Education Loans provide to help students achieve their academic objectives. Both in India and out-of-India higher education can benefit from education loans. You can acquire a loan for full-time or part-time courses, as well as loans for working professionals, for higher education.
Table of Contents
Comparison of Education Loans Providers
| SL. No | Name of a Bank | Interest rates | Maximum Loan Amount |
|---|---|---|---|
| 1 | Panjab National Bank | 8.75% – 9.50% pa | As per your need and your creditworthiness |
| 2 | Bank of Baroda | 7.85% – 9.85% pa | up to Rs.1.5 crores |
| 3 | HDFC Bank | 9.55% – 13.25% pa | Up to Rs. 30 Lakhs |
| 4 | State Bank of India | 6.65% – 8.65% pa | Up to Rs.1.5 crore |
| 5 | Axis Bank | 13.70% – 15.20% pa | Up to Rs. 40 Lakhs |
| 6 | Canara Bank | ongoing 1-year MCLR+2% | Up to Rs. 40 Lakhs |
| 7 | IDBI Bank | 6.75% – 8.75% pa | Up to Rs. 10 Lakhs |
| 8 | Federal Bank | up to 7.80% pa | Up to Rs. 20 Lakhs |
| 9 | Bank of India | 8.95% – 9.75% pa | Up to Rs. 40 Lakhs |
| 10 | Union Bank of India | 8.80% – 10.05% pa | Up to Rs. 30 Lakhs |
| 11 | Kotak Mahindra | up to 16% pa | Up to Rs. 20 Lakhs |
| 12 | Tata Capital | Starts from 10.99% pa | Up to Rs. 20 Lakhs |
| 13 | Avanse Financial Services | Varies from person to person | Up to Rs. 50 lakhs |
| 14 | Central Bank of India | 8.50% – 9% pa | No limit if 100% secured |
| 15 | ICICI Bank | starts from 10.50% pa | up to Rs.50 lakhs in India up to Rs.1 crore for abroad |
1] Panjab National Bank(PNB)
PNB provide loan up to your requirements with an interest rate of up to 9.50% pa.
| SL. No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | 8.75% – 9.50% pa |
| 2 | Maximum Loan Amount | As per your need and your creditworthiness |
| 2 | Collateral or guarantee | Above Rs.7.5 lakhs required |
| 4 | Loan Tenure | 15 years+12 months grace period. |
| 5 | Processing fee | Minimum Rs. 10,000 or 1% of Loan Amount |
2] Bank of Baroda
Bank of Baroda provides loans up to 1.5 crores with an Interest rate of up to 9.85% pa.
| SL.No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | 7.85% – 9.85% pa |
| 2 | Maximum Loan Amount | up to Rs.1.5 crores |
| 3 | Collateral or guarantee | Above Rs.7.5 lakhs required |
| 4 | Loan Tenure | 10-15 years |
| 5 | Processing fee | Nil |
3] HDFC Bank
HDFC Bank provides loans up to 30 lakhs with an Interest rate of up to 13.25% pa.
| SL.No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | 9.55% – 13.25% pa |
| 2 | Maximum Loan Amount | Up to Rs. 30 Lakhs |
| 3 | Collateral or guarantee | Above Rs. 7.5 lakhs required |
| 4 | Loan Tenure | up to 15 years |
| 5 | Processing fee | Minimum Rs. 1000 and can go up to 1% of the loan amount |
To know more about HDFC Education Loan CLICK HERE.
4] State Bank of India(SBI)
SBI provides loans up to 1.5 crores with an Interest rate of up to 8.65% pa.
| SL.No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | 6.65% – 8.65% pa |
| 2 | Maximum Loan Amount | up to Rs.1.5 crore |
| 3 | Collateral or guarantee | Above Rs. 7.5 lakhs required |
| 4 | Loan Tenure | up to 15 years + 12 months grace period |
| 5 | Processing fee | varies from scheme to scheme, Maximum Rs.10,000 |
To know about various SBI Education loan schemes CLICK HERE.
5] Axis Bank
Axis Bank provides loans up to 40 lakhs with an Interest rate of up to 15.20% pa.
| SL.No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | 13.70% – 15.20% pa |
| 2 | Maximum Loan Amount | up to 40 lakhs |
| 3 | Collateral or guarantee | Not required but a guardian as co-applicant required |
| 4 | Loan Tenure | up to 15 years |
| 5 | Processing fee | As per bank |
6] Canara Bank
Canara Bank provides loans up to 40 lakhs with an Interest rate ongoing 1-year MCLR+2%, rate may vary.
| SL.No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | ongoing 1-year MCLR+2% |
| 2 | Maximum Loan Amount | up to Rs. 40 lakhs |
| 3 | Collateral or guarantee | Not required |
| 4 | Loan Tenure | up to 15 years+1 year grace period |
| 5 | Processing fee | Nil |
7] IDBI Bank
IBDI Bank provides loans up to 10 lakhs with an Interest rate of up to 8.75% pa.
| SL.No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | 6.75% – 8.75% pa |
| 2 | Maximum Loan Amount | up to Rs. 10 lakhs |
| 3 | Collateral or guarantee | Above Rs. 7.5 lakhs required |
| 4 | Loan Tenure | up to 15 years |
| 5 | Processing fee | As per scheme you choose |
8] Federal Bank
Federal Bank provides loans up to 20 lakhs with an Interest rate of up to 7.80% pa.
| SL.No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | up to 7.80% pa |
| 2 | Maximum Loan Amount | up to Rs. 20 lakhs |
| 3 | Collateral or guarantee | Above Rs. 7.5 lakhs required |
| 4 | Loan Tenure | up to 15 years+1 year grace period |
| 5 | Processing fee | As per Bank |
9] Bank of India
Bank of India provides loans up to 40 lakhs with an Interest rate of up to 9.75% pa.
| SL.No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | 8.95% – 9.75% pa |
| 2 | Maximum Loan Amount | up to Rs. 40 lakhs |
| 3 | Collateral or guarantee | Above Rs. 7.5 lakhs required |
| 4 | Loan Tenure | 1-5 years |
| 5 | Processing fee | Nil if studying in India Rs. 3000-5000 if studying abroad |
10] Union Bank of India
Union Bank of India provides loans up to 30 lakhs with an Interest rate of up to 10.05% pa.
| SL.No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | 8.80% – 10.05% pa |
| 2 | Maximum Loan Amount | up to Rs. 30 lakhs |
| 3 | Collateral or guarantee | Above Rs. 7.5 lakhs required |
| 4 | Loan Tenure | up to 15 years |
| 5 | Processing fee | Nil for Indian Students 0.5% of loan amount+GST |
11] Kotak Mahindra
Kotak Mahindra provides loans up to 20 lakhs with an Interest rate of up to 16% pa.
| SL.No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | up to 16% pa |
| 2 | Maximum Loan Amount | up to Rs. 20 lakhs |
| 3 | Collateral or guarantee | Not required but a guardian as co-applicant required |
| 4 | Loan Tenure | 5-7 years |
| 5 | Processing fee | 2% of loan amount+tax |
12] Tata Capital
Tata Capital provides loans up to 25 lakhs with an Interest rate of up to 10.99% pa.
| SL.No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | Starts from 10.99% pa |
| 2 | Maximum Loan Amount | up to Rs. 25 lakhs |
| 3 | Collateral or guarantee | Above Rs. 4 lakh required |
| 4 | Loan Tenure | 12-72 months |
| 5 | Processing fee | up to 2.75% of loan amount+ tax |
13] Avanse Financial Services
Avanse Financial Services provides loans up to 50 lakhs with an Interest rate not fixed.
| SL.No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | Varies from person to person |
| 2 | Maximum Loan Amount | As per your requirement, usually up to 50 lakhs |
| 3 | Collateral or guarantee | Not required but a guardian as co-applicant required |
| 4 | Loan Tenure | up to 120 months+6+3months grace period |
| 5 | Processing fee | 1-2% of the loan amount, varies from person to person |
14] Central Bank of India
Central Bank of India provides loans as per your requirement with an Interest rate of up to 9% pa.
| SL.No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | 8.50% – 9% pa |
| 2 | Maximum Loan Amount | No limit if 100% secured |
| 3 | Collateral or guarantee | Above Rs. 7.5 lakhs required |
| 4 | Loan Tenure | up to 15 years |
| 5 | Processing fee | Nil |
15] ICICI Bank
ICICI Bank of India provides loans up to Rs. 1 crore with an interest rate of 10.50% pa.
| SL.No | Requirements | Fee and Charges |
|---|---|---|
| 1 | Interest rate | starts from 10.50% pa |
| 2 | Maximum Loan Amount | up to Rs.50 lakhs in India up to Rs.1 crore for abroad |
| 3 | Collateral or guarantee | Above Rs. 40 lakhs required for selected courses and institutions |
| 4 | Loan Tenure | up to 12 years |
| 5 | Processing fee | 1% of loan amount+Tax |
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