Education Loan for Online Degree: Best Banks, Features, Eligibility

Education Loan for Online Degree
Home » Education Loan » Education Loan for Online Degree: Best Banks, Features, Eligibility

Are you a working professional and planning to upscale your career with an online degree? Well, a good online course comes with a high cost and you might require additional funds. A lot of banks in India provide education loans for online degrees which you can get easily by applying online. There are a lot of universities that offer online courses which can cost upto INR 5 lakh or more. Let’s check and understand how can you get an education loan for an online degree and which are the best banks for it.

What is an Online Degree?

An online degree is an academic qualification obtained through internet-based learning. It allows students to complete their courses and earn degrees from accredited institutions without physically attending classes on campus. This mode of education provides flexibility and accessibility. Online degrees are offered in various fields, from associate to doctoral levels, and often include interactive elements such as virtual classrooms, discussion forums, and multimedia resources. More details regarding online degrees are mentioned below:

  • Some of the top universities of the world like Harvard University, University in London etc also offer online courses
  • You can get an education loan for online degree from banks in India like the Bank of India, Axis Bank etc
  • You can also apply for a loan if the course is a certification course or a short-term executive-level course

Also Read: Check out the given link on documents required for education loans to understand the checklist in detail.

Best Banks for Education Loans for Online Degrees

There are several banks in India that offer education loans for online degrees from foreign universities. Some of the leading banks such as the Bank of India (BOI), Axis Bank, and ICICI Bank provide education loans that cover tuition fees, study materials, and other expenses associated with online programs. These banks offer affordable interest rates, flexible repayment terms, and low processing fees. The major features of the banks are mentioned below:

BanksMajor Features
Axis Bank Education Loan for Working Professionals– Maximum Loan Amount: As per the Requirement
– Available for working professionals and students
– Minimum qualification 
Bank of India Star Education Loan– Maximum Loan Amount: INR 20 lakh
– Online Application
– Available for Working Professionals
HDFC Credila Loan for Executive Management Courses for Working Executives – Need-based finance
– Collateral-free loans are available
– Low Interest Rate

Eligibility Criteria

There are certain eligibility criteria prescribed by the banks and NBFCs that provide education loans for online degrees. Banks usually offer education loan after 12 but not for online degrees. You should always stay informed about the eligibility criteria as it is important in order to get the loan approved. The eligibility criteria for education loans are mentioned below:

  • The applicant must be a graduate and above 18 years of age (required by some banks)
  • There should be a stable income for the student
  • Demonstrated satisfactory academic performance
  • Verification of nationality or residency status
  • Documentation of income or financial stability, either for the applicant or the guarantor

Documents Required for Online Degree Education Loan

Documentation is a primary factor for an education loan. Always keep the important documents handy so that you can submit them properly. Check the complete list of documents required for an education loan for an online degree below:

  • KYC documents such as Aadhar cards, driving licenses, voter ID cards etc
  • Income documents such as ITR, salary slips, bank statements for the last 6 months etc
  • Academic documents such as scorecards of senior and higher secondary education, undergraduate degree and any other course (if required)

Also Read: Know all about the IBA Model Education Loan Scheme and learn about the eligibility criteria, documents required, maximum loan amount, interest rates and much more.

How to Apply for Education Loan for Distance Learning Programs

Education loan applications these days are mostly done through online mode. For a usual education loan, applications are made through the Vidya Lakshmi portal education loan. You can apply for the same by choosing the applicable scheme. Also, you can apply through the official website of the bank through which you want to apply for the distance learning education loan. For applying through the Vidya Lakshmi portal, check the steps below:

  • Visit the Vidya Lakshmi portal
  • Register and log in by mentioning the credentials
  • Go to the students portal and check for the bank
  • Read the features of the loan scheme and select the right one
  • Fill out the loan application form and submit the required documents
  • Wait for the verification process

These were some major details about the Education Loan for Online Degree. Always check the eligibility criteria and terms and conditions before applying for the loan. Check some FAQs based on distance learning education loans below.

FAQs

What is an online degree?

An online degree is an academic qualification obtained through internet-based learning. It allows students to complete their courses and earn degrees from accredited institutions without physically attending classes on campus.

Which banks in India offer education loans for online degrees?

Several banks in India provide education loans for online degrees from foreign universities. Leading banks such as the Bank of India (BOI), Axis Bank, and HDFC Credila offer these loans. The Bank of India offers a maximum loan amount of INR 20 lakh while Axis Bank provides loans as per the requirement for both working professionals and students.

What are the eligibility criteria for obtaining an education loan for an online degree?

The eligibility criteria for obtaining an education loan for an online degree is that the applicant must be a graduate and above 18 years of age, as required by some banks. The applicant should have a stable income and a good academic performance.

What documents are required to apply for an education loan for an online degree?

The documents required to apply for an education loan for an online degree include KYC documents such as an Aadhar card, driving license, voter ID card, and income documents like income tax returns (ITR), salary slips, and bank statements for the last six months.

How can I apply for an education loan for a distance learning program?

To apply for an education loan for a distance learning program, you can visit the Vidya Lakshmi portal, register, and log in by entering your credentials. Go to the student portal and check for the available banks.

To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.

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About Shekhar Suman

Shekhar is a versatile writer with a passion for sharing knowledge and creativity. With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.

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