Education Loan to Study Engineering in India
*T&C Apply. Deduction under Section 129 of the Income Tax Act, 2025 (erstwhile Section 80E of the Income Tax Act, 1961) is available only under the old tax regime and shall not be applicable if the taxpayer opts for the new tax regime. Customers are advised to consult their tax advisors for applicability.
Engineering remains one of India's most pursued fields of higher education. India has a large technical education ecosystem with thousands of engineering colleges and technical institutions across the country. Whether you are pursuing a B. Tech at a centrally funded institution or a private deemed university, the cost of an engineering degree, including tuition, hostel, and living expenses, varies considerably depending on the institution and programme. An education loan can help bridge this gap and allow you to focus on your studies without financial pressure.
Why Pursue an Engineering Degree in India?
- Variety of Specialisations: Engineering programmes in India span Civil, Mechanical, Electrical, Computer Science, Chemical, Aerospace, and several emerging disciplines such as Data Science and AI-integrated engineering.
- Nationally Recognised Qualifications: Degrees from institutions approved by AICTE and accredited by the National Board of Accreditation (NBA) are recognised across industries and for further studies abroad.
- Government-Funded Institutions: Centrally-funded technical institutions such as IITs, NITs, and IIITs offer engineering programmes at regulated fee structures, with income-based tuition fee remissions for eligible students.
- Private and Deemed Universities: Institutions such as BITS Pilani offer programmes through merit-based national entrance tests, with fee structures set by the institution.
- Research and Innovation Infrastructure: Several institutions offer research-integrated B. Tech and dual-degree programmes, providing early exposure to applied engineering research.
- Flexible Entry Routes: Admission to engineering programmes is primarily through national-level examinations such as JEE Main, JEE Advanced, and BITSAT, with additional state-level tests for many institutions.
List of Engineering Courses for Students in India
| Engineering Field | What You'll Study / Learn | Popular Specialisations / Career Areas |
|---|---|---|
| Civil Engineering | Structural design, geotechnics, hydraulics, construction materials, and modelling tools | Construction Management, Urban Infrastructure, Environmental Engineering |
| Electrical Engineering | Power systems, electronics, signal processing, control systems | Robotics, Smart Grid, Automation, Power Electronics |
| Mechanical Engineering | Design, thermodynamics, manufacturing, machine dynamics | Automotive, Production, Mechatronics, Aerospace |
| Computer Science & Engineering | Algorithms, software systems, hardware-software integration | Artificial Intelligence, Cybersecurity, Cloud Computing |
| Chemical Engineering | Process engineering, thermodynamics, reaction engineering | Petrochemicals, Pharmaceuticals, Environmental Engineering |
| Other Specialised Fields | Advanced engineering applications | Aerospace, Naval Architecture, Biomedical, Materials Engineering |
List of Universities for Engineering in India and Approximate Fee Structures
| University | Programme | Approx. Tuition Fee Per Semester (₹) |
|---|---|---|
| IIT Bombay | B. Tech (all branches) | ₹1,22,650 approx. for Indian students under the standard fee structure, including tuition fees, admission charges, registration, medical, student welfare fees, and refundable deposits. |
| IIT Delhi | B. Tech (all branches) | ₹22,400 – ₹1,31,000 approx., depending on category and annual family income slab. The fee structure generally includes tuition fees, one-time charges, other academic charges, refundable caution deposit, and institute residence fees where applicable. |
| IIT Madras | B. Tech / B.S. / Dual Degree | ₹60,952 – ₹1,60,952 approx. for Indian students, depending on category and family income slab (General/OBC/EWS/SC/ST/PwD), including tuition, admission, semester, hostel, medical, and refundable deposit charges. |
| NIT Trichy | B. Tech (all branches) | ₹1,22,950 approx. for Semester I, including tuition fees, annual academic charges, one-time admission-related fees, institute development charges, medical and cultural fees, along with refundable institute and library deposits. Subsequent semesters may range between ₹62,500 – ₹95,950 approx., depending on applicable annual charges. |
| BITS Pilani | B.E. (all branches – Pilani, Goa, Hyderabad) | ₹2,91,500 per semester (AY 2025-26, Semester 1) |
Disclaimer: Fee figures are sourced from official university fee circulars/documents for AY 2025-26 and 2026-27. Fees are subject to revision by the respective institutions. SC/ST/PwD students at centrally funded institutions (IITs, NITs) are generally exempted from tuition fees. Income-based remissions may also apply. Please verify directly with the institution before making any financial decisions.
Sources for verification:
- IIT Bombay – Academic Fee Circular 2026-27 (signed official PDF):
https://acad.iitb.ac.in/ug-new-entrants-fees - IIT Delhi – Fee Structure for 2025 Entry UG Students (official PDF):
https://home.iitd.ac.in/uploads/ug/25-26/Fee%20Structure_2025-26_UG%20Entry%20Students.pdf - IIT Madras – UG Admissions 2025 Fee Structure (official PDF):
https://www.iitm.ac.in/sites/default/files/Others/UG_Admission_2025.pdf - NIT Trichy – Institute Fee Structure for 2025 Admission Batch (official PDF):
https://www.nitt.edu/home/admissions/btech/B.Tech._Fee%20Structure_2025.pdf - BITS Pilani – Fee Structure AY 2025-26 (official admissions page):
https://admissions.bits-pilani.ac.in/FD/FD_fee.html
Types of Education Loans for Engineering Students
Broadly, there are two main types of education loans:
- Secured Education Loan: A secured education loan is backed by collateral, such as residential property, fixed deposits, or insurance policies. This collateral will serve as a guarantee for the lender in case the borrower defaults.
- Unsecured Education Loan: An unsecured education loan is a type of student loan that does not require any collateral or security. Approval is based on the borrower’s financial profile.
Eligibility Criteria for an Education Loan
To qualify for a student loan, here are the eligibility criteria:
- Applicant Age: 16 years or above
- Co-Applicant: Generally required can be a parent, spouse, or guardian
- Eligible Students: Those enrolling in bachelor’s or master’s programmes
- Approved Courses: Academic or professional programmes (MBA, MS, MBBS, etc.)
- Recognised Institutions: Universities and colleges accredited in India
Documents Required for an Education Loan for Engineering in India
To apply for an education loan, here’s a checklist of documents you’ll need. Requirements vary slightly based on your co-applicant’s income type.
| Document Type | Details |
|---|---|
| A. Application Form | Completed original or digital loan application form |
| B. KYC Documents | PAN Card or Form 60 (mandatory if PAN is mentioned) ONE valid ID & address proof: Passport / Driving License / Voter ID / Aadhaar / NREGA Job Card / NPR Letter |
| C. Student Education Documents | 12th Marksheet (not needed for UG applicants in 12th or Exec PG) Latest semester/year marksheet or transcript Admission proof (Admission Letter) |
| D. Co-Applicant Financials | |
| → Salaried | Last 6 months salary account bank statements 1 recent salary slip/certificate |
| → Self-Employed (Non-Proprietor) | Last 6 months Current & Savings A/c bank statements Last 2 years ITRs (online acceptable) 44AD: income statement only Tax audit: CA attestation required Optional: Qualification proof, GST/Shop Act/Aadhaar Udyog |
| → Proprietor | Last 6 months Current & Savings A/c bank statements Last 2 years ITRs 44AD: income statement only Tax audit: CA-audited financials (P&L, BS, Computation, Schedules) |
| → No Income | Last 6 months Savings A/c bank statements |
| → Pensioner | Last 6 months Savings A/c with pension credits OR Pension Order |
| E. Collateral Documents (if applicable) | Latest sale deed Property tax receipt Approved building plan or Occupation Certificate |
Interest Rates on Education Loans for Studying Engineering
Get the funds you need for your education with competitive interest rates and zero prepayment or foreclosure charges!
| Feature | Details |
|---|---|
| Interest Rate (Floating) | 9.95%* p.a. onwards |
| Origination Fee | 1.25%* + GST |
| Prepayment & Foreclosure Charges | None |
How to Apply for an Education Loan to Study Engineering
Follow this 3-step process
A simple and transparent journey.
1- Apply Online
Fill out the application form and upload documents.
2- Application Review
Get your sanction letter after our credit appraisal.
3- Funds Disbursed
You are all set to get started.
Expenses Covered Under Student Loan for Engineering
When you take an education loan for studying Engineering, the following expenses are typically covered:
- Tuition fees and academic charges
- Hostel or on-campus accommodation
- Cost of living (food, transport, utilities, etc.)
- Books, lab supplies, and other learning materials
- Laptop or computer (if required for coursework)
- Examination and library fees
- Other education-related expenses as approved by the Credila
Repayment Options for an Engineering Degree Loan
Repayment for Engineering education loans is designed to be student-friendly and flexible:
- EMI-Based Repayment: Start paying in EMIs after the moratorium ends.
- Part-Payment Option: Make partial payments during the course to reduce the total interest.
- Flexible Tenure: Repayment tenure of up to 15 years based on your profile.
- No Prepayment Penalty: You can repay early without any additional charges.
Why Avail Credila’s Education Loan for Study Engineering Abroad ?
Save time. Go online.
Customer-centric processes with just 3 steps to disbursement.
We cover it all
Up to 100% financing of tuition and living expenses.
Start early. Apply before admission.
Benefit from seamless loan sanctions.
Friendly rates. All the way.
Student loans with customised interest rates.
Dream big. Achieve bigger.
Exploring funding for larger education costs? Not a problem.
Pan-India network of branches
Enjoy multi-city co-borrower(s) and collateral flexibility.
The benefit of tax saving
Added tax deductions# that bring down your cost of financing
Flexible payment plans
Repayment tenure of up to 15 years.
No hidden charges
What you see is what you pay.
Disclaimer: Deduction under Section 129 of the Income Tax Act, 2025 (erstwhile Section 80E of the Income Tax Act, 1961) is available only under the old tax regime and shall not be applicable if the taxpayer opts for the new tax regime. Customers are advised to consult their tax advisors for applicability.
#Under the old tax regime. Please consult your Chartered Accountant or Tax Advisor for information specific to you.
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