Apurv Prakash After completing our research, we have listed the “Best banks for education loan in India 2022”. With important factors that these listed banks consider to pass an education loan in India.
3 Best Banks For Education Loan In India
Let’s check the 3 best banks for education loan in India 2022.
1. HDFC Bank Education Loan
Maximum Loan Limit: Around Rs. 20 Lakhs.
HDFC Bank provides education loans to students for study in India and abroad. The maximum loan amount that a student can apply for in HDFC for studying in India is limited to Rs. 20 Lakhs.
HDFC will provide you the loan for a maximum time period of 15 years.
| Indian Education Loan Interest Rate | 9.25% to 13.68% |
| Foreign Education Loan Interest Rate | 9.25% to 13.68% |
HDFC Bank Education Loan Pros and Cons
Pros
- Lower interest rates
- Quick processing
Cons
- Less loan for study in India
- Up to 4% prepayment charges (during the moratorium period)
- 1% loan processing fee
2. Axis Bank Education Loan
Maximum Loan Limit: Rs. 75 Lakhs.
Axis Bank grants only type of education loans (beginning from Rs. 50,000 to Rs. 75 Lakhs). Axis finances education loan is only for the Undergraduate or postgraduate courses for students.
| Loan Amount | Interest Rate |
| Up to Rs. 4 Lakhs | 15.20% |
| Rs. 4 Lakhs to Rs. 7.5 Lakhs | 14.70% |
| Rs. 7.5 Lakhs or Above | 13.70% |
Axis Bank Education Loan Pros and Cons
Cons
- Higher interest rate
- Up to 15% margin for loan above 4 Lakhs
- Late payments will fine around 24% p.a. Interest.
Pros
- No processing fee for a loan less than Rs. 10 Lakhs
- Quick working on the loan application
- Loan amount up to 75 Lakhs
3. State Bank of India Education Loan
Maximum Loan Limit: up to INR 1.5 Crores
SBI provides education loans of up to 1.50 Crores INR for foreign studies.
PG and diploma courses like MBA, MCA and MS, Professional & technical degree from a top university.
SBI offers one of the lowest interest rates for education loans in India.
| SBI Educational Loan Scheme | Rate Of Interest |
| Student loan | 9.30% |
| Scholar Loan | 6.90% to 8.20% |
| Skill loan | 8.80% |
| Global Ed vantage | 9.30% |
Axis Bank Education Loan Pros and Cons
Cons
- Higher processing time
- 15% margin for abroad studies
Pros
- Many loan schemes
- Up to 9.30% low rate of interest
- 0 processing fees up to 20 Lakhs
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