June 17, 2021

Best Banks For Education Loan

A good education is necessary to make a great difference in the world. The importance of education cannot be ignored and that is why people prefer good colleges and universities for a good quality education. Now the education system and standards are changing and so is the cost of the education. These days getting your child admitted to a good college needs a lot of money and not all the people are able to make it from their pocket. Hence, they look towards banks for education loans. It ensures that students get all the financial aid from the bank to fulfill their dreams and the educational commitments. There are many banks which provide education loans to the students but people are confused about which bank to go with. Therefore, we are here with a list of the best banks for education loans.

  1. SBI education loan:

SBI is known as the biggest public sector bank in India. Among all the banks, SBI offers the education loan at a very low interest rate. If you take a loan of upto 7.5 lacs without collateral security then the applicable rate of interest will be 10.50% and if the loan amount is above 7.5 lakhs, the interest rate will be 10.75% and there will be collateral security. The maximum loan amount for Indian college is Rs. 10 lac and for foreign college is Rs. 20 lac and the loan term is of 15 years. 

  1. PNB education loan:

PNB is one of the largest public sector banks in India. This bank has numerous education loan options based on the gender of the applicant and the college they are choosing. The base rate in PNB is 8.45%. So if you take a loan of upto Rs. 7.5 lacs, then the interest rate will be base rate+0.10% to 1.85% and if the loan amount exceeds Rs. 7.5 lacs then the interest rate will be base rate + 2%. The loan term is same as SBI, which is of 15 years and the loan amount is also same like SBI which is Rs. 10 lacs for Indian college and Rs. 20 lacs for foreign college.

  1. Indian Bank education loan:

The base rate in Indian bank is 8.60%. For a loan amount upto Rs. 7.5 lacs, the rate interest will be 10.60% and for above Rs. 7.5 lacs, interest will be 10.80%. The loan term is of 7 years and the maximum loan limit is Rs. 15 lacs for Indian college and Rs. 25 lacs for foreign colleges.

There are many other banks which offer education loans. We have just listed the best banks for education loans. Always have a full knowledge before finalising for any loan. 

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