Education is the key to achieving your dreams, but higher studies can be costly. Whether you want to study in India or abroad, education loans can help you cover expenses like tuition fees, travel, hostel costs, and more. Many Indian banks and financial institutions offer education loans with flexible repayment options and attractive interest rates.
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Here is a detailed guide to the top 10 education loans in India for students pursuing higher education.
1. State Bank of India (SBI) – SBI Student Loan Scheme
SBI is India’s largest public sector bank, offering reliable and affordable education loans. The SBI Student Loan Scheme supports students aspiring to study in India and abroad.
Key Features:
- Loan Amount: Up to ₹1.5 crore for international studies.
- Interest Rate: Starts from 8.50% per annum.
- Repayment Period: Maximum of 15 years.
- Collateral Requirement: No collateral needed for loans up to ₹7.5 lakh.
Benefits:
- Covers tuition fees, hostel charges, exam fees, and travel expenses.
- Special discounts for girl students under the SBI “Her Gyan” initiative.
Apply Link: SBI Education Loan
2. HDFC Bank – Education Loan
HDFC Bank is a leading private bank that offers quick and convenient education loans. The bank focuses on fast processing and minimal paperwork.
Key Features:
- Loan Amount: Up to ₹45 lakh for Indian courses and ₹1 crore for abroad studies.
- Interest Rate: Starts from 9.55%.
- Repayment Period: Up to 15 years.
Benefits:
- Quick approval process.
- Loan covers tuition fees, accommodation, and living expenses.
- Flexible repayment options after completing the course.
3. Punjab National Bank (PNB) – PNB Udaan Scheme
PNB is a trusted public sector bank offering specialized education loans through its PNB Udaan Scheme for students studying abroad.
Key Features:
- Loan Amount: Up to ₹1.5 crore.
- Interest Rate: Starts from 8.55%.
- Repayment Period: Up to 15 years.
Benefits:
- Focuses on global education with extensive financial support.
- Discounts and lower interest rates for female students.
4. Axis Bank – Education Loan
Axis Bank provides education loans for various courses, including technical, professional, and management studies. Their loans cater to both Indian and international universities.
Key Features:
- Loan Amount: Up to ₹75 lakh.
- Interest Rate: Starts from 9.70%.
- Repayment Period: Up to 15 years.
Benefits:
- No collateral needed for loans up to ₹4 lakh.
- Hassle-free application process.
- Includes living and travel expenses.
5. ICICI Bank – Education Loan
ICICI Bank’s education loan service is suitable for both Indian and overseas courses. It includes additional benefits like insurance coverage.
Key Features:
- Loan Amount: Up to ₹1 crore.
- Interest Rate: Starts from 10.50%.
- Repayment Period: Up to 10 years.
Benefits:
- Fast loan disbursement.
- Provides funding for all major expenses, including books and travel.
- Loan insurance to secure repayment.
6. Bank of Baroda – Baroda Gyan Scheme
Bank of Baroda offers the Baroda Gyan Scheme for students pursuing higher education in India. It’s known for its low interest rates and flexible repayment terms.
Key Features:
- Loan Amount: Up to ₹80 lakh.
- Interest Rate: Starts from 8.55%.
- Repayment Period: Up to 15 years.
Benefits:
- Also provides loans for vocational and diploma courses.
- Offers interest rate concessions for girl students.
7. Canara Bank – Vidya Turant Scheme
Canara Bank’s Vidya Turant Scheme is designed for professional and technical courses. It focuses on helping students admitted to reputed institutions.
Key Features:
- Loan Amount: Up to ₹40 lakh.
- Interest Rate: Starts from 8.75%.
- Repayment Period: Up to 15 years.
Benefits:
- Special interest rate discounts for female students.
- Quick processing for students of top universities.
- Covers entire academic costs.
8. Indian Overseas Bank (IOB) – Vidya Jyoti Scheme
IOB offers affordable education loans for students pursuing undergraduate and postgraduate courses.
Key Features:
- Loan Amount: Up to ₹40 lakh.
- Interest Rate: Starts from 9.50%.
- Repayment Period: Up to 10 years.
Benefits:
- Simple documentation process.
- Discounts available for SC/ST category students.
- Covers tuition, living, and other academic expenses.
9. Federal Bank – Education Loan
Federal Bank provides education loans for both undergraduate and postgraduate studies. It supports a variety of courses, including professional and technical programs.
Key Features:
- Loan Amount: Up to ₹20 lakh for studying in India and ₹40 lakh for abroad.
- Interest Rate: Starts from 10.05%.
- Repayment Period: Up to 15 years.
Benefits:
- Covers tuition fees, hostel expenses, and travel costs.
- Flexible repayment options for students.
10. Kotak Mahindra Bank – Education Loan
Kotak Mahindra Bank provides tailored education loans for students pursuing specialized courses.
Key Features:
- Loan Amount: Up to ₹20 lakh.
- Interest Rate: Starts from 10.75%.
- Repayment Period: Up to 10 years.
Benefits:
- Quick loan approval process.
- Special benefits for students with merit-based achievements.
How to Apply for Education Loans?
- Research and Compare: Look for the best loan options that suit your needs.
- Check Eligibility: Ensure you meet the eligibility criteria of the bank.
- Prepare Documents: Collect necessary documents like ID proof, admission letter, and income proof.
- Apply Online or Offline: Submit your application either through the bank’s website or at a branch.
- Loan Approval: Once the loan is approved, the bank will release the funds directly to your institution.
Tips Before Taking an Education Loan
- Compare interest rates to find the best deal.
- Check the repayment terms and conditions.
- Look for banks offering discounts for girl students or merit-based benefits.
- Plan your repayment schedule carefully to avoid financial stress.
Education loans make higher studies possible for students who need financial help. With so many options available, it’s important to choose the right loan based on your course, university, and budget. The banks listed above provide some of the best education loans in India with flexible repayment plans and low interest rates.
Start your higher education journey today by applying for an education loan that fits your needs!
