How does an education loan work?

The education loan will cover the cost of your course as stated in your application.

Education loans come with two repayment options– flat rate or monthly rest option. Flat rate options are fixed repayments throughout the loan tenure, while monthly rest repayments have a varying interest rate from month to month but typically tend to be lower.

The tenure for education loans range from 1 to 10 years. Some banks allow you to defer repayments until your course is completed. Banks may also offer free insurance along with your loan, for coverage of accidental death or permanent disability during the period of loan repayment.