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How Much Student Loan Can You Borrow?

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Created on
May 17, 2023


What’s Inside

Got selected to the institute of your dreams but facing a financial crunch? A student loan is tailored to help you realise your aspirations even when they seem unaffordable. Easy to avail and with flexible repayment terms, a student loan allows you to pursue higher education without compromising on quality due to cost. Now, you must be wondering – “How much student loan can I get”? Read on to find out. 

How much education loan can you get?

The amount and terms of a student loan vary depending on the financial institution and the specific loan scheme. Generally, student loans in India are offered by banks, non-banking financial companies (NBFCs), and government-backed organisations such as the Indian Bank Association (IBA) and the National Skill Development Corporation (NSDC).

The loan amount that you can borrow in student loans in India depends on various factors, including:

Course Type

The loan amount may vary based on the type you are pursuing, such as undergraduate, postgraduate, professional, vocational, or skill development courses. 

Institution Type

The loan amount may also depend on whether you study at a recognised university, college, or institution. Loans for studying in premier institutions may have higher loan limits.

Loan Scheme

Different loan schemes have different loan limits. For example, the Central Scheme of Interest Subsidy for Education Loans (CSIS) provides interest subsidies for loans up to a specific limit. The National Backward Classes Finance & Development Corporation’s (NBCDC’s) loan scheme in India offers a maximum loan amount of ₹15 lakhs for studying in India and ₹20 lakhs for studying abroad.


Many student loan schemes require a co-applicant or guarantor, such as a parent or guardian. The income and creditworthiness of the co-applicant/guarantor may influence the loan amount.

Repayment Capacity

The lender will assess your repayment capacity based on your future earning potential, employability prospects, and academic performance. This assessment may impact the loan amount you are eligible for.

It's important to note that each financial institution or organisation offering student loans may have its own specific loan limits, eligibility criteria, and interest rates. Researching and comparing the loan schemes various lenders offer to determine the loan amount that best suits your needs is advisable.

Additionally, it's recommended to consult with the specific financial institution or organisation from which you plan to obtain a student loan to get accurate information about the loan limits and requirements applicable to your situation.

In Conclusion

The student loan you receive may not always be sufficient to address all the various expenses higher education entails. In such a case, you can always bolster it with an instant personal loan. 

Fi Money provides instant loans that arrive directly in your account. These are pre-approved personal loans made available to select users with good credit scores. On Fi, this process is 100% paperless, and the loans are provided at competitive interest rates — where each user remains in control with complete visibility of all details. Plus, you can avoid EMI late fees by setting up automatic in-app payments. Our licensed partner bank assigns an eligible loan amount to each user (up to ₹5 lakhs).

Frequently Asked Questions

What is the maximum amount a student can borrow?

The maximum amount you can borrow depends on various factors, such as your credit history, repayment ability, the nature of the course being pursued, the institution you’re applying to, and the lender’s policies and schemes. Pledging collateral can get you a higher amount versus an unsecured student loan. Typically, you secure a loan from ₹15 L to ₹50 L based on how you fare in the aforementioned evaluation criteria and the lending institution you have applied to. 

Can we take 2 student loans?

Theoretically, the option is provided by a select few lenders. Since a second student loan is bound to put an additional financial strain on you and increase your monthly repayment instalments, experts suggest taking a single loan for a larger amount, instead of you. However, if you need to take a second loan, then you may require a NOC (No Objection Certificate) from the previous lender, have a very good credit score, and show sufficient funds at your disposal to repay both loans. You may likely be required to pledge collateral for the second student loan.


Fi Money is not a bank; it offers banking services through licensed partners and investment services through epiFi Wealth Pvt. Ltd. and its partners. This post is for information only and is not professional financial advice.
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