Best Education Loan In India

Education loan:-

In common parlance, education loan is also called student loan. Education loan is the facility provider company, in which loans are provided to the students to get education indigenously and abroad at a reasonable rate of interest. At present education loan is provided by both public and private companies. India education loans of banks like PNB Bank, SBI, Axis Bank, Bank of Baroda, HDFC Bank, Kotak Mahindra Bank and Federal Bank etc. have been given more recognition in India. This bank actively offers education loans keeping in mind the interests of the students.

Top-5 Bank for Education loan in India :-

1. Punjab National Bank (PNB) -

. Maximum loan amount- Need based

. Maximum loan tenure- 15 years.

. Interest Rate Range- 8.55% to 11.25%

PNB Bank provides loans to students for pursuing their studies in educational institutions both in India and abroad.

2. State Bank of India -

. Interest Rate Range- 8.30% to 11.50%

.Maximum loan tenure- 15 years.

SBI Bank is the best bank in India to provide education loan at low rate of interest to educational institutions in India and abroad. It has zero processing fee for loans up to ₹ 20 lakh. SBI Bank offers second loan for completing higher education.

3. Bank of Baroda -

.Interest rate range- 9.10% to 12.45%

This bank provides loans to students for pursuing higher education in India and abroad at a reasonable rate of interest. Zero processing fee is charged on loans up to 7.5 Lac. After the completion of the stipulated period, the students have to return the loan in 1 year.

4. Axis Bank -

.Interest Rate Range:- 8.55% to 12.%

This bank is also one of the best banks to provide student loans in India. This bank provides loans for pursuing education in educational institutions both in India and abroad.

5. HDFC Bank -

This bank provides loans to students for pursuing higher education. The repayment tenure of this bank is 15 years. No processing fee up to 7.5 lac.

List of documents Required for Education Loan :-

Last year mark sheet

age proof

id proof

Latest passport size photo

bank information

Signature

Document for collateral security

Proof of address.

Calculation of interest rate on education loan :-

The interest rate on bank education loan is calculated on the basis of the amount taken by the student from the bank. Banks have not forced you to give any kind of money at the time when you are pursuing higher education i.e. you are studying in education, but after completion of education. The bank has to repay the amount with interest. A fixed interest is charged by the bank on the education loan. Banks refer to the base rate while determining the interest rate in education loans, in which the repo linked loan rate is based on the marginal cost. The baseline RBI repo rate for each bank It varies according to the change, which is reviewed on a two-month basis.

Benefits of education loan:-

Education loan helps students to complete their higher education. This not only provides financial support to the student, but also helps in making their dreams come true by pursuing higher education. Although there are many benefits of education loan, but according to our expert team, the major benefits have been shortlisted which we will share with you today-

1. Margin - If more than four lakh rupees is taken by the student in the education loan for the cost of education, then the student has to pay a part of it as payment. On studying it becomes 15%.

2. Collateral- If the amount of money taken by you as an education loan from the bank is more than 7:30 lakhs, then to keep that loan safe, the percentage fixed by the bank will have to be deposited in the bank in advance. |

3. Education loan is made available by the bank to the students at a low interest rate.

4. With education loan, a student can make his dreams come true by pursuing higher education.

 Frequently Asked Questions(FAQ) :-

1.Which bank is best for education loan in India.?

Education loan is given by different banks in India at different interest rates. SBI Bank offers education loan at 8.55% interest rate, which is India's lowest interest rate education loan bank. Apart from this, Axis Bank offers education loan at 13.70% to 15.20% and Bank of Baroda at 9.15% interest rate. gives

2. Which bank in India gives education loan easily ?

There is no need to provide any collateral for an education loan up to Rs.40 Lac in Bank of Baroda. Repayment of this amount allows you to deposit it back in the bank at a low level of interest over a period of 15 years. This feature Makes it different from other banks.

3. Which bank gives cheapest education loan in India ?

State Bank of India is the bank providing education loan at the lowest rate of interest in India, whose interest rate is 8.30% to 11.50%.

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