Are you going to take an education loan? Which bank can I buy from? – Comparison of education loan interest rates on top banks in India

They say that education is a greater asset than money and material possessions. Education is the only way to progress in life. But education does not come easily to everyone here. Because the tuition fees are very high. Especially, those who finish school and go on to higher education have to spend more. Due to this many people are not able to study continuously.

But the banks themselves give loans for education. Many leading banks offer education loans at low interest rates. Loans are available for education not only in India but also abroad. Those who want to take an education loan should first consult which bank to take the loan from. Because different banks have different rates of interest for education loan. Similarly, the RBI has raised the repo rate just a few days ago. So there will be a change in education loan too.

Interest Rate Comparison:

Punjab National Bank – 8.50% onwards
Canara Bank – 9.15% onwards
State Bank of India – 8.30% onwards
Bank of Baroda – 8.50% onwards
IDBI Bank – 8.85% onwards
Bank of India – 9.10% onwards
Tamil Nadu Mercantile Bank – 11.90% to 12.15%

HDFC Bank – 9.55% to 13.25% (full time course)
12.75% (part time course)
UCO Bank – Up to 11.95%
Karnataka Bank – 9.98% onwards
Federal Bank – 12.30% onwards
Karur Vysya Bank – 11.20% to 13.70%
Axis Bank – 13.70% to 15.20%
Kodak Mahindra Bank – Up to 16%

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Almost all banks do not charge any processing fee for education loans. While other loans have high operational charges, no fees are charged considering the academic service.What is needed?

Some documents are required for availing education loan. College admission letter along with completed loan application along with passport size photograph, entrance exam pass documents, mark sheet of previous educational qualification, scholarship related documents etc. and proof of non-loan from any other bank.