Education loans are financial aid options that allow students to borrow money to pay for their education. These loans are typically provided by banks, credit unions, or other financial institutions and can be used to cover the cost of tuition, fees, housing, and other education-related expenses.
Various education loans are available in India for students who need financial assistance to pay for their higher education. Education loans can be taken from banks, financial institutions, and other lending agencies to cover the cost of tuition fees, accommodation, travel, and other expenses related to pursuing a course of study.
To apply for an education loan in India, you must meet specific eligibility criteria, such as being an Indian national, having an excellent academic record, and demonstrating financial need. In addition, depending on the lender and the loan amount, you may also be required to provide collateral or a co-signer.
Here are some of the best bank for student loan-
S.No. |
Best Education Loan in India |
1. |
Punjab National Bank Education Loan |
2. |
SBI Education Loan |
3. |
Axis Bank Education Loan |
4. |
Bank of Baroda Education Loan |
5. |
HDFC Bank Education Loan |
Education loans in India typically cover the following expenses-
You can even use Education Loan EMI Calculator to calculate your EMI and assess your loan estimation and computations.
Here is a list of documents required for an education loan approval in India-
Here’s why opting for an education loan when you need it is a good option for you-
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The following are some of the best education loans offered, along with their respective education loan details and brief overview-
Punjab National Bank (PNB) offers education loans for students who wish to pursue higher education in India or abroad. The loan amount can be any number based on the needs.
The loan is available for various courses, including graduation, post-graduation, and professional courses.
The SBI Education Loan is a financial assistance program offered by the State Bank of India (SBI) to students pursuing higher education in India or abroad.
The loan is designed to help students cover the costs of tuition, fees, books, and other expenses related to their studies. The repayment is to be done one year after course completion. And requires zero processing fees for loans up to Rs.20 lakh.
Axis Bank offers education loans to students who wish to pursue higher studies in India or abroad. It is one of the best bank for education loan in India. The loan amount is based on the course and institution chosen by the student and can cover tuition fees, hostel fees, and other expenses.
The minimum loan amount you can get is Rs. 50,000, and the loan disbursal is done within 15 business days after application submission.
Students who have secured admission to a recognized institution for higher studies in India or abroad through a competitive examination or merit-based selection process can get approved for this loan.
There are no processing fees or documentation charges. No collateral is required up to 7.5 lakhs. Repayment of the loan begins one year after completion of the course or six months after getting a job, whichever is earlier.
HDFC Bank offers one of the best education loans for students in India based on course fees, living expenses, and other expenses associated with the course.
The repayment tenure is of up to 15 years. No collateral is required for a loan of up to INR 7.5 lakhs.
It is essential to research and compare different education loan details and options before applying, as the terms and conditions of these loans can vary significantly. Also, carefully read and understand the loan agreement, including the interest rate, repayment terms, and applicable fees or charges.
Apart from knowing which bank is best for education loan, you may also be interested to know- |
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How to Apply for an Instant Loan |
Disclaimer: This blog is solely for educational purposes. The securities/investments quoted here are not recommendatory.
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Research Analyst - Aakash Baid