5 Best Banks for Education Loan in India 2021

Table of Contents

1. HDFC Bank Education Loan

Maximum Loan Limit: Rs. 20 Lakhs and above.

HDFC Bank grants education loans to study in India and abroad. The maximum loan amount for studying in India is limited to Rs. 20 Lakhs.

Whereas, all the cost of education is covered under the loan for foreign education, with no upper limit. But you need to provide collateral in the form of a fixed deposit or immovable property to the bank.

The loan is for a maximum period of 15 years and is disbursed directly to the institution based on the fee structure.

2. Avanse Education Loan

Every child needs a quality education in order to lead a complete, successful and comfortable life. Unfortunately, such education comes at a cost that not everyone who deserves it can afford. That is where education loans comes into play. Education loans are funds offered by banks and financial institutions to meritorious students to help them pursue their dream course.

Avanse DHFL Education Loan Interest Rate is quite competitive for education in India’s finest institutes and on studying abroad. Interest rates on Education Loans are floating, and vary with the changes in MCLR. Avanse DHFL Education loan interest rates are in the range of 12.75% and 12.75%.

Education Loan Avanse Interest Rates 2021

3. State Bank of India

Through the SBI Student Loan Schema, SBI offers some of the cheapest education loans in India. 

  • Loans are available for all professional, graduate and post-graduate courses like MBA, MS, etc. at approved universities that are reputed in their home country.
  • Loans can be availed up to a maximum amount of 30 lakhs with security deposits or collaterals required for loans above 7.5 lakhs.
  • Repayment can be made over 10 to 12 years and can extend up to 15 years in few cases. 
  • The loan margin requirement is 15%,while their interest rates are up to 2% over the base interest rate offered by SBI. 
  • The entire interest payment can be made during the moratorium period, so that only principal payments are made after the loan tenure begins. 

4. ICICI Bank Education Loan

Get Maximum Loan of – up to Rs. 1 Crore

ICICI Bank offers education loans up to Rs. 50 Lakhs for studies in India and Rs. 1 Crore for studies aboard.

One of the key benefits is that- you do not need to keep any collateral for education loans up to Rs. 20 Lakhs (for UG courses) and Rs. 40 Lakhs (for PG Courses at selective premier institutions)

The main drawback of ICICI education loan is that- the repayment holiday period is restricted to 6 months after the completion of the course, irrespective of the employment status.

5. Axis Bank Education Loan

Every child needs a quality education in order to lead a complete, successful and comfortable life. Unfortunately, such education comes at a cost that not everyone who deserves it can afford. That is where education loans comes into play. Education loans are funds offered by banks and financial institutions to meritorious students to help them pursue their dream course.

Axis Bank Education Loan Interest Rate is quite competitive for education in India’s finest institutes and on studying abroad. Interest rates on Education Loans are floating, and vary with the changes in MCLR. Axis Bank Education loan interest rates are in the range of 13.70% and 15.20%.