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  • Up to INR 7.50 Lacs: 10.55%
    Above INR 7.50 Lacs: 10.80%
  • 15 years
  • Student
  • Padho Pardesh
    CSIS
    Skill Loan Scheme
  • up to INR 7.5 Lacs: MCLR + 2.00%
    above INR 7.5 Lacs: 2.60%
  • 15 years
  • Saraswat
  • Padho Pardesh
    CSIS
    Skill Loan Scheme
  • 12.10%+ floating rate(depends on the risks points of the applicant)
  • Loan amount upto INR 7.5 Lacs: 10 years
    Loan amount above INR 7.5 Lacs: 15 years
  • HDFC Education
  • CSIS
  • Upto 4 Lacs- 16.50%
    Upto 7.5 Lacs- 17.50%
    Above 7.5 Lacs- 15.50%
  • 7 years
  • Axis Education
  • CSIS
  • up to INR 4 Lacs: 13.6%
    above INR 4 Lacs: 14.6%.
  • 5-7 years
  • ICICI Education
  • Skill Loan Scheme, CSIS
  • Up to INR 7.5 Lacs: 10.70%
    Above INR 7.5 Lacs: 10.50%
  • Up to INR 7.5 Lacs: 10 years
    Above INR 7.5 Lacs: 15 years
  • IBA Model for India
  • CSIS
    Padho Pardesh
  • 1 year MCLR
    Strategic Premium of 2% and
  • Up to INR 7.5 Lacs- 10 years
    Above INR 7.5 Lavs- 15 years
  • Baroda Gyan
  • CSIS
    Skill loan Scheme
    Padho Pardesh
  • For IIMs, ISBs, and XLRI: base rate+1.50%.
    For IITs, BITS, and other premier institutes: base rate+2.0%.
    For NITs and other reputed institutes: base rate+2.5%.For other colleges: base rate+3%.
  • 15 years
  • Allahabad Education
  • CSIS
    Skill Loan Scheme
    Padho Pardesh
  • 12.50%
  • 15 Years
  • IBA Model
  • CSIS
    Skill Loan Scheme
    Padho Pardesh
    ACSISOBCEBC Subsidy
  • Up to INR 10 Lacs : 1 year MCLR+0.85%
    Above INR 10 Lacs:1 year MCLR+1.45%
  • 15 Years
  • Non Vocational Course
  • CSIS
    Skill Loan Scheme
  • Upto 7.5 Lacs: 11.10%
    Above 7.5 lacs: 13.30%
  • 15 years
  • KBL Vidya Nidhi
  • Padho Pardesh
    CSIS
    Skill Loan Scheme
  • Up to INR 7.5 Lacs: 11.50% to 24%.
    Above INR 7.5 Lacs, the RoI is 15.75%.
  • 5-7 years
  • Kotak Mahindra Education
  • CSIS
    Skill Loan Scheme
    Padho Pardesh
  • For Category A: 1-year MCLR.
    For Category B: 1-year MCLR+0.50%
    For other institutes: Up to 7.5 Lacs- 1-year MCLR+2%.; Above 7.5 Lacs- 1-year MCLR+1.75%
  • 15 years
  • Oriental Education
  • CSIS
  • up to INR 4 Lacs: 1-year MCLR+1.60%.
    4 Lacs to 7.5 Lacs: 1-year MCLR+1.85%.
    above INR 7.5 Lacs: 1-year MCLR+2.85%.
  • 15Year
  • Synd Vidya
  • CSIS
    Skill Loan Scheme
  • For IBA approved course: PLR-3.75=10.65%.
    For IBA non-approved courses: PLR-2.00=12.40%.
  • Maximum 12 years inclusive of moratorium period.
  • Saraswat Education
  • CSIS
    Skill Loan Scheme
    Padho Pradesh
  • Up to INR 7.5 Lacs:1-year MCLR+2.00%
    Above INR 7.5 Lacs: 1-year MCLR+2.40%
  • 15Year
  • UCO Education
  • CSIS
    Skill Loan Scheme
  • Up to INR 4 Lacs:11.85%.
    From INR 4-7.5 Lacs:11.60%
    Above INR 7.5 Lacs: 10.70%.
  • 15 years
  • Union Education
  • CSIS
    Skill Loan Scheme
    CGFSEL
    Padho Pardesh
  • Up to 4 Lacs: 10.90%
    Between 4 Lacs and 7.5 Lacs : 10.90%
    Above 7.5 Lacs : 10.75%
    For students admitted to premier institutes : 8.75%
  • 15Year
  • Vijaya IBA Model
  • CSIS
    Skill Loan Scheme
  • Up to 4 Lacs : 12.75%
    Between 4 Lacs and 7.5 Lacs : 12.25%
    Above 7.5 Lacs 11.50%
  • 15Year
  • Bank of Maharashtra Education
  • CSIS
    Skill Loan Scheme
    Padho Pradesh
  • Male students: 1-year MCLR+2.00%
    Female students and SC/ST community : 1-year MCLR+1.50%
    For IIT students: 1-year MCLR+1.50%
  • 15 years
  • Cent Vidyarthi
  • Padho Pradesh
    CSIS
    Skill Loan Scheme
  • Bank approved Ed Institutes:8.30%
    Other institutes: 9.85%
  • 15 years
  • Dena Vidya Laxmi Education
  • CSIS
    Skill Loan
    Padho Pardesh
  • With Subsidy: 13.50%
    Without Subsidy: 15.25%
  • N.A.
  • Dhanlaxmi Education
  • CSIS
    Skill loan
    Padho Pardesh
  • Up to INR 7.5 Lacs:1-year MCLR+1.70%
    Above INR 7.5 Lacs: 1-year MCLR+2.50%
  • 15 Years
  • BOI Star Education
  • CSIS
    Skill Loan Scheme
    Padho Pradesh
  • Up to INR 4 Lacs: 15.15%
    From INR 4 to 7.50 Lacs: 16.15%
    Above INR 7.50 Lacs: 14.15%
  • 5-7 years
  • RBL Education
  • CSIS
    Skill Loan Scheme
    Padho Pardesh
  • 10.50% to 12% on all amounts.
  • 7 years
  • DNS Education
  • CSIS
    Skill Loan Scheme
    Padho Pardesh
  • Up to INR 4 Lacs: 13.25%
    Above INR 4 Lacs 14.75%
  • 5-7 years
  • Special Vidya
  • CSIS
    Skill Loan Scheme
    Padho Pardesh
  • Up to INR 7.5 Lacs : 10.95%
    Above INR 7.5 Lacs : 11.30%
    For vocational courses : 10.45%
  • 15 Years
  • Corp Vidya Education
  • CSIS
    skill Loan Scheme
    Padho Pradesh
  • Up to INR 7.5 Lacs: 10.70%
    Above INR 7.5 Lacs: 11.70%
    For vocational course: 11.70%
    For the wards of staff members: 10.40%
  • 5-7 Years
  • Vidya Jyoti Education
  • Skill Loan Scheme
    CSIS
    Padho Pradesh
  • Up to INR 10 Lacs: 11.75%
    Above INR 10 Lacs: 12.75%
  • 15 Years
  • Abhyudaya Higher Studies
  • CSIS
    Skill Loan scheme
    Padho Pradesh
  • MCLR + 2.5 % to MCLR +3.5%
  • 15 Years
  • SIB Vitjnan pradhan
  • CSIS
    Skill Loan Scheme
    Padho Pardesh
  • 11% to 12% on all amount
  • 10 years
  • GP Parsik Education
  • CSIS
    Skill Loan Scheme
    Padho Pradesh
  • The bank?s current MLR is 12.25%
    For a loan up to INR 4 Lacs, the RoI is MLR+0.25%
    For a loan above INR 4 Lacs, the RoI is MLR+1.25%
  • 1 to 7 years
  • Pragathi Education
  • CSIS
    Skill Loan Scheme
    Padho Pradesh
  • Minimum: 11.85%
    Maximum: 12.35%
  • 5 to 7 years
  • Karur Vysya Education
  • Skill Loan Scheme
    CSIS
  • Up to INR 4 Lacs : 12%
    Between INR 4 Lacs and INR 10 Lacs, the RoI is 12.5%
    Between INR 10 Lacs and INR 20 Lacs, the RoI is 13%
  • 15 Years
  • New India Cooperative Education
  • CSIS
    Skill Loan Scheme
    Padho Pradesh
  • Up to INR 7.5 Lacs : 1-year MCLR+2.00%
    Above INR 7.5 Lacs : 1-year MCLR+1.70%.
  • 15 Years
  • Andhra Higher Education
  • CSIS
    Skill Loan Scheme
    Andhra Bank Education Loan Subsidy Scheme
    Padho Pradesh
  • Up to INR 7.5 Lacs is 1-year MCLR+2.00%
    The RoI for loan above INR 7.5 Lacs is 1-year MCLR+1.50%
  • 15 Years
  • PSB Model Education
  • CSIs
    Skill Loan Scheme
  • Up to INR 4 Lacs: 13.05%
    Between INR 4 Lacs to INR 7.5 Lacs : 14.75%
    Above INR 7.5 Lacs : 13.75%
  • 15 Years
  • TMB Education
  • CSIS
    Padho Pradesh
  • Upto INR 5 Lacs:12.25%
    From INR 5 to 10 Lacs:13.25%
    Above INR 10 Lacs:14.00%
  • 15 Years
  • J&K Education
  • CSIS
    Skill Loan Scheme
    Padho Pradesh
  • Upto INR 7.50 lac : 11.05%
    Above INR 7.50 lac : 11.00%
  • 15 Years
  • UBI Education
  • CSIS
    Padho Pradesh
  • Up to INR 10 Lacs: 12.75%-14.00%
    Above INR 10 Lacs: 11.75%-13.75%
  • 10-15 years
  • InCred Education
  • None
  • Ranges between 12.70%-14.50%
  • 5-7 years
  • Auxilo Education
  • None
  • Ranges between 10%-16.50%
  • 10 years
  • Avanse Education
  • None
  • 12.99% onwards
  • 5 years
  • Bajaj Finance Education
  • None
  • 11%-15%
  • 5-7 years
  • Tata Capital Education
  • None
  • 15%-40%
  • 20 years
  • Fullerton Education
  • None
SHOW ALL

COMPARE BANKS

Bank / FinancerSBI
Change Bank
PNB
Change Bank
HDFC Bank
Change Bank
Axis Bank
Change Bank
ICICI
Change Bank
Applicable Rate of Interest Up to INR 7.50 Lacs: 10.55%
Above INR 7.50 Lacs: 10.80%
up to INR 7.5 Lacs: MCLR + 2.00%
above INR 7.5 Lacs: 2.60%
12.10%+ floating rate(depends on the risks points of the applicant)
Upto 4 Lacs- 16.50%
Upto 7.5 Lacs- 17.50%
Above 7.5 Lacs- 15.50%
up to INR 4 Lacs: 13.6%
above INR 4 Lacs: 14.6%.
Max Loan with Collateral For India: 10 Lacs
For Abroad: 20 Lacs
For India: 10 Lacs
For Abroad: 20 Lacs
For India: 10 Lacs
For Abroad: 100% finance
For India: 10 Lacs
For Abroad: 20 Lacs and beyond based requirement
For India:INR 50 Lacs
For Abroad: INR 1 crore
Max loan without collateral For India: 10 Lacs
For Abroad: 20 Lacs
For India: 10 Lacs
For Abroad: 20 Lacs
For India: 10 Lacs
For India: 10 Lacs
For Abroad: 20 Lacs and beyond based requirement
For India:INR 50 Lacs
For Abroad: INR 1 crore
Processing Fee Up to INR 4 Lacs: Nil
Above INR 4 Lacs: INR 5000
Nil
1% of loan amount
Nil
Nil
Repayment Period 15 years
15 years
Loan amount upto INR 7.5 Lacs: 10 years
Loan amount above INR 7.5 Lacs: 15 years
7 years
5-7 years
Loan for top institutions Yes, SBI Scholar Loan Scheme
Yes, PNB Pratibha
No
No
No
Margin For loan above INR 4 Lacs
In India: 5%
In abroad: 15%
Up to INR 4 Lacs - NIL
Above INR 4 Lacs - 5%
For India:
up to INR 4 Lacs: Nil
Above INR 4 Lacs: 5%
Upto loan 4 Lacs: No margin
Above 4 Lacs: for India: 5%
for Abroad: 15%
Upto loan 4 Lacs _ No margin
Above 4 Lacs _
for India: 5%
for Abroad: 15%
Age Limit no age limit
No age limit
18 years
No
Minimum 16 years
maximum 40 years
Loan Security Upto 7.50 Lacs: Only Parent/ Guardian as co-borrower. No Collateral Security or third party guarantee
Above INR 7.50 Lacs: Tangible security along with parents as co borrower
Upto INR 7.50 Lacs: Parent(s)/guardian be made joint borrower (s). No tangible Security and /or 3rd party guarantee is required.
Above INR 7.50 Lacs: Parent(s)/guardian be joint borrower(s). Tangible collateral security of suitable value acceptable to bank.
Upto 4 lacs- No security required
From INR 4 Lacs to 7.50 Lacs: collateral security in form of third party guarantee
Above INR 7.50 Lacs: Tangible collateral security in form of residential property, HDFC fixed deposit, LIC, or any other policy.
Third party guarantee
Collateral security
Additionally, assignment of LIC policy in favor of bank amounting 100% of education loan amount
Assignment of Future salaries in favor of Axis Bank
No collateral or security depending upon the Institute for loans up to 20 Lacs for UG courses and 40 Lacs for PG courses
Eligibility concession for SC/ST No
50% for SC/ST, and;60% for General category.
No
No
No
Processing Time 20 days
15 days
7 days
14 Days
N.A.
Prepayment charges Nil
Nil
Pre-closed within moratorium period: 4% of principal amount + taxes
Foreclosed after moratorium period: No prepayment penalty
Nil
Nil
Penal charges Penal interest @ 2% to be charged for loans above Rs.4 lacs for the overdue amount and overdue period
Nil
@ 2% per month on the overdue installment/s
@ 2% per month on the overdue installment/s
Nil
Mandatory insurance cover Yes
yes
No
yes
No
Travel expeneses yes
yes
yes (one way travel
yes
Yes
Bank transfter allowance available
available
No such clause mentioned
No such clause mentioned
No such clause mentioned
Top up loan availability yes
available
Unavailable
unavailable
unavailable
Interest Subsidy Schemes Padho Pardesh
CSIS
Skill Loan Scheme
Padho Pardesh
CSIS
Skill Loan Scheme
CSIS
CSIS
Skill Loan Scheme, CSIS
Tax benifit yes
yes
Yes
yes
Yes
Concession/benefits Concession to girl students
1% concession if interest is serviced during moratorium period including course period
0.5% concession to girl students
0.5% concession if interest is serviced during moratorium period including course period
Online application
Doorstep service
Flexible loan terms
Upto 100% finance
Tax benefits
Hassle-free documentation process
There is no processing fee charged
No pre- payment charges are applied
No pre- closure charges are applied
Loan Disbursal period is 15 working days from the date of final submission of documents
No collateral or security for loan upto INR 7.5 Lacs
No Processing charges
No foreclosure penalty
Easy Documentation and faster processing
Interest charged only on the amount used

EDUCATION LOAN: EVERYTHING TO KNOW ABOUT

Education Loan is a facility that extends monetary assistance to students aspiring to study either in India or Abroad but are held back due to financial constraints. Various banks (Government, Private or Co-operative) and NBFCs offer general and specialised education loans to meet all your needs.

While Education in India and Abroad is getting expensive, it gets hard for aspirants to pursue their higher education in reputed institutes. Hence, here our banks come into the frame and extend variants of education loan along with Government driven subsidy schemes to promote academic excellence in each sector of the society.

READ MORE

Why do I need Education Loan?

This is the one of the most general question that come up in our minds. We often find ourselves questioning why we need education loan when it will bind us in EMIs for years to come. The answer is simple as we might be reluctant in exhausting all our savings for an education when instead we can keep those savings intact and let banks pay for our education.

Few of these benefits are listed below:

  • Your savings are your investments, use it wisely. Do not exhaust your existing finances.
  • Banks can customise an education loan plan to suit your budget and requirements, facilitating you to save
  • Investments made are for your future needs like your child’s marriage, your own retirement and other financial goals. Keep them invested for them instead of cashing for the education loan
  • Due to high competition, Banks keep attractive Interest Rates and flexible terms of repayment
  • Easy disbursal of Loan. Banks these days are quite prompt in carrying out loan procedure
  • Tax Benefit under Section 80E of the Income Tax Act, 1961 is implied on the interest of education loan EMI as a deduction
everything to know about image

CALCULATE YOUR EDUCATION LOAN EMI

Fill the Loan Amount
Fill the Interest Rate
Fill the Loan Tenure
EMI Payable

188 per month

Total Interest

1,280

Payable Amount

11,280

Total Interest
Principal Loan Amount

HOW TO PROCEED WITH YOUR APPLICATION

Collect letter of admission

Fill the loan Applicatio form

Submit Documents in correct scheme

Approved/collect demand draft

FIND THE COMPLETE GUIDE HERE

Top Up Loans

Top up loans image

Top Up Loan or Second Loan is permitted within the overall limit to pursue a professional/ technical course in India or abroad. This facility is available on the clause that further studies are commenced during the moratorium period of the first loan and subject to the second loan being allowed with the security requirements as applicable to the aggregate loan limit. Post the second loan, the moratorium period will be extended for the duration of the second course and repayment will commence one year after the completion of the second course, or 6 months after taking up the job (whichever is earlier).