5 Education Loan Facts You Might Not Know About

Do you know everything about an education loan?

There are some facts that might escape your attention. Here are 5 such facts to know about. 

#2 Subsidised interest rates

For meritorious students, there are government-sponsored loan schemes that offer interest rate subsidies for affordable repayments. 

#3 Expenses covered

An education loan covers your tuition fee, accommodation or lodging expenses, lifestyle expenses and other education-related costs. 

#4 Co-applicant and guarantor

Besides the student, who is the loan applicant, a co-applicant and a third-party guarantor might also be required. 

#5 Collateral

If the loan quantum is low, you can get collateral-free loans. However, for higher amounts, a collateral security is needed by most lenders.

Know these lesser-known facts when applying for the loan. For a comprehensive loan, choose IDFC FIRST Bank and get attractive interest rates.