Education Loan

Guide: Eligibility, Benefits & Why Choose IRB’s Intermediate Service

What is an Education Loan?

An education loan is a financial product designed to help students and their families cover the cost of higher education, either in India or abroad. These loans typically cover tuition fees, books, accommodation, travel, and other related expenses.

Education loans are an investment in your future. With competitive interest rates and flexible repayment options, they can make quality education accessible without putting a strain on personal finances.

✅ Eligibility for an Education Loan

The eligibility for an education loan may vary depending on the lender and the course, but here are the common requirements:

1. Applicant Criteria

• Must be an Indian citizen.
• Should have secured admission to a recognized institution (in India or abroad).
• Must be between 18 to 35 years of age (some lenders extend up to 40).

2. Academic Background

• A consistent academic record is usually required.
• Admission must be secured through entrance tests or merit-based selection.

3. Co-applicant Requirement

• A parent, guardian, or spouse is usually required as a co-applicant to support the loan.

4. Eligible Courses

• Graduate, postgraduate, professional, and vocational courses are generally covered.
• Institutions must be recognized by AICTE/UGC/NAAC (India) or be accredited internationally.

5. Collateral Requirement

• For loans above ₹7.5 lakhs, collateral security (like property or fixed deposits) may be required.
• Lower amounts may be offered as unsecured loans, especially through special schemes.

🌍 Why Use the Intermediate Service for Education Loans from International Resource Bank (IRB)?

IRB’s Intermediate Service provides tailored support to help students and families successfully apply for and manage their education loans. Here’s why it’s a smart choice:

1. Guidance on Course & Country-Specific Loans

• Get personalized loan advice based on your course, institution, and destination country.

2. Streamlined Application Process

• Avoid delays with expert support for documentation, admission proof, and financial planning.

3. Better Loan Terms

• Intermediate advisors help negotiate competitive interest rates, lower margins, and flexible repayment options.

4. End-to-End Support

• From loan application to sanction and disbursal, the service assists you through every step.

5. Faster Approvals

• Thanks to pre-verified document checklists and backend coordination, loan approvals can happen in 5-10 working days.

6. Special Offers for Top Institutions

• IRB has tie-ups with leading colleges and universities, which may allow for pre-approved or collateral-free education loans.

💬 Frequently Asked Questions (FAQs)

Q1. What expenses are covered under IRB’s education loan?

A: IRB covers:

• Tuition fees
• Exam and library fees
• Books and study materials
• Travel (for international studies)
• Accommodation and other living expenses

Q2. What is the interest rate on education loans?

A: Interest rates typically start from 9.50% p.a., and may vary based on the loan amount, collateral, and repayment tenure.

Q3. Is a co-applicant mandatory?

A: Yes, a co-applicant (usually a parent or guardian) is required to support the loan application.

Q4. What is the repayment period for education loans?

A: Repayment usually starts 6-12 months after course completion, and the tenure can go up to 15 years.

Q5. Is collateral required for all education loans?

A: No. Loans up to ₹7.5 lakhs may be collateral-free, especially for domestic studies or when applying through IRB’s tie-up programs.

Q6. Can I apply for an education loan before getting admission?

A: You can begin the application process, but the loan will only be sanctioned after admission is confirmed.

Q7. What are the benefits of using the Intermediate Service at IRB?

A: The Intermediate Service ensures:

• Faster loan processing
• Better terms
• Accurate documentation
• Course/country-specific advice
• Higher chances of approval

📘 Final Thoughts

An education loan from International Resource Bank (IRB) can open the door to your academic aspirations. Whether you’re studying in India or abroad, IRB’s Intermediate Service ensures your journey is smooth, secure, and smartly financed.

Before applying:

• Research eligible courses and institutions
• Estimate the total cost of education
• Use IRB’s EMI calculators and eligibility checkers
• Seek advice through the Intermediate Service for a stress-free experience