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Education Loan Banks in India

1. State Bank of India (SBI) – SBI Education Loan

  • Covers both domestic and international education
  • Loan amount: Up to ₹1.5 crore for premier institutions
  • Repayment tenure: Up to 15 years
  • Interest rate: 8.50% to 10.05% per annum
  • Moratorium period: Course duration + 1 year
  • No collateral for loans up to ₹7.5 lakh
  • SBI Student Loan Scheme (for Indian and overseas education)
  • SBI Global Ed-Vantage Scheme (for studying abroad)

2. HDFC Bank – HDFC Education Loan

  • Loan amount: Up to ₹40 lakh (₹1.5 crore for premium institutions)
  • Covers tuition fees, travel, and accommodation expenses
  • Interest rate: 9.50% to 13.75% per annum
  • Repayment tenure: Up to 15 years
  • Fast online processing and disbursement
  • No collateral required for select courses and institutions
  • Pre-approved loan offers for existing customers

3. ICICI Bank – ICICI Education Loan

  • Loan amount: Up to ₹2 crore for international studies
  • Interest rate: 9.00% to 12.50% per annum
  • No collateral required for loans up to ₹20 lakh (for select courses)
  • Repayment tenure: Up to 10 years (can extend to 15 years for large amounts)
  • Moratorium period: Course duration + 6 months
  • Quick online processing
  • Extra benefits for students going to top global universities

4. Punjab National Bank (PNB) – PNB Education Loan

  • Loan amount: Up to ₹1 crore for international studies
  • Interest rate: 8.75% to 10.50% per annum
  • No collateral for loans up to ₹7.5 lakh under government schemes
  • Repayment tenure: Up to 15 years
  • Moratorium period: Course duration + 1 year
  • PNB Udaan (for studying abroad)
  • PNB Pratibha (for students of premier Indian institutions)

5. Bank of Baroda (BoB) – Baroda Vidya & Baroda Gyan Loan

  • Loan amount: Up to ₹80 lakh for foreign education
  • Interest rate: 9.15% to 10.75% per annum
  • No collateral required for loans up to ₹7.5 lakh
  • Repayment tenure: Up to 15 years
  • Special benefits for female students (0.5% lower interest)
  • Baroda Scholar Loan (for international education)
  • Baroda Gyan Loan (for Indian education)

6. Axis Bank – Axis Education Loan

  • Loan amount: Up to ₹75 lakh
  • Interest rate: 9.90% to 13.50% per annum
  • Repayment tenure: Up to 15 years
  • Moratorium period: Course duration + 6 months
  • Online processing with minimal documentation
  • No collateral required for select courses
  • Quick loan disbursement for premier institutes

7. Canara Bank – Canara Education Loan

  • Loan amount: Up to ₹40 lakh (higher for international studies)
  • Interest rate: 8.85% to 10.50% per annum
  • No collateral for loans up to ₹7.5 lakh
  • Repayment tenure: Up to 15 years
  • 0.50% interest concession for female students
  • Lower rates for government-sponsored education schemes

8. IDBI Bank – IDBI Education Loan

  • Loan amount: Up to ₹30 lakh for domestic and ₹50 lakh for foreign education
  • Interest rate: 9.25% to 11.50% per annum
  • Flexible repayment tenure up to 15 years
  • No collateral required for loans up to ₹7.5 lakh
  • Concessions for girl students and differently-abled students

9. Kotak Mahindra Bank – Kotak Education Loan

  • Loan amount: Up to ₹40 lakh
  • Interest rate: 10.50% to 14.00% per annum
  • Flexible repayment tenure up to 10 years
  • Quick online approval
  • Competitive rates for students going abroad
  • No collateral for loans up to ₹20 lakh for select institutions

10. Union Bank of India – Union Education Loan

  • Loan amount: Up to ₹1.5 crore for foreign education
  • Interest rate: 8.50% to 10.50% per annum
  • No collateral for loans up to ₹7.5 lakh
  • Repayment tenure: Up to 15 years
  • Union Education Scheme (for domestic and foreign education)

Government-Sponsored Education Loan Schemes

1. Vidya Lakshmi Education Loan Scheme

A government-backed portal where students can apply for loans from multiple banks.

  • Single application for multiple banks
  • Covers domestic and foreign education
  • Loans up to ₹1.5 crore

2. Central Sector Interest Subsidy (CSIS) Scheme

Government pays the interest on student loans during the study period for students from economically weaker sections (EWS).

  • Available for loans up to ₹7.5 lakh
  • Only for students with family income below ₹4.5 lakh per annum

3. Dr. Ambedkar Central Sector Scheme

Special education loan scheme for students from Scheduled Castes (SC) and Other Backward Classes (OBC).

  • Interest subsidy for students studying abroad
  • Family income limit: ₹8 lakh per annum

Comprehensive Conclusion on Education Loan Banks

Education loans have revolutionized access to higher education by providing financial support to students who aspire to study in India or abroad. Several government and private banks offer education loans with affordable interest rates, flexible repayment terms, and various borrower-friendly schemes. These loans ensure that financial limitations do not become a barrier to academic and professional growth.