RBI Guidelines for Education Loan 2023

KNOW ALL ABOUT THE RBI GUIDELINES FOR EDUCATION LOAN 2023

[{"selector":"#anim-027bdcff-fae4-4239-aa61-1d611d60cf21","keyframes":{"opacity":[0,1]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ee1cae4b-f226-482e-b263-693c3cef06f7","keyframes":{"transform":["translate3d(0px, 109.11008%, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

There are some RBI guidelines for an education loan that all banks have to comply with.

[{"selector":"#anim-79ca8512-223c-4c4e-b2d2-6e71950edd58","keyframes":{"opacity":[0,1]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-10d52c8b-e1ae-493b-9ef3-7deb4d1aefeb","keyframes":{"transform":["translate3d(0px, 129.86450%, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The RBI guidelines for education loans lays down the need for security against the education loan for a certain amount.

[{"selector":"#anim-eedf69d4-02a9-44b4-884d-ee1d61286341","keyframes":{"opacity":[0,1]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-70d4166f-3e72-4e77-a98e-5a239999afa3","keyframes":{"transform":["translate3d(0px, 100.49684%, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

For amount up to 4 Lakhs- No collateral is required.

[{"selector":"#anim-b08f79eb-7f5f-4daf-9bae-3aca4bf25028","keyframes":{"opacity":[0,1]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-edb245b8-adcf-457a-8e00-09747e984f77","keyframes":{"transform":["translate3d(0px, 135.10567%, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

For amounts more than 4 lakhs- A security deposit equal to 100% of the loan amount in the form of collateral is required.

[{"selector":"#anim-216f707c-0154-47d9-a912-e7a9c27fd737","keyframes":{"opacity":[0,1]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-55ff34d0-584c-4233-ba30-e80bdea8336b","keyframes":{"transform":["translate3d(0px, 144.44444%, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The education loan limit for India is 10 Lakh and Abroad is 20 Lakh

[{"selector":"#anim-0fec19b5-1fe9-4ca1-a2d3-186dd6cd6183","keyframes":{"opacity":[0,1]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-11292156-30be-4033-9fe1-4f362494cfea","keyframes":{"transform":["translate3d(0px, 150.17927%, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

The education loan EMIs cannot be greater than 50% of the salary of the person. Furthermore, the loan amount has to be paid within 8 to 15 years.

[{"selector":"#anim-df49eff3-b1e6-4878-a8c5-50eeb7a34de5","keyframes":{"opacity":[0,1]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-79e11268-75e8-44fc-80e7-71100b6b2d23","keyframes":{"transform":["translate3d(0px, 110.84011%, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]

Click here to learn more about the RBI Guidelines for Education Loan 2023

[{"selector":"#anim-05b1f2ef-e947-4068-ae60-eed2c1c3dc7c","keyframes":{"opacity":[0,1]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a351e585-7476-46aa-9987-03a024365762","keyframes":{"transform":["translate3d(0px, 107.92823%, 0)","translate3d(0px, 0px, 0)"]},"delay":200,"duration":1400,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}]