Best Education Loans in India

1. Tuition fees

1. Hostel & accommodation charges

1. Examination, library & lab fees

1. Books, study materials & equipment

1. Laptop/computer (if required for course)

1. Travel expenses (for abroad studies)

1. Insurance premium (if applicable)

1. Living expenses (food & basic utilities)

1. Caution deposit & refundable deposits

Eligibility Criteria for an Education Loan

To apply for an education loan in India, students must meet certain basic eligibility requirements set by banks and NBFCs. While specific criteria may vary by lender, the general requirements include: 

1. The applicant must be an Indian citizen

1. Secured admission to a recognized institution in India or abroad

1. The course should be job-oriented (graduate, postgraduate, professional, or diploma courses)

1. A co-applicant/guarantor (parent, guardian, or spouse) with a stable income is required

1. The student and co-applicant should have a good credit history (CIBIL score)

1. For higher loan amounts, collateral security may be required

1. The student should meet the age and academic performance criteria set by the lender

Best Education Loan in India

The details of various education loans offered by various Indian banks are listed below: 

State Bank of India Education Loan

State Bank of India (SBI) provides loans to students who wish to pursue higher education in India as well as abroad. With minimal documentation and a quick application process, you can avail yourself of loans of up to Rs.20 lakh without any processing fee. The repayment period is 15 years and starts a year after the course is completed.

HDFC Bank Education Loan

HDFC bank offers education loans to Indian students between 16 to 35 years of age. A co-applicant is mandatory to avail this loan, and applicant must secure admission recognized institutions in India or Abroad through Entrance Test or Merit Based Selection process. The loan covers various courses, such as a graduate or post graduate degree and PG diplomas conducted by recognized colleges, universities recognized by UGC, Government, AICTE, AIBMS, ICMR etc. 

Axis Bank Education Loan

Axis Bank offers education loans for studying in India as well as overseas at low interest rates. The application process is simple and requires minimal documents. The bank sanctions loans within 15 working days from the date of submitting the application.

Bank of Baroda Education Loan

Bank of Baroda offers education loans of up to Rs.150 lakh to students who wish to pursue undergraduate, postgraduate, and various professional courses in India. You don’t have to pay any processing fee or documentation fee to obtain loans from this bank.

Punjab National Bank Education Loan

Punjab National Bank (PNB) offers a comprehensive range of education loan schemes tailored for Indian students pursuing higher education in India or abroad. These schemes provide flexible repayment options, competitive interest rates, and support for both meritorious and economically disadvantaged students.

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