financially equipped to focus entirely on your education journey.