Student loans can be borrowed by students or their guardians to finance education expenses for higher studies in India or abroad, offering benefits like lower interest rates and flexible repayment schedules. These loans cover costs including tuition, books, and living expenses, with amounts starting from INR 50,000 and possible funding of up to 100% of total educational costs. Additionally, pre-admission sanction letters can be obtained before securing university admission to assist with financial support during the admission and visa processes.