How Much Education Loan Can I Get
How Much Education Loan Can I Get
Blog Article
Loan Amounts Provided to Students at IIT, NIT, and Private Colleges
Introduction
How Much Education Loan Can I Get? In India, engineering is still one of the most popular career choices, and students compete intensely for admission to prestigious universities like IITs. Even while the academic value is obvious, education can be expensive due to living expenses, housing costs, and tuition.
However, bank loan amounts differ significantly depending on the college's standing. This article examines the loan amounts available to students attending private engineering Colleges, IITs, and NITs in 2025. &what factors influence these limits?
Loan Amounts: A Quick Comparison
| Institute Type | Unsecured Loan Limit | Secured Loan Limit |
| IITs | ₹15 – ₹40 lakh | ₹50 lakh – ₹1 crore+ |
| NITs | ₹10 – ₹25 lakh | ₹30 lakh – ₹75 lakh |
| Private Colleges | ₹4 – ₹10 lakh (if Tier 2/3) | ₹10 lakh – ₹50 lakh (based on collateral) |
Strong co-applicant profiles are necessary for unsecured loans, particularly for students attending private universities.
Secured loans are typically offered for larger sums in all categories and are based on the value of the collateral.
The Reasons Behind Higher Loan Limits for IIT and NIT Students
- Brand Reputation: Because of their high employability, banks view IIT/NIT graduates as low-risk.
- Placement Records: Top organizations with generous compensation packages regularly enroll students at these institutions.
- Government Support: A number of state banks offer unique financing programs through their partnerships with IITs and NITs.
- Institution-based Offers: Depending on the particular college rank and subject, several banks provide customized limitations.
Limited, but not impossible, are private engineering colleges.
Even though students from less well-known private universities may have fewer eligibility, here's how to get more money approved:
- Provide collateral (house, land, FD, LIC policy)
- Have a co-applicant with stable income and a strong credit score.
- Choose AICTE/UGC-approved institutions.
- Maintain academic excellence (some NBFCs reward high scorers)
Popular Loan Schemes by Institution Type
| Bank | Scheme | For | Max Limit |
| SBI | Global Ed-Vantage / Scholar Loan | IITs, NITs | ₹40 lakh – ₹1.5 Cr |
| Bank of Baroda | Baroda Gyan | All | Up to ₹80 lakh |
| Canara Bank | Vidya Turant Loan | Top 50 colleges | ₹20 – ₹40 lakh |
| HDFC Credila | Custom Loans | All (based on profile) | ₹10 lakh – ₹1 Cr |
What Does the Loan Cover?
Exam fees and tuition
Costs of the hostel and mess
Books, a laptop, and lab fees
Travel (for students from abroad)
Insurance and other educational expenses