Educational Loans

When it comes to a complete education loan, the features and benefits offered are the designated deal makers. Commonly, the following conveniences are offered as part of the education loan-
  • Universally available. Anyone with a will to study can apply.
  • Education loans are provided to pursue all types of academic courses, in India and abroad. The courses include graduation, post-graduation, vocational courses and other certificate courses.
  • Loan amounts can vary from a minimum of Rs.10 lakhs to a maximum of Rs.15 lakhs. For education abroad, banks will provide loans to the quantum of Rs.20 lakhs.
  • The applicant’s annual family income and the course pursued are primary determinants for the applicable loan amount.
  • Usually, female students are offered discounts and/or lower interest rates when it comes to education loans.
  • Government sponsored subsidy schemes, such as ‘Central Scheme to provide Interest subsidy (CSIS)’ help students from the economically backward sections of society avail the benefits of a robust loan for education.
  • The applicant need not repay the borrowed amount immediately. Post the completion of the course, the repayment tenure can stretch upto 5-7 years.
  • Generally, loans below Rs.4 lakhs do not require a security or guarantor.
Banks, in their individual capacity, will offer a whole suit of exclusive features and benefits. Check the same before zeroing in on the one that best complies with your requirements.

The following banks are listed at the top of their class when it comes to education loans in India-

SBI Education Loan – India’s largest public sector bank is also a firm favourite when it comes to education loans. Offering upto Rs.10 lakhs for studies in India and Rs.30 lakhs for studies abroad, the SBI Education Loan is a full-fledged offering with customer friendly features and benefits. Some of the key highlights of the SBI Education Loan are as follows- friendly interest rates, coverage of a wide spectrum of educational courses in India and abroad, immensely student friendly terms and the backing of SBI’s legendary name and reliability.

Axis Bank Education Loan – India’s third largest private sector bank is a strong contender when it comes to student friendly loans for education. The Axis Bank Education Loan is a full featured offering that is characterised by friendly interest rates, quick turnaround times, loan amounts of Rs.10 lakhs for studies in India and Rs.20 lakhs for studies abroad, a comprehensive listing of funded educational courses (in India and abroad) and Axis Bank’s famous brand of customer support and banking innovation.

HDFC Education Loan – India’s fifth largest bank is a veteran when it comes to offering comprehensive and student friendly education loans and also commanding absolute devotion towards its loan schemes from students aspiring for higher education in India and abroad. Competitive interest rates, a whole range of student centric options and features, funding for an elaborate list of educational courses in India and overseas, alongside HDFC’s constant popularity and new-age banking methodologies, are some of the fundamental reasons why HDFC must be on your scanner when talking of good education loans.

Avanse Education Loan – The first thing that hits you about education loan offerings from Avanse is the sheer number of options on offer. Loans for studies in India, abroad, executive education, pre-admission loans, pre-visa disbursement loans and fast track loans are popular offerings, while a number of student friendly terms and conditions make the aforementioned loans very popular. Avanse Education Loan is focussed on top notch customer service that is backed by an interactive and robust loan processing and disbursal system that will ably match the best on offer in India.