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Education Loan: Education loans, sometimes known as student loans, are advances made to students by banks or other financial organisations to help cover the costs of their higher education. High-achieving students are provided financial help to attend universities abroad under this unique loan programme. Every student wants to go overseas to further their studies. Beautiful scenery, cutting-edge infrastructure, the best education system , and the promise of a better way of life are just a few of the things that tempt students to leave the comfort of their homes for distant places.

All of this comes at a cost, though. Students' aspirations to pursue higher education overseas are sometimes shattered by universities' expensive tuition fees and students' disproportionately high living expenses when compared to India. Scholarship Programmes and similar initiatives by various private and public institutions have made studying abroad possible for limited students who possess the gift of the brain, leaving the majority out.

Also, the accelerating education expenses, rupee depreciation, as well as inflation, have resulted in applicants searching for clever ways to deal with their overseas study expenses. It is here that Indian public and private banks along with other financial institutions have stepped in to provide Education Loans to students of all calibres to pursue their dream of studying abroad by providing them with financial assistance. However, there is a stringent eligibility criterion that has been laid down by financial institutions for student loan schemes and it is very important for students to satisfy them to be eligible for Education Loans for studying abroad.

It has been observed that over the past ten years, a higher number of students in India have been taking education loans.