Education loans 

Leading Indian banks deliver education loans to assist students to reach their academic objectives. A school loan with a payback period of up to 15 years starts at 6.60 percent per year in interest. Both in-country and out-of-country higher education can aid from education loans.

The lender will decide which courses are eligible for an education loan. An education loan may be received for courses starting in Nursery. You can obtain a loan for full-time or part-time courses, as well as loans for working professionals, for higher education.

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Top Education Loan Offers 2022

Bank	Interest Rate (p.a.)	Processing Fees
Federal Bank	16.05% onwards	Contact the bank
Kotak Mahindra Bank	Up to 16%	Nil
Axis	13.70% to 15.20%	Nil to Rs.15,000 + GST
Bank of Baroda	8.85% to 10.85%	1% of the loan amount up to Rs.10,000
HDFC	9.55% to 13.25%	Up to 1% of loan amount + tax
PNB	5% to 15%	1% of the loan amount
SBI	6.70% to 8.65%	Up to Rs.10,000

Note: These interest rates are influential as of November 2021 and are subject to modification as per the bank's rules and regulations

Relying on the bank or financial organization, you can have a fixed interest rate package or an unstable interest rate package. Most afloat rates are based on the Repo Rate, with a spread applied before the final effective interest rate is given to you (EIR).

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1. Punjab National Bank Education Loan
• Maximum Loan Amount: Requirement-Based
• Maximum Loan Tenure: 15 Years
• Collateral: Nill Up to Rs.7.5 lakh
• Margin: Nill Up to Rs.4 lakh
• Delivers loans to Indian residents and OCIs/PIOs/students born abroad to Indian parents who want to do studies in India.
• No security is needed up to Rs.7.50 lakh
• Moratorium time is the course period and 1 year

     2. SBI Education Loan

• No collateral or third-party guarantee required upto Rs. 7.5 lakh
• Repay to be done one year after course completion
• Repayment up to 15 years post the course completion + 12 months
• Nil processing fees for loans up to Rs.20 lakh
• A second loan can be availed for achieving higher studies

     3. Axis Bank Education Loan

• The minimum loan amount is Rs.50,000
• Maximum Loan Tenure: 15 years
• Margin: Nill Up to Rs.4 lakh
• Can confirm a loan before admission based on profile.
• Loan disbursal within 15 business days from the date the bank receives your complete application.
• Unsecured loans up to Rs.20 lakh for working professionals.

   4. Bank of Baroda Education Loan

 

• Highest Loan Amount: Rs.125 lakh
• No security up to Rs.7.5 lakh
• No margin on loans up to Rs.4 lakh
• No processing fees
• No documentation charges

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   5. HDFC Bank Education Loan

• The highest loan amount is Rs.30 lakh
• The loan repayment tenure is up to 15 years
• Comfortable documentation process
• No collateral required up to Rs.7.5 lakh
• Tax advantage can be availed on education loan
• The loan amount will be straight disbursed to the institution based on its fee structure

Education Loan Eligibility

Nationality:
• Indian citizens
• Non-Indian Residents (NRIs)
• Overseas Citizens of India (OCI)
• Persons of Indian Origin (PIOs)
• Students born to Indian parents abroad and wish to study in India
Institutes:
• Determined institutions and government colleges
• Private institutes aided by government
• Professional institutions
• International colleges and universities