Which Banks Provide Education Loan In India?

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Which Banks Provide Education Loan In India
Most floating rates are based on the Repo Rate, with a spread applied before the final effective interest rate is presented to you (EIR).

  • Punjab National Bank Education Loan.
  • SBI Education Loan.
  • Axis Bank Education Loan.
  • Bank of Baroda Education Loan.
  • HDFC Bank Education Loan.
  • Tata Capital Education Loan.

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Which Indian Bank is best for education loan?

List of Educational Loans – Leverage Edu has formulated a list of best education loans in India that can help you reach your dream university:

Bank Student Loan Interest for Indian Universities Student Loan Interest to Study Abroad
Axis Bank 13.70% 13.70%
Bank of Baroda 7.70% 8.35%
Bank of India 9.05% 9.05%
Canara Bank 8.50% 8.50%
Central Bank of India 8.50% 8.50%
Federal Bank 10.05% 10.05%
IDBI Bank 6.90% 8.40%
Indian Overseas Bank 10.65% 10.65%
PNB 7.05% 10.65%
SBI 7.00% 8.80%
UCO Bank 9.30% 9.30%
Union Bank of India 8.40% 8.05%

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Which Bank is providing education loan in India?

#6. State Bank of India Education Loan – Which Banks Provide Education Loan In India Maximum Loan Amount: up to Rs.1.5 Crores SBI grants educational loans of up to Rs.1.50 Crores under the SBI Global Ed-Vantage scheme for foreign studies. The courses include professional & technical degree, PG and diploma courses like MCA, MBA and MS from a reputed university.

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Education loan scheme Rate of Interest
SBI Student loan Scheme 9.30%
SBI Scholar Loan scheme 6.90% to 8.20%
SBI Skill loan scheme 8.80%
SBI Global Ed vantage Scheme 9.30%

Pros:

Up to 9.30% low rate of interestNIL processing fees up to 20 LakhsDifferent loan schemes

Cons:

High processing time15% margin for studies abroad

Expert Tip: ” Personal guarantee from a reputed person for the loan has an added advantage “.
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Is SBI bank provide study loan?

State Bank of India (SBI) offers a wide range of education loans with interest rates that start at 7.95% p.a. The flexible repayment tenures also include a moratorium period after course completion. There are no penalty charges for pre-payment of the loan, which can be done at any time during the loan tenure.
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Do private banks give education loan?

Top 10 Private Banks Education Loan Interest Rates in India

Seeking an education loan from a private sector bank?Compare the rates offered by the top private lenders before choosing the one for you

Education loans are increasingly offered by both public and private lenders to ensure students achieve their aspirations of higher studies. Public lenders may impose a condition for borrowers to have a savings account with them so that the education loan gets sanctioned.
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Why banks are not giving education loan?

Education loan rejection due to Poor CIBIL Score: – To those who have applied for any kind of loan previously, CIBIL score may not be an alien subject. The Credit Bureau of India Ltd, or as it famously called CIBIL is the major governing body that examines every loan applicant’s credit score.

  • This is done so in order to determine an applicant’s worthiness to receive any particular loan.
  • When it comes to education loans, most lenders have very strict policies regarding the CIBIL scores of both, education loan applicants, as well as their co-applicants.
  • A CIBIL score lower than 600 is one of the reasons behind an education loan rejection in a majority of the cases.
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In order to know whether you qualify for an abroad education loan with your current CIBIL score, get in touch with the financial team of WeMakeScholars at the earliest. Let us move on to understand the next factor which invites an education loan rejection.
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Which bank is best for education?

What are the interest rates offered on education loans by top banks? –

Bank / Lending Inst Loan Amount Interest Rate
Axis Bank Maximum of Rs.4 Lakhs 15.20%
Loans ranging from Rs.4 Lakhs to Rs.7.5 Lakhs 14.70%
Loans more than Rs.7.5 Lakhs 13.70%
Bank of Baroda For all loan amounts 8.50% onwards
Canara Bank Vidya Turant Loan Scheme 6.60%
Up to Rs.4 Lakhs 10.40%
Rs.4 Lakhs to Rs.7.50 Lakhs 10.40%
Loans greater than Rs.7.50 lakhs 10.20%
IBA´s Model Loan Scheme for Vocational Education & Training 9.90%
HDFC Bank Minimum APR 9.00%
Maximum APR 13.86%
Average APR 11.57%
Kotak Mahindra Bank For all loan types and amounts 11.5% to 24%
Punjab National Bank PNB Kaushal 8.55% onwards
PNB Saraswati/Udaan 10.30% onwards
PNB Pratibha (applicable to admission in IITs, IIMs and XLRI Jamshedpur) 8.45% onwards
PNB Pratibha (applicable to admission in other colleges) 8.55% onwards
PNB Honhaar 10.45%
State Bank of India Up to Rs.7.5 Lakhs 10.25%
Above Rs.7.5 Lakhs 10.50%
Avanse For all loan types and amounts 10% to 16.50%
Credila For all loan types and amounts 11.85% onwards

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