Now you will get education loan of lakhs easily
Thousands of Indian students choose to study abroad to get a quality education. Education Loan in Hindi is considered to be the best way to cover the cost of studies in the country or abroad. Considering the increasing trend of outbound students, many banks offer loans at affordable rates for studies in the country or abroad. If you also want to get an education loan, then here the detailed information of the list of Education Loans in Hindi is given in this blog.
- List of Educational Loans
- Types of Educational Loan
- SBI Education Loan
- Axis Bank Education Loan
- HDFC Bank Education Loan
- Punjab National Bank
- Bank of India
- Bank Of Baroda Education Loan
- Union Bank Education Loan
- Kotak Mahindra Bank Education Loan
- medical education loan
- Loans to Study Abroad
- List of Private Banks and Interest Rate
- Education Loan Eligibility in Hindi
- Application Process
- Education Loan Documents
- education loan calculator
- FAQ
List of Educational Loans
We have compiled a list of the best Education Loans in India, which can help you reach the university of your dreams.
| 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 Bank | 7.05% | 10.65% |
| SBI Bank | 7.00% | 8.80% |
| UCO Bank | 9.30% | 9.30% |
| Union Bank of India | 8.40% | 8.05% |
Types of Educational Loan
Types of loans Many different types of education loans are provided by Indian banks, which are given for different types of education programs. Based on your course, student loans for diploma and certificate courses, student loans for skill-based courses, student loans for studying abroad are given.
Education loans based on location:-
- Domestic Education Loan – This loan is given only for studying in a college or university located within the geographical limits of the country.
- Study Abroad Education Loan – It is given for studying abroad.
Course based education loans:-
- Higher Education Loan
- Diploma Studies Loan
- Loans for Professional Courses
Educational loan based on the security of collaterals and/or guarantee
- Secured Loans
- Unsecured Loans
SBI Education Loan
SBI Bank offers Education Loan in Hindi at both Professional Graduate and Postgraduate levels for popular courses like MBA, MCA, MS which include regular technical and professional degree and diploma courses. You can also avail of diploma courses like aeronautical, pilot training, shipping You can get a free interest loan from the bank. If you are applying for the Charter Institute of Management Accountants Course – CIMA London, the bank will facilitate your educational journey with a low-interest loan. If you are taking a loan up to Rs 7.50 lakh, you will have to pay an interest rate ranging from 7.97% to 10.20%. You can expect a total loan of INR 35 Lakhs from the bank.
Read Also- How to take education loan up to Rs 1.5 crore from SBI Bank | SBI Education Loan
| various 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% से 8.75% |
| SBI Tech Care Education Loan | INR 1.5 Crore | 9.55% |
Axis Bank Education Loan
Another best Education Loan in India is given by Axis Bank. It also provides a loan facility to the students for studies abroad as well as for studies in India. If you aim to study within the country, you can expect a loan of Rs 10 lakh. However, you can avail yourself of 20 lakh rupees from the bank for studies abroad. In addition, the bank has fixed a special interest rate ranging from 16.50% to 17.50% for female applicants. All those students who have applied for career-focused courses including engineering, medicine, management are eligible to apply for Axis Bank Loan. To avail loan through Axis Bank it is necessary that you are an Indian citizen and have secured at least 50% marks in your class 12th or graduation.
Read Also- Axis Bank Education Loan 2022: How to take Axis Bank Education Loan?
| type of loan | loan amount | Repo Rate | spread |
| Education Loan | Up to 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% |
HDFC Bank Education Loan
HDFC Bank is a prominent name in the list of loan-providing banks. It provides education abroad as well as many types of Education Loans within the country. The Bank is providing immense facilities to its customers to get Education Loan in Hindi at their doorstep. It is available for approximately 950 courses and 36 countries. You can get a loan up to INR 20 Lakh with collateral and INR 7.5 Lakh without it. To avail of the facility of HDFC, it is mandatory that you should be between 16-35 years of age. The bank offers a wide range of loans in approved and leading Graduation and Post Graduation courses including PG Diploma.
Read Also-how to take education loan up to Rs 30 lakh in 3 minutes | HDFC Bank Education Loan
| Maximum loan limit | Rs 20 lakh+ |
| margin | Up to 4 lakhs – Nil, above 4 5% |
| security | Up to 7.5 Lakh – Without Collateral Rs. Above Rs.7.5 Lakh -Residential Property, HDFC Bank Fixed Deposit |
| processing fee | 1% |
| interest rate | 9 – 14 % |
| loan repayment | 15 years |
Punjab National Bank
PNB is considered to be a reliable bank in this list. It provides students with a wide range of higher education loans at low interest. For this, you will have to pay an interest rate of 9.20% and a processing fee of 1% of the minimum loan amount of 10,000. Under the PNB Saraswati scheme, you can avail of a loan amount of 7.50% with an interest rate of 7.30% – 9.80%. The interest rate of the Pratibha Loan Scheme is 7.20% – 7.80% and its loan tenure are up to 15 years. Similarly, the interest rate of PNB Udaan is 7.30% – 9.80%, where you can get a loan up to Rs.7.50 lakh. The interest rate of PNB Kaushal is 7.30% – 8.70%. Here you can get loans starting from Rs.50,000 to Rs.1 lakh. The interest rate of PNB Bank promising is 9.20%.
| Bank | Punjab National Bank |
| loan | -PNB Flight -PNB Saraswati -PNB Promising -PNB Talent -PNB Skills |
| Interest rate | 7.30% to 9.20% |
| Age Range | no age limit |
| Repayment Period | 7 to 15 years |
| official website | pnbindia.in |
Bank of India Education Loan
Bank of India is once again one of the best banks in terms of lending. It offers some of the best education loans in India for many undergraduate and post-graduate courses. The bank provides loan facilities in many professional courses including engineering, medical, agriculture, veterinary, law, dental, management, computer, etc. You can have loan facilities to study in IIMs, IITs, IISC, XLRI, NIFT, NID, etc. If you are aiming for higher studies abroad, then you can pursue courses like CA, MBA, MS, etc. In BOI, there are also two basic loan schemes with an interest rate of 8.95% to 9.75% including the Star Education Loan scheme of Rs 20 lakh. Apart from this, it also has a scheme, which is called BOI Star Vidya Loan. Under this scheme, an amount of 30 lakhs is made available at an interest rate of 7.25%.
Read Also- Complete process how to take personal loan from ICICI Bank in 2022
Bank Of Baroda Education Loan
Bank of Baroda offers various education loans for 15 years at attractive interest rates. You can take an education loan for doing school education, college education, post-graduation, Ph.D. courses. Bank of Baroda provides your education loan with an interest rate of 6.75% to 9.85%. The education loan provided by the Bank of Baroda is as follows.
Read Also- How To Take Education Loan upto Rs 1.50Cr In 5 Minutes|Bank of Baroda Education loan
| Loan Scheme | Interest Rate |
| Baroda Vidya | 9.85% |
| Baroda Gyan | 9.00% |
| Baroda Education Loan to Students of Premier Institutions (For Studies in India) | 7.85%-8.85% |
| Baroda Scholar | 8.50% – 9.15% |
Union Bank Education Loan
Union Bank offers education loans with affordable interest rates and beneficial features, which makes it easy for students to get education across India. There are also many education schemes for the students who aspire to study in the leading technical institutions and management institutes of the country. Students from economically weaker and minority communities can also take advantage of the subsidy schemes offered by the central government through the Union Bank. The loan scheme provided by Union Bank is as follows.
| Schemes | Interest Rates (p.a.) |
| Union Education (under CGFSEL) | 8.80% p.a. |
| Union Education (not under CGFSEL) | 8.40% p.a.-10.05% p.a. |
| Union Education Loan for ISB Students | 6.80% p.a.-7.00% p.a. |
| Union Special Education Loan Scheme | 6.80% p.a.-8.55% p.a. |
| Union Education Skill Development | 8.30% p.a.-10.05% p.a. |
| Union Kisan Shikshan Suvidha | – |
Kotak Mahindra Bank Education Loan
Kotak Mahindra Bank provides you with the facility of the easy loan disbursement and a fast loan process. There is no age limit for the student to take a loan from Kotak Mahindra Bank whereas the age of the co-applicant should be between 21 to 70. The maximum loan limit is INR 20 lakhs. The interest rates have been set as per the guidelines of RBI.
Read Also- Take an education loan of Rs 50 lakh now to complete your studies | ICICI Bank Education loan
- For loans up to Rs 7.5 lakh, the interest rate ranges from 11.50% to 24%.
- For loans above Rs 7.5 lakh, the interest rate is 15.75%.
- There is a relaxation of 0.50% for girl students.
| Education Loan Schemes | Interest Rate | Loan Amount | Duration |
| Axis Bank | 13.70% p.a. onwards | Rs.75 lakh | 15 years |
| Bank of Baroda | 8.75% p.a. onwards | Rs.80 lakh | 15 years |
| Canara Bank | 9.35% p.a. onwards | Need based | 15 years |
| Federal Bank | 10.05% p.a. onwards | In India – Rs.10 lakh Abroad – Rs.20 lakh | 15 years |
| HDFC Bank | As per scheme | In India – Rs.30 lakh Abroad – Rs.45 lakh | In India – 15 years Abroad – 14 years including moratorium period |
Loans to Study Abroad
The trend of students studying abroad is increasing continuously,- while studying abroad is also expensive. The cost of studying abroad can go up to Rs 15-25 lakh annually. To fulfill this dream of students, education loans are provided by banks. Economically weak students can rely on banks, which provide them with easy loan facilities to study abroad. Following is the list of banks providing education loans to study abroad.
| Bank Name | Loan Amount | Interest Rate | Period of Loan |
| Allahabad Bank | 50 Lakh | 9.90%(0.50% less for girls) | The Loan repayment will have to be started in 6 months or 1 year after getting the job, which will have to be repaid in 15 years after starting the loan. |
| Bank of Baroda | 60 Lakh | 9.70-11.20% | The Loan repayment will have to be started after 6 months or in 1 year after getting the job. You will have to repay the loan amount above Rs 7.50 lakh in a maximum of 180 installments. |
| Bank of India | 20 Lakh | 10.90% | The Loan repayment will have to be started in 6 months or 1 year after getting the job, which will have to be repaid in 15 years after starting the loan. |
| Central Bank of India | 20 Lakh | 10.40%(0.50% less for girls) | The Loan repayment will have to be started after 6 months or in 1 year after getting the job. |
| Punjab National Bank | – | 9.45-11% | The Loan repayment will have to be started in 6 months or 1 year after getting the job, which will have to be repaid in 15 years after starting the loan. |
| Punjab & Sind Bank | 20 Lakh | 10.25% | The loan has to be repaid within 15 years. |
| State Bank of India | 1.5 Crore | 10.50%(0.50% less for girls) | The Loan repayment will have to be started in 6 months or 1 year after getting the job, which will have to be repaid in 15 years after starting the loan. |
| Syndicate Bank | 2 Crore | 10.75-11.50%(0.50% less for girls) | The Loan repayment will have to be started in 6 months or 1 year after getting the job, which will have to be repaid in 15 years after starting the loan. The loan has to be repaid either by the student himself or by his guardians. |
List of Private Banks and Interest Rate
A-List of private banks is given along with their loan amount and interest rate.
| Bank Name | Loan Amount | Interest Rate | Period of Loan |
| Axis Bank | 75 Lakh | 10%-13.50% | – |
| HDFC | 20 Lakh | 9%-14% | The Loan repayment will have to be started in 6 months or 1 year after getting the job, which will have to be repaid in 15 years after starting the loan. |
| HSBC | 1 Crore | – | The loan has to be repaid within 15 years. |
| ICICI | 20 Lakh | 10.50%-10.75% | – |
Education Loan Eligibility
To take an education loan from any bank in India, the eligibility given below has to be fulfilled.
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- The student applying for the education loan must be a resident of India.
- He/she should have confirmed admission in recognized educational institutes in India or abroad.
- While applying for the loan, the age of the student should be in the range of 18 to 35 years.
- Must have mark sheet or certificate of last educational qualification.
- Students applying for education loans should have a co-applicant who can be a
- parent/guardian or spouse/mother-in-law.
Application Process
- Below is the step-by-step application process for education loan
| Step-1 | First of all, you have to take the Admission Confirmation Letter from the university. |
| Step-2 | In the second step, you have to apply for an educational loan in the bank. |
| Step-3 | In the third step, you will have to submit all the documents regarding the loan to the bank. -Bank’s Loan Application Form -Identity proof and current address -Proof of your age -Two passport-sized photographs -Proof of Income Income tax return document of last two years -All financial supporting documents -Bank account statement of last 6 months -Statement of Assets and Liabilities -foreign exchange permit Marksheet of last qualifying examination in India -University offer letter -List of your expected specified courses If you have a scholarship letter then copy it |
| Step-4 | After bank verification, your loan application will be further processed. |
| Step-5 | The Amount will be transferred to you after the loan application is approved by the bank. |
Education Loan Documents
Before applying for an education loan in any bank, you need to ensure that you have the required documents or not. The documents required for an education loan are as follows
- Bank Loan Application Form
- Identity proof and current address
- proof of your age
- Two passport-sized photographs
- proof of income
- Income tax return document of last two years
- All financial supporting documents
- Bank account statement of last 6 months
- Assets and Liabilities Statement
- foreign exchange permit
- Marksheet of last qualifying examination in India
- university offer letter
- List of your expected specified courses
- If you have a scholarship letter then its copy
Education Loan Calculator:-
The Education loan calculator gives you information about how much money you will have to pay every month as EMI. In this calculator, you have to enter the loan amount, interest rate, and loan time period. After this calculator will tell you how much EMI you will have to pay. You will also get information about how much interest you will have to pay in total.
FAQ
Which bank is right to take an educational loan, government or private?
You can take a loan from any bank, government or private, it depends on how much loan you want and at what interest rate. You can take a loan from that bank which fills the condition completely.
What is the interest rate for an educational loan?
The interest rate of every bank is different like 9.45-11% of PNB, 10.50% of SBI (0.50% less for girls), 10.90% of BOI, 14% of HDFC, etc.
In what time will I have to repay the loan back?
The time period to repay the loan varies from bank to bank. But normally the loan has to be repaid in 15 years.
Up to what amount of loan can I get?
You can generally get a loan of 20 lakh to 1 crore. Apart from this, it also depends on your documents.
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If you're looking to finance your education with a loan, you may be wondering how to get started. Luckily, there are a few options available to you. In this blog post, we'll explore some of the best ways to get an education loan of lakhs easily.
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