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"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I have taken an educational loan with State Bank of India. I did not find any hassle in it. The process was good and within 3 days they have sanctioned a loan. The rate of interest was nominal for this loan from institute I have taken a loan. On time I closed the loan.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 20, 2019
  • Axis Bank
    Axis Bank Education Loan
    "Good to go with Axis"
    AXIS BANK
    0.5 5.0/5 "Blown Away!"
    I have education loan with Axis with reasonable interest rate, I took the loan amount of Rs. 2.3 lakhs for the duration of five years. They part payment and foreclosure option is good, the process was faster and they disbursed the amount in one shot its a good experience.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 19, 2019
  • Bank of India Education Loan
    "Friendly bank"
    BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I bought the educational loan from Bank of India. Their services and follow ups are very good. When i visit the branch for educational loan, they responsively render the services. Without any hassle i got the card and shortest time they have delivered the loan and I'm not sure about interest rate given to me and now I'm repaying the money.
    Was this review helpful? 1
    , dehradun
    Reviewed on Jul 18, 2019
  • Syndicate Bank Education Loan
    "Need to decrease charges"
    SYNDICATE BANK
    0.5 4.0/5 "Great!"
    I was taken an educational loan in SYNDICATE bank for more than 7 years which was processed directly to bank.The loan amount was sufficient for the tenure of 4 years. On time loan got sanctioned. The rate of interest and the processing fee are reasonable. There are some additional charges also applicable for this loan. Now I have closed the loan.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 16, 2019
  • Punjab National Bank Education Loan
    "Good"
    PUNJAB NATIONAL BANK
    0.5 5.0/5 "Blown Away!"
    I have taken an educational loan in PUNJAB NATIONAL bank before 8 years ago, the amount which was given good and they mentioned for 5 years. On time loan got sanctioned. There is an option for a pre closure. The rate of interest is high in this bank.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 13, 2019
  • United Bank Education Loan
    "Unhappy Experience"
    UNITED BANK OF INDIA
    0.5 3.0/5 "Satisfactory"
    Since United Bank of India is a government bank there is no proper response to the customer, I had many issue with them, when I paid last five months emi of education loan in one shot, it was not updated in their system hence it was affected to my credit score. But I never failed to pay emi, I would say they are not user friendly.
    Was this review helpful? 1
    , kolkata
    Reviewed on Jul 13, 2019
  • Federal Bank Education Loan
    "Best Loan services"
    FEDERAL BANK
    0.5 5.0/5 "Blown Away!"
    Took the educational loan for my son from Federal bank. There is a 4 years course in that i have paid the fee for 3 years and for the final alone i have taken the loan for 1 year. They have given me a loan amount of Rs. 60000. I am paying the EMI amount of Rs. 3750 in that i have chosen the tenure period of 3 years.
    Was this review helpful? 1
    , kochi
    Reviewed on Jul 06, 2019
  • SBI Education Loan
    "Can be better"
    STATE BANK OF INDIA
    0.5 2.0/5 "Expected more"
    I closed SBI education loan because they handled over to the third party for collecting the money they are not clear in their updates. They are taking double charges from the customer hence I done the settlement, I took the loan amount Rs. 2 lakhs for the duration of four years.
    Was this review helpful? 3
    , chennai
    Reviewed on Jul 04, 2019
  • Canara Bank Education Loan
    "Interest rate can be better"
    CANARA BANK
    0.5 4.0/5 "Great!"
    I had education loan with Canara bank, I took Rs. 1.50 lakh for the duration 60 months. The interest was 13.5% it was higher for the education purpose, I done one time settlement without any charges. I got the loan closure confirmation with the time.
    Was this review helpful? 3
    , hyderabad
    Reviewed on Jul 03, 2019
  • Oriental Bank of Commerce Education Loan
    "Need to dearcrease charges"
    ORIENTAL BANK OF COMMERCE
    0.5 4.0/5 "Great!"
    I have taken a Education loan with Oriental Bank of Commerce and overall experience was good which was applied before 7 years ago, the loan amount was sufficient for the tenure of 8 years. I received my loan amount on time and the customer service is good. The rate of interest and fee are high when compare to other.
    Was this review helpful? 0
    , chandigarh
    Reviewed on Jul 01, 2019
  • Punjab National Bank Education Loan
    "Excellent"
    PUNJAB NATIONAL BANK
    0.5 5.0/5 "Blown Away!"
    I have taken an educational loan in PUNJAB NATIONAL bank before 6 months ago, the amount which was given good and they mentioned for fifteen years and also there is an option for a pre closure. In this bank charges are less when compare to other.
    Was this review helpful? 5
    , bangalore
    Reviewed on Jun 28, 2019
  • andhra Bank Education Loan
    "Need to be process at earlier"
    ANDHRA BANK
    0.5 4.0/5 "Great!"
    I have taken an educational loan in ANDHRA bank before 4 years ago, the verification process was took long and delay for about a month. The loan amount given was good for the tenure of 4 years and also the rate of interest is nominal in this bank.
    Was this review helpful? 1
    , gurgaon
    Reviewed on Jun 27, 2019
  • SBI Education Loan
    "Good service"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I have a Educational loan with State Bank of India. They are very prompt in disbursing the amount and the repayment will be start soon till the grace period is going on. I did not find any hassle in it. The rate of interest was 8.6% where other bankers are doing the same. There was no processing fee.
    Was this review helpful? 5
    , bangalore
    Reviewed on Jun 26, 2019
  • Indian Bank Education Loan
    "Good service"
    INDIAN BANK
    0.5 4.0/5 "Great!"
    I had taken an Educational loan from INDIAN BANK a long time back and the experience had been pretty decent. The process did not took much time and the interest rate with them had been nominal as well. Their customer support team and their staffs had been quite helpful at times. They have not charged me any hidden charges.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 26, 2019
  • SBI Education Loan
    "BEST"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    The process of getting the loan is good i have submitted the documents and i got the loan amount within 20 days. There was no processing fee. I got the loan amount for each of the semester. The rate of interest was 9-13% approximately, the loan amount 3L 80K. The duration for loan is after the education started paying. The customer support is good.
    Was this review helpful? 6
    , pune
    Reviewed on Jun 23, 2019
  • Syndicate Bank Education Loan
    "Should be faster"
    SYNDICATE BANK
    0.5 3.5/5 "Pretty good"
    I have education loan with Syndicate bank, I felt the application was very slow and also they are lacking on the service. Because I kept visiting to the Syndicate branch to complete the loan process. At the time, I took the education loan amount of Rs. 5 lakhs.
    Was this review helpful? 4
    , pune
    Reviewed on Jun 21, 2019
  • SBI Education Loan
    "Good service"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    MY educational loan was taken with STATE BANK OF INDIA . , Application was easy. I got the loan with in 2-3 days. Overall it has been a good experience with SBI . The interest rate is normal when comparing to other banks in the market. The loan amount is satisfactory .
    Was this review helpful? 4
    , bangalore
    Reviewed on Jun 21, 2019
  • andhra Bank Education Loan
    "Excellent"
    ANDHRA BANK
    0.5 5.0/5 "Blown Away!"
    I had a good experience with Andhra Bank on educational loan and closing the loan was very very easy. The customer service is very really supportive. The rate of interest is lesser and there was processing fee but they waived off for me.I got NOC and it was on the same day.
    Was this review helpful? 1
    , chennai
    Reviewed on Jun 18, 2019
  • Oriental Bank of Commerce Education Loan
    "Best bank"
    ORIENTAL BANK OF COMMERCE
    0.5 5.0/5 "Blown Away!"
    I took the educational loan in 2013. On 31st of every month whatever the loan balance for that they are calculating the interest. They have sanctioned the loan flat 36 hours. The given interest rate was 11.5% and there is no processing fee. I have been paying the EMI amount of Rs. 25K monthly. I went to oriental bank for transferring the home loan, the manager came to my place and asked my concern for transferring the account and they have ready to sanctioned the education loan upto my loan amount.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jun 12, 2019
  • SBI Education Loan
    "Process is very easy if we provide proper documents"
    STATE BANK OF INDIA
    0.5 2.0/5 "Expected more"
    The interest rate of SBI bank is very high even for the educational loan. They have provided the loan for students with some concession. The loan got sanctioned the loan within a week. Since i have studied in NIT, they have approached the student for the loan and its a scholarship school. They gave this loan only for the merit students. In 2017, i have closed the loan.
    Was this review helpful? 5
    , chennai
    Reviewed on Jun 08, 2019
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