Top 5 education loan Banks in India

written by 

Sergio Marquina   |  published date : Feb 01 , 2021 

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5 Best education loan banks in India

 

State Bank of India

Benefits of SBI education loans
  • Part-time courses eligible for education loans

  • No minimum course duration limit

  • Cost of equipment/vehicle/insurance covered in loan amount

  • Maximum loan limit- Domestic loans: INR 40,00,000 (40 Lakhs) and Study abroad loans: INR 15000000 (1.5 crores)

  • Interest subsidy for choosing Education Loan Insurance scheme

Named SBI Student Loan Scheme, the State Bank of India offers education loan to students to pursue their dream education. The loan is provided to students to pursue technical and professional courses offered by Indian and International institutions. SBI Education Loan can be up to a maximum of INR 30 lakhs which will be provided with collateral security (required only for loans above INR 7.5 lakhs). The repayment period varies from 10 years to 12 years depending on the loan amount. This is perhaps the best bank for education loan in terms of low interest rates.

SBI Education Loan Interest Rates
SBI Student Loan Scheme

Interest Rate Range

SBI Scholar Loan Scheme

10.45% to 10.75%

SBI Skill Loan Scheme

8.65% to 9.95%

SBI Skill Loan Scheme

9.95% (fixed)

SBI Global Ed-Vantage Scheme

10.70%

Axis Bank

 
Benefits of Axis Bank Education Loan
  • Highest domestic education loan amount: INR 7500000 (75 Lakhs)

  • Special interest subsidy for girl students: 50 basis points

  • No margin payment

  • Axis Bank Outward Remittances: Cover in-flight expenses and pocket expenses of international Indian students

  • Student Insurance with international risk cover included

In comparison to other education loan banks, Axis Bank offers education loans at competitive interest rates for students who are planning to pursue higher studies. The bank offers minimum loan amount up to INR 50,000. The interest rate for Axis Bank education loans range from 8.5 % with special rates for women applicants to 16%. This is the best bank for education loan in terms of highest loan amount availability and reasonable interest rates.

Axis Bank Education Loan Interest Rates

Education Loan Amount limits

Interest Rate Range

SBI Scholar Loan Scheme

10.45% to 10.75%

SBI Skill Loan Scheme

8.65% to 9.95%

SBI Skill Loan Scheme

9.95% (fixed)

SBI Global Ed-Vantage Scheme

10.70%