Student Education Loan: Best Student Loans in India and Overseas 2024

Discover your dreams of education and finding ways to fulfil them is an achievement for everyone. Student Education Loan is a great source of financial help that offers to students to achieve their academic goals. Student loans can be accepted for courses in India & Abroad too.

All About Student Educational Loans In Abroad & India For 2024

Above provided guides on education loan cover information right from definition to application process along with repayment and more. Simply click on the respective guide that you require & collect the necessary documents for applying for a student loan.

Why Take An Education Loan?

If you belong to EBC or another low-income based family then pursuing your dream course can be difficult. To overcome such problematic situations and to give education to everyone various lenders from government and private have come up with student education loan schemes.

Availing of education loans is beneficial to parents and students to pursue higher education in top colleges/universities/institutes either in India or abroad. With too many features and benefits an education loan will support you in studying higher studies.

Not only middle-income group people can avail of these study loans even many high range income group people are also opting for a study loan to avail of those offered benefits. The reasons to take an education loan are many but a few of them are as follows:

  • It’s a big chance to help parents by taking their financial responsibilities and maintaining their family savings.
  • Making a good credit history
  • Income Tax benefits under IT Act Section 80E.
  • Fastly rising education costs.

List Of Recent Student Loan Interest Rates By Banks 2023

A student can now get a reasonable ROI of an education loan. Student Loan ROI can get varied on various factors such as lending institutions, loan amount, repayment tenure, borrower’s credit profile, collateral, candidate selected course, Chosen college/institute/university, etc.

The following information covers loan schemes and their interest rates by the major public and private sector banks of India.

Axis Bank

Education LoanInterest (%)
All Category13.70% to 15.20%

Bank of Baroda

Education LoanInterest (%)
Baroda Vidya12.45%
Baroda Gyan11% to 11.10%
Baroda Scholar10.35% to 11.10%
Baroda Loan – Premier Institutions9.10% to 10.15%

Bank of India

Education LoanInterest (%)
Star Education Loan – India9.95% to 10.75%
Star Education Loan – Abroad9.95% to 11.60%
Star Vidya Loan8.25%
Star Progressive Education Loan9.95%

Bank of Maharashtra

Education LoanInterest (%)
Model Education Loan10.70% to 11.05%
Maha Scholar Education Loan9.20% to 10.20%
Maha Scholar Overseas Education Loan10.30%

Canara Bank

Education LoanInterest (%)
Vidya Sagar Loan10.85% to 11.25%
Vidya Turant – Premier Institutions9.25% to 9.85%
Education Loan – Abroad Institutions10.85% to 11.35%
Vidya Sahay Scheme11.25% (Up to INR 1 lakh)

Punjab & Sind Bank

Education LoanInterest (%)
IBA Model Education Loan Scheme9.30% to 11.60%
PSB Excellence Education Loan9.10% to 9.30%

Punjab National Bank

Education LoanInterest (%)
PNB Saraswati – India and Abroad11.25% to 12%
PNB Kaushal10.25% to 10.75%
PNB Pratibha8.55% to 10.50%
PNB Udaan – Abroad10.75% to 11.50%
PNB Honhaar11.25%

State Bank of India

Education LoanInterest (%)
SBI Student Loan Scheme10.90%
Scholar Loans8.30% to 9.80%
Takeover of education loan10.90%
SBI Global Ed-Vantage (Abroad)10.90%
Shaurya Education Loan (Defense)10.90% to 11.50%

South Indian Bank

EDUCATION LOANINTEREST (%)
SIB-EDUSUM16.70% to 17.45%
SIB Excellence10.55% to 11.15%
SIB Global Education12.90% to 13.65%

Central Bank of India

Education LoanInterest (%)
Cent Vidyarthi10.65% to 11.25%
MBA loan to executive8.30%

City Union Bank

Education LoanInterest (%)
CUB Vidyavani16% to 17.50%
CUB Vidhyavani (Management)16.50% to 17%

Federal Bank

Education LoanInterest (%)
Federal Bank Education Loan12.55% onwards

ICICI Bank

Education LoanInterest (%)
Education Loan9.50% onwards

IDBI Bank

Education LoanInterest (%)
Non-vocational Courses10.60% to 11.10%
Vocational Courses11%

IDFC First Bank

Education LoanInterest (%)
All Category9% to 15%

Karur Vysya Bank

Education LoanInterest (%)
All Category11.20% to 13.70%

Kotak Mahindra Bank

Education LoanInterest (%)
All CategoryUp to 16%

Tamilnad Mercantile Bank

Education LoanInterest (%)
TMB Education Loan12.15% to 12.40%

Note: Above loan interest rates can be altered as per the banks terms and conditions so remember to cross-check the ROI of the selected loan scheme from the banks’ website before moving forward to apply for the loan.

Education Loan EMI Calculator

This EMI calculator is one of the best tools that help students to check their monthly payments and how much the total loan price will be after applying for an education loan. The tool simply asks for a few loan-related details like the loan amount. ROI, tenure & processing expenses for displaying an estimated amount of equivalent monthly installment (EMI).

Yearly, banks or other lenders will permit the applicants to make partial prepayments on your loan. Are you excited to get such payments? Surely use the online Education loan EMI Calculator and know how much money is going to preserve on interest and how much time it takes to pay off your obligation.

Things to Consider Before Applying for Education Loan

Below are a few important points to be aware of and considered before your education loan application process begins:

  • Some of the banks offers concessions on interest rates by checking their credit score.
  • Borrowers of education loan can get tax exemption under section 80E.
  • Also, some banks provides up to 1% concession in ROI, when customer paid full amount of interest while study period.
  • CGFSEL, Dr Ambedkar central scheme on education loans, Padho Pardesh Scheme are central government schemes that offer subsidies on ROI charged on the loan amount.
  • Moreover, some banks charge extra interest as a risk premium when the lender has not received any credit life insurance, which says liabilities are settled after the insurer’s death.

FAQs on Student Education Loans in India & Abroad

  1. Can I take an education loan as a student?

Yes, an education loan can be taken by any student in India to pursue their higher education in top institutes of India or Abroad.

  1. What is the limit of student education loans?

The maximum limit of student education loans is Rs.150.00 lakh for studying abroad and Rs.125.00 lakh for studying in India.

  1. How can I repay my education loan?

Students who took loans for studies can repay their loans in various modes like By Cheque/DD (Demand Draft repayment), By cash, or By Automated EMI payments (ECS/NACH).

  1. Can banks increase my education loan tenure?

Yes, banks will increase the tenure of your education loan when the course is extended by the college/university/institute.

  1. What are the latest RBI Guidelines for Education Loan?

The latest guidelines for education loans by RBI desire to offer many benefits for borrowers like flexible repayment options, transparent loan repayment schedules, handling ROL based on RLLR, or MCLR, simplifying the application process, and promoting the use of technology in the loan application process.

Final Words

By the end of this guide, you will be able to find the complete information on the India or Overseas Student Education Loan. If not, let us know what are the missed topics on education loans in the below comment section so that our authors immediately work on it and provide updated information too.

Meanwhile, take a look at the www.advanceeducationpoint.com website for a better understanding of student loans, academics, central and state board study resources, etc.

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