Want to get an education loan for a PhD? Know its step-by-step process.

Academic Loans for Ph.D.: Beginning studies for a Doctor of Philosophy (PhD) degree is the pinnacle of any student’s educational journey. This acquisition of knowledge at a higher level equips the students with many qualities and prepares them for a bright future. Along with this, it also serves as a motivation for proper career progression in their chosen field. PhD programs last approximately 3 to 6 years and vary by field of specialization and university. This requires a strong commitment to rigorous research and scholarly inquiry.

Taking this journey forward involves choosing an educational institution. This means choosing a well-ranked university, which should have a comprehensive curriculum tailored to one’s research focus. However, the pursuit of excellence is often associated with financial aspects as well. Many students recognize investing in their education as a stepping stone to future success. Therefore, they opt for an education loan to provide the necessary finances to pursue a PhD degree.

Here we are providing important information regarding education loan for doing PhD in India or abroad.

1. Finance to fulfill your doctoral dreams – Benefits of an educational loan for Ph.D

These education loans work well to provide quality education while protecting the family’s financial savings while covering expenses like tuition fees and living expenses. By raising finances independently for their higher education, students can achieve self-reliance. There is also room to build a positive credit score by paying down this initial attempt at borrowing. A good credit history can provide many advantages when choosing other financial solutions such as credit cards, car loans or home loans later in life. Also, instead of draining the family’s savings by taking an education loan, it can be saved for emergencies.

2. Types of Academic Loans for Doctoral Degrees

Financial institutions generally offer two types of education loans: secured (with collateral) and unsecured (without collateral). Students can choose either one based on their personal preferences and financial needs. Collateral can include a variety of assets, with residential property and non-agricultural land often accepted. Regardless of the type of education loan, the financier will thoroughly evaluate the student’s profile to determine the eligibility. Hence aspects like academic performance, marks obtained in entrance examination, university record, consistency in education etc. will be evaluated. An education loan will be approved only if the students meet the criteria set by the lender.

3. Guidelines on Academic Loans for PhD Students

To be eligible for an education loan for a PhD degree program, the borrower must meet certain criteria:

Applicant must be an Indian citizen of 18 years or above.

Prior to the allotment of credit, the applicant’s admission to the relevant degree program must be confirmed.

For most institutions, it is mandatory to have a co-applicant earning money in India to process the application.

4. Documents required to apply for education loan

While applying for an education loan for a PhD program, whether abroad or in India, there are some required documents that the borrower and co-applicant must provide:

Documents required by the borrower include academic transcripts, proof of admission to the degree program, fee structure of the chosen institution, valid photo identification, two passport size photographs, proof of address (such as electricity bill), date of birth certificate and loan. Included. A document confirming the signature of the recipient is included.

Documents required for the co-applicant include valid photo ID, two passport size photographs, proof of residence, proof of date of birth and a document attesting his signature. Additionally, proof of the co-applicant’s income, such as a pay slip or income tax return, must also be submitted. In case of secured loan, collateral documents also need to be provided.

5. Application process for education loan

It is wise for students to contact their chosen lender before submitting their application. It shows their special requirements regarding documents and loan approval criteria. This step can help students streamline the application process and increase their chances of getting the desired education loan. Many financiers have made the application process online, so you should be aware of that as well.

For example, students can apply for advanced education loans in these 4 easy steps.

  1. Visit the website and fill the online application form.
  2. Talk to Evans advisors.
  3. Share necessary documents and
  4. Get an education loan if they tick all the boxes.

6. Methods of repayment of PhD education loan

Education loan repayment can be easily done in the following ways.

Interest Payment During Study: The borrower can pay simple or partial interest during the loan suspension period. It is important to recognize that the moratorium period provides a grace period, but it is not an interest-free period. As a result, the interest accrued during this period will increase the overall repayment costs for the education loan. Also, starting the payment process early instills financially savvy habits in the student community.

Equated Monthly Installments (EMI) – EMI is a widely chosen method of education loan repayment. Under this process, the borrower has to make a fixed monthly payment, which includes both the principal amount of the loan and the interest rate applicable on the education loan.


So with this in-depth understanding of student loans, students can confidently pursue academic success without worrying about financial hurdles. These loans cover all higher education expenses such as tuition fees, travel expenses, accommodation expenses, cost of educational equipment, living expenses and other study-related expenses, allowing students to finance their education independently. is allowed. By opting for an academic loan, students can turn their PhD aspirations into reality, opening up vast opportunities for learning and career growth.

The author of this article, Rajesh Kachhave, is Chief Business Officer, Student Lending and Insurance Business at Evans Financial Services. The views expressed are his own.

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