Key features of an education loan:

• Loan amount: The loan amount can vary depending on the course, institution, and the borrower's financial needs.
• Interest rate: The interest rate charged on an education loan can be fixed or variable, and it may differ based on the lender and the borrower's creditworthiness.
• Repayment terms: The loan can be repaid in installments over a specified period, typically ranging from a few years to several decades.
• Processing fees: The lender may charge processing fees to cover the costs of processing your loan application.
• Collateral requirements: Education loans can be secured or unsecured. Secured loans require collateral, such as property or assets, while unsecured loans do not.
• Moratorium period: Many education loans offer a moratorium period, during which the borrower is not required to make any repayments. This period is typically equal to the duration of the course.

Types of education loans:

• Government-sponsored education loans: Offered by government agencies, these loans often come with subsidized interest rates and other benefits.
• Bank education loans: Offered by commercial banks, these loans may have higher interest rates but offer more flexibility in terms of repayment terms.
• Private education loans: Offered by private financial institutions, these loans may have higher interest rates and stricter eligibility criteria.