Repayment of education loans generally begins after the moratorium period ends. The repayment tenure can range from five to fifteen years depending on the loan amount and agreement terms. It's important for students and their families to understand the repayment structure before accepting the loan. Missing repayments can affect both the student’s and the co-applicant’s credit scores. Some institutions provide options for flexible EMIs or part-prepayment to ease the burden of repayment.
Applying for an education loan typically involves submitting various documents, including proof of admission, academic records, identity proof, income documents of the co-applicant, and collateral documents if applicable. Digital loan applications have made the process smoother in recent years, allowing students to compare different loan options online, calculate EMIs, and even get pre-approvals. However, thorough research is crucial to avoid hidden fees or overly restrictive loan conditions.