Which bank is good for education loan in India?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) |
|---|---|
| HDFC | 9.55% to 13.25% |
| Tata Capital | 10.99% onwards |
| Union Bank of India | 8.80% to 10.05% |
| Kotak Mahindra Bank | Up to 16% |
Which banks give education loan easily?
Banks Offering Education Loans and Collaterals Required
| Bank | Loan Amount and Collateral Required |
|---|---|
| HSBC | Loan up to Rs.5 lakh do not require collateral |
| State Bank of India (SBI) | Domestic Education – Up to Rs.15 lakh Foreign Education – Up to Rs.1.5 crore For loans up to Rs.7.5 lakh no collateral is required |
Which government bank is best for education loan?
Top Public Sector Banks Education Loan Interest Rates January 2022
| Public Sector Banks | Education Loan Interest Rates | Tenure |
|---|---|---|
| State Bank of India (SBI) | 6.90% – 9.30% | 15 Years |
| Punjab National Bank (PNB) | 6.90% – 9.55% | 15 Years |
| Bank of Baroda | 6.85% – 9.95% | 15 Years |
| Canara Bank | 7.40% – 9.40% | 15 Years |
Can I get 4 lakh education loan?
In general, you can get up to 4 lakhs of educational loan for higher studies without any collateral. However, if your loan amount is between 4 lakhs and 7.5 lakhs, you will have to provide third party guarantee to the bank. If the loan is above 7.5 lakhs, you will have to furnish the bank with collateral documents.
How do I repay my education loan?
How to repay your education loan with limited income
- Choose a higher loan tenure, pre-pay if you have funds. If you opt for a secured education loan, you can avail a tenure of 10 years and above.
- Start a side hustle or work part-time.
- Live frugally.
- Future income.
What are the disadvantages of a student loan?
Cons of Student Loans
- Student loans can be expensive.
- Student loans mean you start out life with debt.
- Paying off student loans means putting off other life goals.
- It’s almost impossible to get rid of student loans if you can’t pay.
- Defaulting on your student loans can tank your credit score.
Why choose Indian Bank for education loan?
Indian Bank offers several education loan at attractive interest rates and a repayment tenure of up to 15 years. Students can avail a loan for studies in India as well as abroad.
How to get education loans for studies in India and abroad?
Get Education loans for studies in India and abroad. Some lenders offer loan disbursal before applying for a Visa. Door-step service to collect required documents. Children of the bank’s employees enjoy preferential rates at several banks. Certain banks offer concessional interest rates to female students.
What is the maximum amount for education loan in India?
Maximum Loan Limit: Rs. 20 Lakhs and above. HDFC Bank grants education loans to study in India and abroad. The maximum loan amount for studying in India is limited to Rs. 20 Lakhs. Whereas, all the cost of education is covered under the loan for foreign education, with no upper limit.
What is the interest rate of Education Loan?
Education Loan Education loan is offered by leading banks in India to help students achieve their academic dreams. Education loan Interest rates start from 6.85% p.a. with loan tenures of up to 15 years. Education loans are offered for higher education in both India and abroad.