How to Buy Laptop Through Education Loan?

Your education loans cover tuition fees, living expenses, and travel costs. Do they include other expenses? Many students question this, and the good part of education loans is that "yes," they do. Among these additional expenses, the laptop for educational purposes is also included.

The next question students often ask is, Do these laptop expenses depend on the stream? However, in this modern world, everyone, whether someone is pursuing a degree in engineering, design, or business analytics, a laptop is essential for their coursework, online classes, and research. So, keep on reading and learn how to buy laptops through education loans or consider laptops on EMI for students. 

Types of Expenses Included in Education Loans

Most banks and NBFCs in India allow students to include a wide range of academic and living expenses in their education loans. Here are the types of expenses that a student can get covered in an education loan:

Tuition Fees:

The majority of students get an education loan to pay their tuition fees. Thus, a major part of the education loan is directly disbursed to the university or institution account.

Living Expenses:

Shifting from one state to another or from one country to another. Both these situations require capital to get settled. Sometimes students do add this expense to the loan application under the living costs.

Travel Costs:

Many lenders also offer travel costs for international students, including airfare and visa charges.

Examination and Library Fees:

Costs related to exams, lab access, library use, and other academic facilities. Sometimes this expense gets included in the tuition fees. 

Laptop and Equipment:

To get a student loan to buy laptop, include a laptop quotation can be included as laptops are considered essential tools for students today. These fall under the "equipment" or "books and instruments" category.

Insurance Premium:

Students going abroad require health insurance, which can also be covered by some lenders under the health or travel insurance premiums.

Not all the expenses are mandatory, so you can add or remove any category based on your requirements. This flexibility applies to both domestic and international education loans, ensuring that students are financially supported in all essential areas of their academic journey.

How to Include a Laptop in Your Education Loan Application

An education loan is a formal process; thus, a student loan to buy laptop requires some formalities. Below is the process that you need to follow to get it included in the list: 

Get a Quotation:

Prepare a laptop quotation from a certified seller or online portal based on the features and requirements you need in a laptop. It should include:

• 
  Price (e.g., INR 59,000)
• 
  Brand and specifications
• 
  Validity period of the quote

Add It to the Cost of Education:

When applying for an education loan, ensure your total cost of education includes:

• 
  Tuition fee
• 
  Living expenses
• 
  Travel (if studying abroad)
• 
  Equipment (including a laptop for education purpose)

Most lenders will approve this, provided the laptop cost is justified.

Popular Banks Offering Laptop Coverage

Many Indian lenders provide education loans with the inclusion of the cost of a laptop under approved academic expenses. These loans often feature competitive interest rates, flexible repayment options, and sizable loan limits. Here's a comparison of some of the top lenders:

These lenders often cover tuition and living costs, but also provide funds to manage their other educational purchases like laptops, books, and stationery. When applying, make sure you submit a valid laptop quotation and mention it under the equipment or academic expense section.

Alternative Financing Options to Buy a Laptop

If you are not considering adding the laptop to the education loan, then you can look for alternative options to buy laptops. These options are especially useful for students who are getting a limited education loan amount. Below are a few flexible methods to get a laptops on EMI for students:

Laptop on an EMI:

Non-Banking Financial Companies (NBFCs) like Bajaj Finserv and Credila offer EMI-based financing for consumer electronics, including laptops. These options may come with minimal paperwork and quick approval processes.

Online Retailer EMI Offers:

E-commerce platforms such as Amazon and Flipkart allow students to buy laptops on EMI for students using debit cards, credit cards, or BNPL (Buy Now Pay Later) options. These offers are particularly attractive during sales or student discount events.

Zero-Cost EMI Credit Cards:

Several banks offer zero-cost laptops on EMI for students on credit card purchases. Students with a credit card or access to a family member’s card can use this to buy a laptop without incurring interest, provided payments are made on time.

These financing alternatives are not equivalent to an education loan but can help spread out payments without requiring additional laptop quotation. 

Student Loan vs. EMI – What Should You Choose?

If you’re already taking an education loan, it's smart to include the cost in the loan for buying a laptop. But if not, EMI is a quick and easy way to manage the expense.

Conclusion

A laptop for students is a necessity in today's modern education environment. From research and writing assignments to attending virtual lectures, the laptop is the tool that a student requires to enhance their productivity and academic performance. Fortunately, students now have access to various financing options to afford their basic laptop cost through an education loan or using the flexible EMI plans.

If you are planning to take an education loan for your higher studies, it is wise to factor in the cost of your laptop right at the application stage. Ensure that you are getting an acceptable laptop quotation and mention it clearly under the academic equipment category.

Do you need help figuring these things out? GyanDhan offers a free Education Loan Eligibility Tool that allows students to instantly check their loan eligibility from multiple lenders. It’s quick, simple, and provides real-time insights based on your provided information. You also get a personalized education loan counselor, who will help with the lenders comparison, choose the financing method, and even negotiate the interest rates.

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