Make college memories that last a lot longer than your student loan payments.

Education Loans without Collateral

Educational loans have become a support system for students who cannot afford studying abroad or in the home country as for that matter, but have the awareness of the significance of education. In order to assist such deserving students, RBI introduced the concept of study/education loans from banks that have also collaborated with universities/colleges to provide financial aid. According to RBI maximum study loan for education in domestic country is Rs.10 lakhs and for studying abroad, it is Rs.20 lakhs. Guidelines show that loan taken up to Rs.4 lakhs is allowed without collateral security and when the loan amount exceeds, there is rule to have collateral and a third party guarantee which is most cases is the parents of the student. Collateral is a necessary constraint for the banks to be on the safer side. If a long of bigger amount is taken without collateral that might turn out to be a loss for the bank, to avoid that loss, collateral for loan exceeding Rs.4 lakhs is required.

In only rare special cases, when the student is extraordinary and deserving, bank might consider exceeding his/her limit of study loan without collateral.

There are certain top banks which offer study loans by exceeding limit of loan without Security which can be considered by a student who is dealing with issues regarding collateral security. Some banks are:

Bank Loan Amount
HDFC Bank Domestic Education – Up to Rs.15 lakhs Foreign Education – Up to Rs.20 lakhs For loans up to Rs.7.5 lakhs no collateral is required
HSBC Loan up to Rs.5 lakhs do not require collateral
State Bank of India (SBI) Domestic Education – Up to Rs.15 lakhs Foreign Education – Up to Rs.20 lakhs For loans up to Rs.4 lakhs no collateral is required
Punjab and Sind Bank Domestic Education – Up to Rs.15 lakhs Foreign Education – Up to Rs.20 lakhs For loans up to Rs.4 lakhs no collateral is required
IDBI Bank Domestic Education – Up to Rs.15 lakhs Foreign Education – Up to Rs.20 lakhs For loans up to Rs.4 lakhs no collateral is required

All of the above banks and other banks have almost similar financial aid criteria which is loan up to Rs.4-5 lakhs is without collateral and amount exceeding 4 lakhs up to Rs.7.5 lakhs is approved with collateral as third party guarantee and the amount exceeding that, is with collateral as property.

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Education Loan Reviews

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  • SBI Education Loan
    "Good Experience"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    In SBI education loan service is good, the interest rate is fair enough compared to others, they reals ed the amount based on the semester. The customer agents wont give detailed information about the bank products , I am very fine with the loan part.
    Was this review helpful? 1
    , chennai
    Reviewed on Feb 15, 2019
  • Karur Vysya Bank Education Loan
    "GOOD"
    KARUR VYSYA BANK
    0.5 4.0/5 "Great!"
    KARUR VYSYA BANK is the bank where i have taken the education loan and the process of getting the loan is difficult because the documentation process is delay but i got the loan for every semester. The rate of interest is nominal when compared to the others.
    Was this review helpful? 1
    , namakkal
    Reviewed on Feb 12, 2019
  • SBI Education Loan
    "Fine Educational loan "
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    They have given ample of time in my education time. I have taken the loan amount of Rs. 1 lakh and I'm paying the minimum EMI of Rs. 4000 every month. I never received any calls from them regarding the loan process and there is no proper customer care service so far. Total tenure period of the loan 7 years. When i applied the loan, it got approved easily in SBI.
    Was this review helpful? 2
    , bangalore
    Reviewed on Feb 12, 2019
  • SBI Education Loan
    "Good for educational purpose"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    It was one time process and I took it for the education purpose, the bank have released the disbursement based on the semester, they helped me on time when ever they need on it, the bank staffs are very helpful and friendly but the interest is bit high its not an issue for me.
    Was this review helpful? 0
    , jamshedpur
    Reviewed on Feb 11, 2019
  • Canara Bank Education Loan
    "Good"
    CANARA BANK
    0.5 4.0/5 "Great!"
    I took my Education Loan in Canara Bank before 4 years and it was average. The interest rate was good. I do visit the branch and the response was proper. There was no processing fee. I am paying monthly installment as 10-12K through cash. There is an option for partial payment.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 08, 2019
  • SBI Education Loan
    "GOOD"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I have taken the education loan with the STATE BANK OF INDIA and i have taken it on 2013 and they have offered the rate of interest is 10% with this bank but the documentation process is simple ans fast to get the education loan with this bank.
    Was this review helpful? 3
    , pune
    Reviewed on Feb 02, 2019
  • SBI Education Loan
    "Satisfied"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I have my educational loan from State Bank of India. The process to get the loan is good and there are no hassles in the documentation process. The rate of interest and processing charges is nominal and in all there are no hassles to get my loan through.
    Was this review helpful? 2
    , mumbai
    Reviewed on Jan 30, 2019
  • IOB Education Loan
    "Good Loan services"
    INDIAN OVERSEAS BANK
    0.5 4.0/5 "Great!"
    They are charging the higher interest rates for educational loan. I bought my education from Indian Overseas bank. I purchased the loan 12 years before. The documentation process was too lengthy. Every time we need to follow up them to sanctioned the loan. The overall loan process was average.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 28, 2019
  • andhra Bank Education Loan
    "Best financial service"
    ANDHRA BANK
    0.5 5.0/5 "Blown Away!"
    I have taken education loan from Andhra bank . Am satisfied with promising rate of interest with nominal processing fees . They instantly approved the loan , Am satisfied with their customer service and response as they approved in few days
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 28, 2019
  • SBI Education Loan
    "Convenient Education Loan"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I had education loan with SBI it was cleared, I was taken long time. The interest rate was better compared to private banks. There were other features, I conveniently used to reach the bank its was near to my college. On time they sanctioned the loan based on every semester. Bank people were very supportive. Its easy, fast and hassle free experience with them. Where go for admission to the foreign country CITI is best but for within India SBI is the best.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jan 25, 2019
  • Dena Bank Education Loan
    "Average service"
    DENA BANK
    0.5 3.0/5 "Satisfactory"
    I have been using my educational loan with DENA bank,the loan amount which they have given me was sufficient,the rate of interest they have charged me was nominal,they have charged me up to 9% it is nominal,the processing fee they have not charged me ,it is zero processing fee,and now the loan had been closed , i am not happy with there service.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 21, 2019
  • Union Bank of India Education Loan
    "Excellent Service"
    UNION BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I had taken this Educational loan in the year of 2013 and the process has been quite good where the documentation was hassle free. Their customer support and their staffs had also been responsive as well. There has not been any sort of additional charges and the loan amount has been sufficient.
    Was this review helpful? 2
    , hyderabad
    Reviewed on Jan 20, 2019
  • Syndicate Bank Education Loan
    "Not satisfied with the Service"
    SYNDICATE BANK
    0.5 2.0/5 "Expected more"
    I have chosen Syndicate bank for my Education loan where they have offered good rate of interest based on the market price , where i have taken loan 8 years back where they have informed the rate of interest will be calculated after 6 years , but actually they have charges from the very first year which is not conveyed properly to me . Where they have given tenure period of 61 months .
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 19, 2019
  • Bank of Baroda Education Loan
    "Best service"
    BANK OF BARODA
    0.5 5.0/5 "Blown Away!"
    My application of education loan has been approved with BANK OF BARODA , i close this loan before 4 year . The process is very easy to get the loan and the loan amount is very satisfactory . The tenure period is 5 year and customer service and their response is good .
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 19, 2019
  • UCO Education Loan
    "Fine loan services"
    UCO BANK
    0.5 4.0/5 "Great!"
    I have taken a educational loan from UCO bank. Compared to other banks, the charges are little bit high. I bought the loan in the year of 2016. They have sanctioned the loan amount of Rs. 6.5 lakhs but i have taken 3 lakhs. They have charged me a interest rate of 9.75%. After completion of education, i have to pay the loan as soon as get the job.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 18, 2019
  • Indian Bank Education Loan
    "Better"
    INDIAN BANK
    0.5 3.5/5 "Pretty good"
    Its not yet completed, I have taken the Education Loan in Indian Bank in the year of 2010. Am paying the interest rate on correct basis and there won't be any issues on the charges but don't have much experience. I am paying monthly Rs.5000 and the interest is Rs.700per month. The loan amount was 2.5L, They have disbursed very quickly and rate of interest was reasonable.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 18, 2019
  • Syndicate Bank Education Loan
    "Good service"
    SYNDICATE BANK
    0.5 2.0/5 "Expected more"
    I have taken my Education loan with Syndicate bank for my daughter,this loan is still running, and there service is good,they have given me sufficient loan amount to me, and the rate of interest they have charged me was fixed they have charged me up to 10-11% which was nominal for me, and they have not charged me processing fee,it zero processing fee they have taken, they have given me 5% discount, there is no hidden charged they have taken from me,the manager of that bank is well know,so he take card of the documents ,and use to co-operative with me well.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 17, 2019
  • Allahabad Bank Education Loan
    "Average"
    ALLAHABAD BANK
    0.5 4.0/5 "Great!"
    My education loan was taken with ALLHABAD BANK . The whole application is very easy to get loan . The tenure period is 5 year . The rate of interest and processing is nominal with this bank i do not have to face any issue . The loan amount is very satisfactory .
    Was this review helpful? 3
    , bangalore
    Reviewed on Jan 11, 2019
  • Union Bank of India Education Loan
    "Good for education purpose"
    UNION BANK OF INDIA
    0.5 4.0/5 "Great!"
    Long back I took the education loan, the interest rate was lesser but due the payment tenure was very longer. The principal is huge that is the reason, I used to get the message for debit or credit. If I want the loan statement I place request in the bank.
    Was this review helpful? 1
    , tirupur
    Reviewed on Jan 10, 2019
  • Union Bank of India Education Loan
    "Good for education purpose"
    UNION BANK OF INDIA
    0.5 4.0/5 "Great!"
    Long back I took the education loan, the interest rate was lesser but due the payment tenure was very longer. The principal is huge that is the reason, I used to get the message for debit or credit. If I want the loan statement I place request in the bank.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 10, 2019
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