Best Education Loan in India

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Education Loan Scheme by Narendra Modi

Thousands of Indian students opt for study abroad ventures to attain quality education. Education loans are considered as the best ways to cover the cost of studying abroad. Seeing the increasing trend in outbound students, a number of banks provide education loans for abroad studies at an affordable rate. If you are also finding one for yourself, here is a comprehensive blog which contains the list of best education loan in India.

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%

SBI

SBI bank offers loan for popular courses like MBA, MCA, MS etc. both at the professional graduate and postgraduate levels, including regular technical and professional degree and diploma courses. You can avail free interest loan from the bank in diploma courses like Aeronautical, pilot training, shipping etc. If you are applying for the Charter Institute of Management Accountants courses- CIMA London, the bank will facilitate your educational journey with its low-interest loan. If you are taking loans up to 7.50 Lakh INR, you have to pay an interest rate ranging from 7.97%- 10.20%. You can expect a total educational loan of 35 Lakh INR from the bank.

Schemes  Maximum Loan Amount Applicable Interest Rate
SBI Global Ed-Vantage Scheme INR 1.5 Crore  9.55%
SBI Student Loan Scheme  INR 20 Lakh 9.55%
SBI Student Scholar Scheme INR 40 Lakh  7.45% to 8.75% 
SBI Take Over Education Loan INR 1.5 Crore  9.55%

Axis Bank Education Loan 

Another best education loan in India is provided by the Axis bank. It offers both study abroad as well as study in Indian loans to students. You can expect a loan of 10 Lakh INR if you are aiming to pursue studies within the country. However, for overseas education, you can avail 20 lakh INR from the bank. Moreover, the bank has set a special interest rate for women applicants ranging from 16.50% to up to 17.50%. All those who have applied for career-centric courses including Engineering, Medicine, Management are eligible to apply for the Axix bank loan facility.  To fetch the loan facility through Axis bank, it is essential that you are an Indian citizen and you can secure at least 50% of marks in your class 12th or graduation. 

Loan Type Loan Amount Repo Rate Spread
Education Loan Upto INR 4 Lacs 4.00% 11.20%
Education Loan INR 4 lacs – 7.5 Lacs 4.00% 10.70%
Education Loan More than 7.5 Lacs  4.00% 9.70%

Now that you have found out the names of 2 best education loans in India, here is a bonus blog on Education loans without collateral! 

HDFC Bank Education Loan 

HDFC bank is another prominent name in the list of best education loans in India. It offers a range of educational loans for overseas education as well as within the country. The bank is providing immense facilities to its clients to get educational loans at their doorsteps. It is available for around 950 courses and 36 countries. You can avail up to 20 lakh with collateral and 7.5 lakh INR without collateral.  In order to avail HDFC’s education loan facility, it is mandatory that your age falls in the bracket of 16-35 years. The bank offers a whopping amount of loan in the approved and leading undergraduate and postgraduate courses including PG Diplomas. 

Maximum Loan Limit Rs. 20 Lacs +
Margin Up to 4 lacs – NilAbove 4 lacs 5%
Security Up to 7.5 Lacs – No collateral
Above Rs.7.5 Lacs -Residential Property,
HDFC Bank Fixed Deposit
Processing Fee 1%
Interest Rate 9 – 14 %
Loan Repayment 15 years

Have a look at the list of documents required for an education loan!

Punjab National Bank

PNB is considered as a trusted bank for education loans. It offers a wide range of higher education loans at low interest to the students. Under Shiksha loan scheme, you will have to pay an interest rate of 9.20% and the processing fee of 1% of the 10,000 minimum loan amount. Under the PNB Saraswati scheme, you can avail a loan amount of 7.50 % with an interest rate of 7.30% – 9.80%. Pratibha loan scheme has an interest rate of 7.20% – 7.80% and it has a loan tenure up to 15 years. Similarly, PNB Udaan has an interest rate of  7.30% – 9.80% where you can avail loan up to 7.50 lakh INR. PNB Kaushal’s interest rate is 7.30% – 8.70%. Here you can apply loan amount of starting from 50,000 to above 1 lakh. PNB Honhaar’s interest rate is 9.20%. 

Bank Punjab National Bank
Loans PNB Udaan
PNB Saraswati
PNB Honhaar
PNB Pratibha
PNB Kaushal
Interest Rate 7.30% to 9.20%
Age Limit No Age Limit
Repayment Period 7 to 15 years
Official Website pnbindia.in

Bank of India

Bank of India is again one of the best banks in terms of loan providers. It offers some best education loan in India for various undergraduate and postgraduate courses. The bank offers loan facilities in professional courses including Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc. You can have loan facilities to study in IIM, IIT, IISc, XLRI, NIFT, NID etc. If you are aiming for overseas higher studies, you can study courses under CA, MBA, MS etc. BOI offers two basic loan schemes including star education loan offering amount of 20 lakh INR with an interest rate of 8.95% to 9.75%. Also, it has another educational loan scheme called BOI star vidya loan offering an amount of 30 lakh INR within an interest rate of 7.25%. 

Other Education Loans

Apart from the above-mentioned education loans, there are a couple of more names that deserve to be added to the list of best education loans in India. Let’s have a look at them: 

Syndicate Bank Education Loan Vijaya Bank Education Loan
Canara Bank Education Loan Avanse Education Loan
IDBI Education Loan Bank of Baroda Education Loan
ICICI Education Loan Allahabad Bank Education Loan
IOB Education Loan Vidya Lakshmi Portal

Hope this blog has helped you with all the quintessential information in pretext to best education loan in India. To make the entire application process hassle-free, get in touch with Leverage Edu experts!

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