Top 10 Banks Offering Education Loans for Indian Students in 2024
Top 10 Banks Offering Education Loans for Indian Students in 2024
Education loans are a great way to fund higher education, whether it’s for studies within India or abroad. In 2024, several banks in India offer competitive education loan schemes with favorable terms. Here’s a list of the top 10 banks providing education loans for Indian students:
1. State Bank of India (SBI)
Loan Amount: Up to ₹1.5 crore for studies abroad, and ₹10 lakh for domestic studies
Interest Rate: Starting at 8.30% p.a.
Key Features:
- No processing fee for loans up to ₹7.5 lakh.
- Loan repayment tenure up to 15 years.
- Moratorium period (course duration + 1 year).
Eligibility:
- Indian nationals with admission to recognized courses in India or abroad.
- Co-applicant required (parent/guardian).
2. HDFC Bank
Loan Amount: Up to ₹20 lakh for domestic studies, and up to ₹30 lakh for studies abroad
Interest Rate: Starting at 9.75% p.a.
Key Features:
- Quick loan disbursement process.
- No collateral for loans up to ₹7.5 lakh.
- Flexible repayment tenure up to 15 years.
- Coverage for tuition fees, travel, and living expenses.
Eligibility:
- Indian students with admission to approved courses.
- Co-applicant required (parent/guardian).
3. ICICI Bank
Loan Amount: Up to ₹50 lakh for studies abroad, and ₹20 lakh for domestic studies
Interest Rate: Starting at 9.60% p.a.
Key Features:
- No processing fee for loans above ₹2 lakh.
- Moratorium period available.
- Loans for undergraduate, postgraduate, and diploma courses.
Eligibility:
- Students with confirmed admission to recognized courses.
- Co-applicant required.
4. Axis Bank
Loan Amount: Up to ₹75 lakh for studies abroad, and ₹20 lakh for domestic education
Interest Rate: Starting at 8.85% p.a.
Key Features:
- No prepayment penalty.
- Flexible tenure and moratorium period.
- Coverage for tuition fees, books, living expenses, and travel.
Eligibility:
- Indian students with valid admission to recognized courses.
- Co-applicant required.
5. Bank of Baroda
Loan Amount: Up to ₹80 lakh for abroad education, and ₹20 lakh for domestic studies
Interest Rate: Starting at 8.25% p.a.
Key Features:
- No processing fee for loans up to ₹4 lakh.
- Repayment tenure of up to 15 years.
- Education loans for a wide range of courses.
Eligibility:
- Indian nationals with admission to recognized courses.
- Co-applicant required (parent/guardian).
6. Punjab National Bank (PNB)
Loan Amount: Up to ₹20 lakh for domestic courses, and ₹30 lakh for overseas studies
Interest Rate: Starting at 8.40% p.a.
Key Features:
- Moratorium period available.
- No prepayment penalty.
- Coverage for tuition fees, hostel, and travel expenses.
Eligibility:
- Students admitted to recognized courses.
- Co-applicant required.
7. Kotak Mahindra Bank
Loan Amount: Up to ₹40 lakh for studies abroad, and ₹15 lakh for domestic education
Interest Rate: Starting at 9.25% p.a.
Key Features:
- No processing fee.
- Flexible repayment tenure.
- Loans for both undergraduate and postgraduate courses.
Eligibility:
- Indian nationals with confirmed admission.
- Co-applicant required.
8. IDFC FIRST Bank
Loan Amount: Up to ₹40 lakh for studies abroad, and ₹15 lakh for domestic courses
Interest Rate: Starting at 8.99% p.a.
Key Features:
- No processing fee for loans up to ₹5 lakh.
- Moratorium period available.
- Loans cover tuition, living, travel, and other expenses.
Eligibility:
- Indian students with admission to recognized courses.
- Co-applicant required.
9. Canara Bank
Loan Amount: Up to ₹50 lakh for abroad education, and ₹10 lakh for domestic studies
Interest Rate: Starting at 8.50% p.a.
Key Features:
- No processing fee for loans up to ₹7.5 lakh.
- Moratorium period (course duration + 1 year).
- Repayment tenure up to 15 years.
Eligibility:
- Students with admission to recognized educational institutions.
- Co-applicant required.
10. Union Bank of India
Loan Amount: Up to ₹20 lakh for domestic courses, and ₹50 lakh for overseas education
Interest Rate: Starting at 8.40% p.a.
Key Features:
- Moratorium period available.
- Flexible loan disbursement options.
- No processing fee for loans up to ₹4 lakh.
Eligibility:
- Indian nationals with confirmed admission to recognized courses.
- Co-applicant required.
Conclusion
When choosing an education loan, it’s essential to compare the loan amounts, interest rates, processing fees, and other features provided by various banks. Each bank offers unique benefits tailored to different needs, so selecting the right bank depends on the course you are pursuing, the financial support you require, and your repayment capabilities. Always ensure you read the terms and conditions thoroughly and choose a loan that suits your long-term financial goals.
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