Education loan is very helpful for students who want to study higher but because of financial reasons, they are unable to chase their dreams.
The government of India promote banks to provide education loans to the candidates and also provides scholarships to deserving candidates so that nothing can stop them from chasing their dreams.
Financial crises can’t snatch the right to education from the needy and deserving candidates, with the help of these Education loans In India, various banks provide education loans on different norms and terms with different rates of Interest and policies of returning the principal amount and interest amount. Here in this article, we are going to discuss. List of Best Education Loans in India
List of 11 Best Education Loans in India.
1. State Bank of India Education Loan
The State Bank of India is a well-recognized bank in India that provides various benefits and facilities to its users. SBI bank provides loans at low interest as compared to others, and their main motive behind providing these loans at low interest is to encourage the candidates to continue their education and not stop because of money.
The bank provides the facility of education loans to fulfill the dream of further education abroad or to get a degree from a high-grade university in the country.
The candidates can check the main website of SBI Bank for further details about the bank loan.
SBI Maximum Loan Amount: up to Rs. 1.5 Crores
SBI also provides education loans at one of India’s lowest interest rates.
|SBI Education Loan Scheme||Rate of Interest (ROI)|
|SBI Student Loan||11.15%|
|SBI Scholar Loan||8.55% to 10.05%|
|SBI Skill Loan||10.65%|
|SBI Global Ed vantage||11.15%|
NOTE: “Personal guarantee for the loan from a reputable person has an added advantage”
2. Union Bank of India Education Loan
The leading public sector bank of India, which is also known as UBI. UBI provides education loans for Ph.D. degrees, Post-graduation, graduation from a top college, and education from abroad and opens the door to various education sectors where the only hassle of admission is a financial crisis.
Under the loan scheme, there is no limit to the maximum amount set by the bank, one can freely apply for any amount which is needed by them for their education.
The candidate can open its online UBI bank website and check for the loan details there.
Maximum Education Loan: Finance based on need (max 150 Lacs)
There are 4 primary types of education loan programs offered by Union Bank of India.
- Student loans for Indian courses.
- Education loan for study abroad.
- Financial support for top technical and management schools in India.
- Finance for higher education at Tier II Management & Technical Institutions in India
|UBI Education loan scheme||Rate of Interest (ROI)|
|Loan in India||Depending on the loan amount, up to 12.55%|
|Loan in Abroad||Depending on the loan amount, up to 10.80%|
|For the best technical and management universities in India, courses to develop skills||UP to 10.80%|
|Tier II Management & Technical Institutions (India)||UP to 10.80%|
NOTE: Education loans are covered by Union Bank under the credit guarantee fund scheme. As a result, you must provide information about each application, including KYC records, current income proofs, an allotment letter, and a thorough fee structure.
3. HDFC Bank Education Loan
HDFC Bank Education loans in abroad and India. The candidate needs to go through the procedure for applying for the education loan in the loan department of the bank and can apply for it.
The loan amount sanctioned by the bank is directly distributed to the college or university.
The candidate can be eligible for up to 7 lakh rupees loan without following any collateral.
Although for the exceeding amount, the candidates need to follow the collateral the candidate is eligible to avail the loan amount of 20,00,000 lakh amount of loan. For online information, the candidate can visit the official website of HDFC Bank.
Maximum Education Loan: Finance based on need (max 150 Lacs)
|HDFC Bank Education loan scheme||Rate of Interest (ROI)|
|Education Loan for Indian Students||9.55% to 13.25%|
|Education Loan for Abroad Students||9.55% to 13.25%|
NOTE: The possibility of approval is great if you have a current account, premium savings account, or a positive, long-standing banking connection with HDFC.
4. IDBI Bank Education Loan
The bank provides a loan amount of 4 lacks, which doesn’t need any security, although if the amount exceeds more than 4 lacks or between 4-7 lakh then it needs to provide a guarantee as well, it makes the parents joint borrower of the loan amount.
The loan amount provided by IDBI bank covers residential facility, library facility examination fee, institution fee, and other expenses which are connected with the study of that candidate.
Maximum Education Loan: Up to Rs. 20 lakhs for in-country studies and Rs. 30 lakhs for studying abroad.
Education loan Amount up to Rs. 7.5 Lakhs, you must provide tangible collateral security, although the payback periods are extended to 15 years.
|IDBI Education Loan scheme||Rate of Interest (ROI)|
|Loan for vocational or skill-development courses in Higher Education||Up to Rs. 7.5 Lakhs – 10.60%|
Above Rs. 7.5 Lakhs – 11.10%
|Loan for vocational or skill-development courses in higher Education||All amounts – 11%|
|Educational loans for excellent colleges (including ISB)||All amounts – 9.10%|
NOTE: If you have been accepted to one of the top institutions and have sufficient (1.33 times) collateral security for an uncomplicated approval, go to IDBI bank for an education loan.
5. Punjab National Bank Education Loan
PNB provides a huge list of education loans to the candidates, It offers the PNB Saraswati scheme to the candidates, or the meritorious students to support them financially.
Along with the candidates who want to wish in the premier institution of India the bank provides them with the education loan facility under a scheme named ‘Prathiba” The bank also provide benefit to those candidates who wants to pursue vocational education, from its PNB Kaushal field.
Maximum Loan Limit: No upper limit; based on margin and repayment capability
Numerous financing programs for education are available from Punjab National Bank.
- PNB Saraswathi is an average education loan program for deserving students depending on the IBA model.
- For students who aspire to pursue higher education at prestigious institutions like IIT, NIT, and other top business schools, there is the PNB Prathibha plan.
|PNB Education Loan Scheme||Rate of Interest (ROI)|
|PNB Saraswati||up to 12%|
|PNB Udaan||up to 12%|
|PNB Prathibha||8.55% to 10.50%|
NOTE: PNB benefits people who already have a pension account or a paycheck with them. At least five years’ worth of compensation should have been routed into the account.
6. ICICI Bank Education Loan
The ICICI bank provides a huge loan amount of 50 lakh rs for the candidates who want to study within the geosocial boundary of India, along with 1 crore to the candidates who want to study abroad.
The candidate can be eligible for a loan for post-graduation and under-graduation education from any of the recognized universities in India.
Get A Maximum Loan of – up to Rs. 2 Crore
|ICICI Education Loan scheme||Rate of Interest (ROI)|
|Education loans for international as well as domestic studies||9.50% – 15.85%|
Parents with high net worth are preferred borrowers for education loans by ICICI Bank.
NOTE: You are eligible to qualify for a no-collateral loan up to Rs. 40 lakhs if your net worth higher than Rs. 1 crore.
7. Canara Bank Education Loan
The candidates can apply for the education loan from this bank directly or indirectly way, by applying to the educational institute.
The bank doesn’t cost any margin up to the loan amount of 4 lakh rupees.
There are no unique programs with a more significant loan limit offered by Canara Bank for Bachelor’s degree programs abroad. Therefore, it is very difficult to obtain a loan for a larger sum (than the IBA model).
|Canara Bank Education Loan scheme||Rate of Interest (ROI)|
|Education loan for a master’s degree abroad from a select, highly respected university||10.85% – 11.35%|
|IBA Scheme Loan||10.65%|
|Vidya Sagar Scheme Loan||10.85% – 11.25%|
|Vidya Turant Scheme Loan||9.25% – 9.85%|
NOTE: If you offer a guarantee that fully covers the loan amount, the loan request can be approved quickly.
8. Bank of Baroda Education Loan
The bank provides loans for basic schooling education to those candidates’ higher education.
From the countryside to abroad the university provides education loans for every university.
Maximum Loan Limit: 4 lakh rupees for educational expenses. Education loans up to 150 lakhs.
|BOB Education Loan Scheme||Rate of Interest (ROI)|
|Baroda Gyan (IBA scheme)||11.05% – 11.15%|
|Baroda Scholar||10.40% to 11.15% (Depending on institutions)|
|Financial aid for the Best institutions in India||9.15% to 10.20% (Depending on institutions)|
NOTE: Your loan application will benefit from a personal guarantee from an ongoing, reliable user.
9. Tata Capital Education Loan
Tata Capital can provide the candidate with a loan amount of 30 Lakh rupees with an interest rate of, 10.99% onwards.
The processing amount of avail this loan amount is 2.75% including taxes.
Maximum Loan Limit: ₹75,000 – ₹30,00,000
|TATA CAPITAL Education Loan||Loan Name|
|Age group Eligible||Between 16 – 26|
|Loan Tenure||12 – 72 months|
|Branches across India||200+|
NOTE: According to your needs and qualifications, the maximum amount will be given. The maximum loan amount often authorized for studying within India is INR 15 lakhs, and the maximum loan amount approved for studying abroad is INR 30 lakhs.
10. Kotak Mahindra Bank Education Loan
The Kotak Mahindra Bank provides education loans with an interest amount of 16%. The bank provides a loan amount of 10 lakh rupees within India.
Along with 20 lakh rupees loan can be generated for the abroad studies.Education Loan, Student Loan by Kotak Mahindra Bank
|Kotak Education Loan Scheme||Rate of Interest (ROI)|
|Loan Amount:||Up to 20 lacs|
|Rate of Interest:(ROI)||For collateralized loans: 9-11%|
For non-collateral loans: 12-14%
|Period of moratorium in India:||Time Period One Year|
|Repayment Duration:||15 years maximum including the moratorium period in kotak mahindra bank|
Federal Bank Education Loan
The bank provides a loan with an interest of 10.05%. It offers a loan amount of 10 lacks within the Indian boundaries and a 20 lakh rupees loan for the candidate who wants to study abroad. Federal Bank Education Loan
These are some well-recognized banks in India that help students provide education by providing them with a facility or educational loan. You can visit the websites of these banks to gather more information about the educational loan facility and choose wisely.
Frequently Asked Questions ⁉️