Education loan in India
An education loan is a personal loan. Quality and Standard education is a must for a successful future. The cost of higher education is increasing day by day at an average interest rate of 9.75% and onwards per annum. An education loan is an amount taken to finance higher education related expenses. It covers the cost of books and supplies, tuition, living expenses while the borrower is pursuing the degree.
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Interest rates for education loan in India
Rate of interest
9.75% onwards
Loan amount
Up to 30 lakhs
Processing fee
Nil
Compare Rate of Interest by Top banks in India
Bank name
Interest rates
State Bank of India
7.97%
HDFC Bank Ltd.
8.50%
Punjab National Bank
7.30% onwards
Axis Bank Ltd.
13.70%
Avanse
10.50%
Bank of Baroda
8.25%
Credila Financial Service Private Limited
8.25%
Eligible course for Education loan in India
- Diploma courses or regular degrees that can be approved by the Director-General of Indian Nursing Council, shipping, civil aviation, or any other regular body.
- For Post-Graduation – Master courses from accredited institutions and PH. D
- For Professional Courses – Medical, Dental Management, CA, Engineer and computer science, CS, Veterinary, ICWA
- Other Diploma and Degrees by colleges or universities approved by AIBMS / AICTE / UCG Govt / ICMR, etc.