Before applying for an education loan be sure to do a proper comparison on various aspects of the loan
All Indian banks offer education loans with a range of interest rates. However, education loan applicants must be fully aware of the interest rates that the banks are willing to give.
The State Bank of India is offering an interest rate of 11.15% under the SBI Student Loan scheme. A concession of 0.5% in interest is further provided to girl students.
Bank of Baroda is providing an education loan with a 9.15% annual interest rate. Baroda's digital education loan has no processing or prepayment fees.
Axis Bank offers education loans to students at an interest rate of 13.70% for amounts greater than ₹7.5 lakh. The bank gives an interest rate of 15.20% for loans up to ₹4 lakh.
At ICICI Bank, the interest rate for student loans begins at 9.85%. The loan amount is granted up to ₹1 crore for studies in India and up to ₹2 crore for courses abroad.
Canara Bank’s Vidya Sagar plan offers educational loans with interest rates ranging from 10.85% to 11.25%. However, under education loans, girl students are given a concession of 0.5% in interest.