It is rightly said that Bank plays a very important role in one’s life, whether it is for study, business or other personal purposes. Here we will be discussing Top Education loan providers in India for studying abroad. Before going to the list of banks, let us have a look at what an Education loan is and what are its benefits-
What is an Overseas Education Loan?
An Overseas educational loan is a kind of loan which is provided by a bank for the purpose of education abroad. The loan is provided keeping in mind the needs of the student like tuition fees, hostel fees, cost of books, etc. The loan is to be repaid by the student after he/she completes the course and starts earning.
The benefits of a Study Abroad loan are as follows-
- This loan open door to the top-notch globally recognizable institute.
- The loan provides financial support to the student which helps him/her to complete the course.
- The loan helps in building the credit history of the student which is helpful in the future.
- The loan can be clubbed with other loans like car loans, home loans, etc.
The cost of higher education has been on the rise in recent years and studying abroad can be an expensive proposition. However, there are a number of education loans available from leading banks in India that can help you finance your studies.
Here is a list of some of the top education loan providers in India:
HDFC Bank–
HDFC Bank is one of the leading banks in India which provides Education loans at a very competitive interest rate. The bank has a wide network of branches which makes it very convenient for the student to apply for a loan. The bank also has very good customer service which makes it very easy for the student to get a loan.
HDFC Bank offers education loans up to Rs. 20 lakh for studies in India and Rs. 30 lakh for studies abroad. The interest rate on HDFC Bank education loans is in the range of 10.50% to 16.75%.
Axis Bank–
Axis Bank is one of the leading banks in India which provides Education loans at a very competitive interest rate. The bank has a wide network of branches which makes it very easy for the student to get a loan. The bank also has very good customer service.
Axis Bank provides education loans up to Rs. 15 lakh for studies in India and Rs. 20 lakh for studies abroad. The interest rate on Axis Bank education loans is in the range of 11.50% to 17.50%.
State Bank of India–
State Bank of India is one of the oldest and most trusted banks in India. The bank provides Education loans at a very reasonable interest rate. The bank also has very good customer service. The bank has a wide network of branches which makes it very easy for the student to get a loan.
State Bank of India offers education loans up to Rs. 10 lakh for studies in India and Rs. 20 lakh for studies abroad. The interest rate on SBI education loans is in the range of 10.90% to 16.60%.
Punjab National Bank–
Punjab National Bank is one of the leading banks in India which provides Education loans at a very competitive interest rate. The bank has a wide network of branches which makes it very easy for the student to get a loan. The bank also has very good customer service.
Punjab National Bank offers education loans up to Rs. 10 lakh for studies in India and Rs. 20 lakh for studies abroad. The interest rate on PNB education loans is in the range of 10.50% to 17.00%.
Bank of Baroda–
Bank of Baroda is one of the leading banks in India which provides Education loans at a very competitive interest rate. The bank has a wide network of branches which makes it very easy for the student to get a loan. The bank also has very good customer service.
Bank of Baroda provides education loans up to Rs. 10 lakh for studies in India and Rs. 20 lakh for studies abroad. The interest rate on BoB education loans is in the range of 10.50% to 17.25%.
Canara Bank–
Canara Bank is one of the leading banks in India which provides Education loans at a very competitive interest rate. The bank has a wide network of branches which makes it very easy for the student to get a loan. The bank also has very good customer service.
Canara Bank provides education loans up to Rs. 10 lakh for studies in India and Rs. 20 lakh for studies abroad. The interest rate on Canara Bank education loans is in the range of 11.00% to 17.50%.
IDBI Bank–
IDBI Bank is one of the leading banks in India which provides Education loans at a very competitive interest rate. The bank has a wide network of branches which makes it very easy for the student to get a loan. The bank also has very good customer service.
IDBI Bank offers education loans up to Rs. 10 lakh for studies in India and Rs. 20 lakh for studies abroad. The interest rate on IDBI Bank education loans is in the range of 11.25% to 18.00%.
8. Avanse Financial Services–
Avanse Financial Services is one of the leading financial service providers in India which provides Education loans at a very competitive interest rate. The company has a wide network of branches which makes it very easy for the student to get a loan. The company also has very good customer service.
Avanse Financial Services provides education loans up to Rs. 20 lakh for studies in India and Rs. 30 lakh for studies abroad. The interest rate on Avanse education loans is in the range of 11.75% to 18.50%.
EduCred along with our partners has an alliance with all the above banks. We can get you the best deal to fulfill your study overseas dream.
