Best Education Loan In India?
Best Education Loan in March 2023 – State Bank of India : Best customized education loan with low interest rates. Punjab National Bank : Best for students in the OCI category, or born abroad but studying in India. ICICI Bank : Best for studies in reputed colleges and universities in Canada.
- Bank of Baroda : Best in loans for child’s studies pursuing schooling from nursery to class XII.
- Bank of India : Best in loans with nil processing fees and lower interest rates.
- Bank of Maharashtra : Best in loans to get concessions on rate of interest for meritorious students.
- Central Bank of India : Best education loan for executives pursuing MBA from reputed management institutes.
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Contents
- 0.1 Which bank is best for applying education loan?
- 0.2 Which bank in India gives education loan easily?
- 0.3 Which bank gives lowest interest rate for education loan in India?
- 0.4 Which bank is best for International student loan in India?
- 1 Can I get 50 lakhs education loan?
- 2 Can I get a education loan of 25 lakhs in India?
- 3 What is the maximum education loan limit in India?
- 4 Which Bank has highest interest rate on education loan?
Which bank is best for applying education loan?
Compare Top Education Loan Offers 2023
| Name of Bank | Interest Rate (p.a.) |
|---|---|
| SBI | 8.55% onwards |
| Axis Bank | 13.70% to 15.20% |
| Bank of Baroda | 9.15% onwards |
| HDFC Bank | Preferential rates as per the college or the university |
Which bank in India gives education loan easily?
Education Loan
Bank of Baroda Digital education loan is here to assist you finance your dream education & career ambitions. Loan Amount: No Collateral for Premier Institutes Maximum Tenure: No prepayment charges
A loan given out to parents of an Indian national/residing student for schooling at a recognized institute. This loans covers other expenses such as purchase of books and computer/laptop required for education. Loan Amount: Rs.4 lakhs
This education loan is specifically designed Indian students pursuing graduation, post-graduation, or any other professional courses in India. To avail this loan, the student should have secured admission in the course. Loan Amount: Maximum Rs.125 lakhs Maximum Tenure: 10-15 years
An education loan scheme given for MBA, MCA, MS, and other notified courses that help with job creation. To avail this education loan in India, the student must have secured admission to the notified institute and course. Loan Amount: Maximum Rs.150 lakhs Maximum Tenure: 10-15 years
This student education loan is given to Indian nationals who have secured admission into premier educational institutions in India. The loan amount depends on the categorization of the institute. Loan Amount: Up to Rs.80 lakhs Maximum Tenure: 10-15 years
A loan designed for students pursuing technical courses. Any Indian national who has secured admission in a course run by Industrial Training Institutes or National Skill Qualification Framework., etc shall be covered by skill loan. Loan Amount: Rs.1.50 lakhs Maximum Tenure: Up to 7 years
Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. This portal has been developed under the guidance of Department of Financial Services
A student can apply for an education loan and get loan subsidy by checking his eligibility under few government subsidy schemes.
This study loan is offered to resident Indians who must have secured admission in the institute and should be employed during the course of study. Loan Amount: Maximum of Rs.20 lakhs Maximum Tenure: 10-15 years
A study loan given for executive development programmes abroad. The student must have secured admission in the university and be employed while applying & during the course of study. Loan Amount: Up to Rs.80 lakhs
A loan that helps provide a meritorious student in the Delhi the opportunity to pursue higher education with the financial support from the banking system, within reasonable terms and conditions. Loan Amount: Maximum Rs.10 lakhs Maximum Tenure: 15 years
Education loan or student loan is a form of monetary assistance availed by students to meet the expenses associated with their studies. The student loan includes expenses related to school fees, post-secondary education or cost associated to higher education. Bank of Baroda offers various education loans at attractive interest rates with repayment tenure of up to 15 years. No collateral needs to be provided for education loans of up to Rs.40.00 lakh for the identified premier institutes. Maximum Education Loan limit is Rs.125.00 lakh for study in India and Rs.150.00 lakh for study abroad. Opting for an education loan reduces the strain on existing savings and eliminates the need to liquidate the existing investments. The interest on an education loan is eligible for a tax rebate under Section 80 E of the Income Tax Act 1961 To apply for education loan online one needs to visit the bank’s website The student applying for the education loan must be a resident of India. He/she must have confirmed admission in recognized educational institutes in India or abroad. For study in India one can get Education Loan up to – Rs.125.00 lakh For study abroad one can get Education Loan up to – Rs.150.00 lakh Starting from BRLLR+0.25 % for study in India & BRLLR+1.75% for study abroad. For Current ROI kindly visit our page. The education loan can be paid using any online channel like net banking, mobile banking etc. The Borrower will have also a choice to pay the Education loan by visiting the nearby branch. Co-applicant should normally be parent(s)/guardian of the student borrower. In case of a married person, joint borrower can be either spouse or the parent(s)/parents-in-law as a co-applicant for Education Loan.
: Education Loan
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Which bank gives lowest interest rate for education loan in India?
Central Bank of India provides education loans to students to study in India and abroad with interest rates starting from 6.85%. The bank also offers concession rates for female students.
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Can I get 20 lakhs education loan without collateral?
Collateral Required for Education Loan According to the rules, collateral security is not needed for loans up to Rs.4 lakh. Only when the loan surpasses a predetermined sum determined by the bank will collateral and a third-party guarantee be necessary.
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Which bank is best for International student loan in India?
3. The Punjab National Bank: PNB Udaan Scheme – Punjab National Bank abbreviated is also known as the best bank for study loans for abroad studies. The Punjab national bank offers education loans for abroad studies under the PNB Udaan scheme.
| Education loan terms | PNB Udaan Education Loan Scheme |
| Loan amount range | Need-based finance |
| Interest rate | 11.75% |
| Loan Margin | Up to INR 4 lakhs – NIL Above INR 4 lakhs – 15% |
| Total Loan Tenure | Up to 15 years |
| Total Expenses Covered | All expenses related to the course abroad |
| Processing Fees | 1% minimum INR.10000/- (Refundable after 1st Disbursement) |
| Moratorium Period | Course period + 1 year |
Can I get 50 lakhs education loan?
Axis Bank India offers education loans at attractive interest rates for a loan amount ranging from Rs 50,000 to Rs 75 lakh.
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Can I get 40 lakhs education loan in India?
The quantum of education loan ranges from Rs.50,000 to Rs.40 lakhs.
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Is education loan good in India?
Student Education Loan in India – Pros and Cons Are you trying to decide if taking out a student education loan in India to pay for college makes sense for you? Are you wondering if the cost of an education loan is worth it in the long run? The answer to both of these questions is a big yes.
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Can I get education loan without parents?
FAQs: Is co borrower compulsory for education loan? Yes, a co-borrower or a co applicant is necessary for education loan. The primary purpose of co applicant is to be in touch with someone in your family when you are abroad for your study.
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Can I get a education loan of 25 lakhs in India?
Basic Criteria for Educational Loan One of the most vital questions that you may wonder about is the amount of the educational loan. In general, you can get up to 4 lakhs of educational loan for higher studies without any collateral. Under education loan scheme, you can get a maximum of 15 lakhs for studies in India and more 25 lakhs for abroad studies.
- When you take education loan up to 4 lakhs, only the student and the parent have to sign the document and no collateral are necessary.
- However, if your loan amount is between 4 lakhs and 7.5 lakhs, you will have to provide third party guarantee to the bank.
- If the loan is above 7.5 lakhs, you will have to furnish the bank with collateral documents.
These are documents of any securities like NSC which the bank can sell to recover the amount if you fail to pay. How to apply for an educational loan for higher studies? In order to apply for an educational loan, you will have to prepare a number of documents beforehand.
- The process goes as follows: Once you have determined to study at an institution and completed the process of admission, then you will have to concentrate on taking out an educational loan.
- Here are the documents which you should keep ready: You will have to provide a proof of admission to the selected recognized institution.
Proof of your consistently high academic performance along with the last mark sheet will need to be produced. The cut-off marks generally differ from general students to reserved students. You need to produce a schedule of fees. Depending on the amount that you are applying for, you will need to produce income statement, statement of assets and liabilities etc.
If you are going to study abroad, you need to produce your passport with a valid visa also. Your education loan will cover a number of things in addition to your tuition fees. These include hostel fees, exam fees, library fees, purchasing books, travel and other expenses for educational projects. After all the documents have been submitted and verified, you will have to appear for an interview.
It is best to know as much as possible about the course and the institutions that you have chosen. It takes around 15 days for an educational loan to be sanctioned. Once it has been sanctioned, you will get a promissory note which you will have to sign.
- In most cases, banks pay the institution directly and or to you.
- You should check the repayment clause.
- In most cases, repayment starts six months after the end of the course or as soon as you get a job – whichever comes earlier.
- Interest rates on educational loans depend on a number of factors.
- In general, they vary between 10% and 15% rates of interest.
You can claim tax deduction on the interest of the education loan. However, no deduction can be claimed on the principal. : Basic Criteria for Educational Loan
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Can I get 30 lakh education loan for abroad?
State Bank of India – SBI offers a maximum amount of INR 30 lakhs as an education loan for studying abroad with a loan margin of 15%. The Interest rate charged on the loan amount is up to 2% on the current base rate of SBI. Further, the loan repayment tenure can be 1 year to 15 years.
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Which school loan has no interest?
Subsidized Loans are loans for undergraduate students with financial need, as determined by your cost of attendance minus expected family contribution and other financial aid (such as grants or scholarships). Subsidized Loans do not accrue interest while you are in school at least half-time or during deferment periods.
- Unsubsidized Loans are loans for both undergraduate and graduate students that are not based on financial need.
- Eligibility is determined by your cost of attendance minus other financial aid (such as grants or scholarships).
- Interest is charged during in-school, deferment, and grace periods.
- Unlike a subsidized loan, you are responsible for the interest from the time the unsubsidized loan is disbursed until it’s paid in full.
You can choose to pay the interest or allow it to accrue (accumulate) and be capitalized (that is, added to the principal amount of your loan). Capitalizing the interest will increase the amount you have to repay. See http://www.sfa.ufl.edu/debt-management/ “Debt Management & Student Loans” for more important information on the capitalization of interest.
| Loan Type | Borrower | Interest Rate (for loans disbursed from 7/1/22 to 7/1/23) | Interest Rate (for loans disbursed from 7/1/21 to 7/1/22) | Origination Fee (for loans disbursed from 10/1/21 to 9/30/23) |
|---|---|---|---|---|
| Subsidized | Student | 4.99% Fixed for undergraduates | 3.73% Fixed for undergraduates | 1.057% |
| Unsubsidized | Student | 4.99% Fixed for undergraduates | 3.73% Fixed for undergraduates | 1.057% |
| Unsubsidized | Grad Student | 6.54% Fixed for graduates | 5.28% Fixed for graduates | 1.057% |
| PLUS | Parent PLUS | 7.54% Fixed | 6.28% Fixed | 4.228% |
| PLUS | Grad PLUS | 7.54% Fixed | 6.28% Fixed | 4.228% |
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More information regarding student loans, program requirements, and managing repayment can be found at https://studentaid.gov StudentAid.gov,
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Which bank is best for education loan abroad?
State Bank of India – SBI offers education loans for abroad studies to pursue postgraduate degrees in nations like Italy, Russia, the United States, the United Kingdom, Finland, Austria, Norway, Poland, Denmark, Germany, Ireland, Spain, New Zealand, Canada, Singapore, etc.
That are job-oriented for professional and technical graduates. These courses include but are not limited to, MBA, MCA, MS, diploma programmes at reputable colleges, etc. The SBI education loan for abroad pays for tuition, books and equipment costs, exam fees, lab and library fees, caution deposits, travel costs, and more.
Highlights of SBI education loan for abroad
Up to Rs.1.50 crore in loans, with a minimum loan amount of Rs.7.50 lacs Favourable interest rate Online application process that is quick Loan sanction prior to i20/Visa Repayment through EMI upto 15 years Tax benefit: Under 80(E) Application processing fee is Rs 10,000
SBI offers a moratorium period or repayment holiday of 6 months after the course completion, The borrower has to submit the college admission letter, completed loan application form, course costs, co-applicant details and other KYC documents to the bank. Required Documents
| Class 10th, 12th, Graduation mark sheets (if applicable), entrance exam result | Offer Letter |
| Course expenses schedule | Scholarship letter copies |
| Gap certificate (if applicable) | Passport size picture of student/parent/co-borrower |
| Co-applicant’s asset-liability statement | Last 6 months’ bank account statement of parent/guardian/guarantor |
| Latest salary slip and Form 16 (for salaried people) | PAN |
| Aadhaar | Passport |
| OVD submission |
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What is the maximum education loan limit in India?
Instant Loan for Students | Education Loan Apply Online | UBI
| 1. PURPOSE | |||||||||||
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To the meritorious students to pursue higher / professional/ technical education in recognized institution in India & Abroad. |
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| 2. STUDENT ELIGIBILITY | |||||||||||
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Should be an Indian national. Should have secured admission in India or abroad to pursue higher / professional/ technical education, through appropriate selection process and cleared the qualifying examination, if any. NRI student should hold Indian Passport & has secured admission to a course for studies in India only. |
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| 3. AGE OF THE STUDENT | |||||||||||
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No restriction with regard to the minimum and maximum age. |
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| 4. CO-APPLICANT | |||||||||||
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The parent(s) of the student has to compulsorily join in as co-applicant. In case of a married person, co-applicant can be spouse/parent(s)/parent(s)-in-law. In cases where both the parents are not alive, close relative or guardian to be taken as co-applicant. The co-applicant should be Indian national |
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| 5. ELIGIBLE COURSES** | |||||||||||
| Courses covered in India:
Graduation / post-graduation / diploma courses from recognized universities Technical / professional / management courses PhD courses Courses covered outside India: Graduation / post-graduation degrees offered by recognized universities Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes PhD courses Diploma courses abroad are not covered |
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| 6. LOAN IN SUBSEQUENT YEARS OF COURSE | |||||||||||
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Educational loans can also be considered for eligible students in case they approach the bank in the subsequent years of the course provided the student has not availed loan for initial years from any other bank / FI. |
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| 7. QUANTUM | |||||||||||
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Need based finance to meet the expenses will be considered taking into account margins norms. There is no restriction on maximum amount of loan that can be sanctioned under the education loan scheme. For NRI students Maximum quantum Rs.20 Lakhs & Rs.30 Lakhs for premium institutes. |
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| 8. MARGIN | |||||||||||
Scholarship / assistance to be included in margin Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis |
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| 9. EXPENSES CONSIDERED | |||||||||||
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Tuition fee payable to college/ school/ university Hostel / mess charges Examination/ Library/ Laboratory fee Insurance premium for the student borrower Caution deposit, Building fund/ refundable deposit supported by Institution bills/ receipts Purchase of books/ equipment’s/ instruments/ uniforms Purchase of computer/laptop at reasonable cost, if required for completion of the course Travel expenses/ passage money for studies abroad Admission acceptance fee Any other expense required to complete the course – like study tours, project work, thesis, etc. |
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| 10. REPAYMENT TENURE | |||||||||||
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The maximum repayment tenure will be 15 years (after course & moratorium period) Irrespective of quantum of loan. The accrued interest during the moratorium period (if not serviced) will be added to the principal amount while calculating Equated Monthly Installments (EMI) for repayment. |
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| 11. RATE OF INTEREST | |||||||||||
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to know our latest interest rates If interest is regularly serviced during the course and moratorium period, i.e. prior to the commencement of repayment, then the student is eligible for interest rebate. Simple interest will be calculated during course / moratorium period; subsequently compounding interest will be charged. |
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| 12. EDUCATION LOAN SECURITY | |||||||||||
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The security required is as mentioned below:
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Life insurance of the student is mandatory to the tune of the loan amount.
for EMI Calculator
ul> The loan shall be sanctioned / disbursed from the branch nearest to the place of domicile of the student Loan would be disbursed directly to the institute
**Conditions Apply** **Contact our nearest Branch for more details** for apply online loan
: Instant Loan for Students | Education Loan Apply Online | UBI
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Can I get 100% loan to study abroad?
Yes, you can get 100% education loan for your education abroad.
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Can international students get loans India?
The best way to pay for international study is to take an education loan. Depending on the institution chosen and the duration of study, banks in India provide a variety of programs. HDFC Bank:
| Interest Rate | 9.55% p.a. onwards |
|---|---|
| Maximum Loan Amount | Rs.30 lakh |
| Maximum Tenure | 15 years including moratorium period |
How to get education loan without interest?
FAQs on. Can I get an education loan from the bank at zero rate of interest? No, it is not possible to get an education loan at zero rate of interest from the bank. However, you can apply for various scholarships or check for government subsidies to get an interest-free education loan.
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Which Bank has highest interest rate on education loan?
Education Loan Interest Rate in India – A student can apply for an education loan as per their financial needs, but for that, students must have a thorough knowledge of the interest rates that the banks are offering. All banks provide loans with a variety of interest rates. So, refer to this table below to know the education loan interest India.
| S.no | Name of the bank | Interest rate offered | Maximum loan amount in India | Repayment tenure |
| 1. | State Bank of India | 9.30% for males 8.80% for females | 1.5 Cr | Upto 15 years |
| 2. | Bank of Baroda | Upto 7.5 lakhs- 7.95% Above 7.5 lakhs-7.70% | Prime: Upto 80 Lakhs Non-Prime: Upto 60 Lakhs | Up to 15 years |
| 3. | Punjab National Bank | Upto 7.5 lakhs- 11.40% for males 10.90% for females Above 7.5 lakhs- 11.15% for males 10.65% for females | Upto 10 Lacs- In India Upto 20 Lacs- In Abroad | Up to 15 years |
| 4. | Canara bank | Upto Rs 7.5 Lacs – 10.70% for males 10.20% for females Above 7.5 Lacs – 10.50 % for males 9.95% for females | Upto 10 Lacs- In India Upto 20 Lacs- In Abroad | Up to 15 years |
| 5. | Central bank of India | Upto Rs 7.5 Lacs – 9.00% for males 8.50% for females Above 7.5 Lacs – 9.00% for males 8.50% for females | Upto 10 Lacs- In India Upto 20 Lacs- In Abroad | Up to 15 years |
| 6. | Bank of Maharashtra | Upto Rs 7.5 Lacs 8.90 % Above 7.5 Lacs – 8.55 % | Upto 10 Lacs- In India Upto 20 Lacs- In Abroad | Up to 7 years |
| 7. | Bank of India | Upto Rs 7.5 Lacs- 10.35 % Above 7.5 Lacs – 9.85 % | Upto 10 Lacs- In India Upto 20 Lacs- In Abroad | Up to 15 years |
| 8. | UCO Bank | Upto Rs 7.5 Lacs- 9.10 % Above 7.5 Lacs – 9.50 % | Upto 10 Lacs- In India Upto 20 Lacs- In Abroad | Up to 15 years |
| 9. | Indian Overseas Bank | Upto Rs 7.5 Lacs- 10.65 % Above 7.5 Lacs- 11.65 % | Upto 30 Lacs- In India Upto 40 Lacs- In Abroad | Up to 7 years |
| 10. | United Bank of India | Upto Rs 7.5 Lacs- 11.40 % for males 10.90% for females Above 7.5 Lacs- 11.15 % for males 10.65% for females | Upto 10 Lacs- In India Upto 20 Lacs- In Abroad | Up to 15 years |
Note: The above-mentioned interest rates are correct as of the date of publishing the article as they are subject to change with the change in the market factors. These are the top 10 Government bank’s latest education loan interest rates in India. Many students prefer Government banks because of the low interest rates they offer but as we all know how slow the Government banks are, we recommend you to apply through Vidyaloans.
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Can I get 20 lakhs education loan?
Instant Loan for Students | Education Loan Apply Online | UBI
| 1. PURPOSE | |||||||||||
|
To the meritorious students to pursue higher / professional/ technical education in recognized institution in India & Abroad. |
|||||||||||
| 2. STUDENT ELIGIBILITY | |||||||||||
|
Should be an Indian national. Should have secured admission in India or abroad to pursue higher / professional/ technical education, through appropriate selection process and cleared the qualifying examination, if any. NRI student should hold Indian Passport & has secured admission to a course for studies in India only. |
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| 3. AGE OF THE STUDENT | |||||||||||
|
No restriction with regard to the minimum and maximum age. |
|||||||||||
| 4. CO-APPLICANT | |||||||||||
|
The parent(s) of the student has to compulsorily join in as co-applicant. In case of a married person, co-applicant can be spouse/parent(s)/parent(s)-in-law. In cases where both the parents are not alive, close relative or guardian to be taken as co-applicant. The co-applicant should be Indian national |
|||||||||||
| 5. ELIGIBLE COURSES** | |||||||||||
| Courses covered in India:
Graduation / post-graduation / diploma courses from recognized universities Technical / professional / management courses PhD courses Courses covered outside India: Graduation / post-graduation degrees offered by recognized universities Certified degree courses conducted by CIMA, London, CPA, USA and other such institutes PhD courses Diploma courses abroad are not covered |
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| 6. LOAN IN SUBSEQUENT YEARS OF COURSE | |||||||||||
|
Educational loans can also be considered for eligible students in case they approach the bank in the subsequent years of the course provided the student has not availed loan for initial years from any other bank / FI. |
|||||||||||
| 7. QUANTUM | |||||||||||
|
Need based finance to meet the expenses will be considered taking into account margins norms. There is no restriction on maximum amount of loan that can be sanctioned under the education loan scheme. For NRI students Maximum quantum Rs.20 Lakhs & Rs.30 Lakhs for premium institutes. |
|||||||||||
| 8. MARGIN | |||||||||||
Scholarship / assistance to be included in margin Margin may be brought-in on year-to-year basis as and when disbursements are made on a pro-rata basis |
|||||||||||
| 9. EXPENSES CONSIDERED | |||||||||||
|
Tuition fee payable to college/ school/ university Hostel / mess charges Examination/ Library/ Laboratory fee Insurance premium for the student borrower Caution deposit, Building fund/ refundable deposit supported by Institution bills/ receipts Purchase of books/ equipment’s/ instruments/ uniforms Purchase of computer/laptop at reasonable cost, if required for completion of the course Travel expenses/ passage money for studies abroad Admission acceptance fee Any other expense required to complete the course – like study tours, project work, thesis, etc. |
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| 10. REPAYMENT TENURE | |||||||||||
|
The maximum repayment tenure will be 15 years (after course & moratorium period) Irrespective of quantum of loan. The accrued interest during the moratorium period (if not serviced) will be added to the principal amount while calculating Equated Monthly Installments (EMI) for repayment. |
|||||||||||
| 11. RATE OF INTEREST | |||||||||||
|
to know our latest interest rates If interest is regularly serviced during the course and moratorium period, i.e. prior to the commencement of repayment, then the student is eligible for interest rebate. Simple interest will be calculated during course / moratorium period; subsequently compounding interest will be charged. |
|||||||||||
| 12. EDUCATION LOAN SECURITY | |||||||||||
|
The security required is as mentioned below:
|
/td>
Life insurance of the student is mandatory to the tune of the loan amount.
for EMI Calculator
ul> The loan shall be sanctioned / disbursed from the branch nearest to the place of domicile of the student Loan would be disbursed directly to the institute
**Conditions Apply** **Contact our nearest Branch for more details** for apply online loan
: Instant Loan for Students | Education Loan Apply Online | UBI
View complete answer
Can I get 40 lakhs education loan in India?
The quantum of education loan ranges from Rs.50,000 to Rs.40 lakhs.
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