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 4.5/5 "Excellent!"
    Education loan, i have taken from State Bank Of India and the loan was Rs. 2,40,000 and the rate of interest was 10.05% normal only. I opted for the tenure of 10 years the loan was still running. For EMI, they are charging Rs. 1200 which is fine for me.
    Was this review helpful? 1
    , jaipur
    Reviewed on Mar 18, 2020
  • Karnataka Bank
    Karnataka Bank Education Loan
    "Easy loan approval"
    KARNATAKA BANK
    0.5 4.0/5 "Great!"
    KARNATAKA Bank offered me education loan and the loan amount was Rs.3,80,000. The rate of interest was quite more 13.7% and the EMI is Rs.14,000 which was paying by my dad. It is around 7 years tenure and went directly to the bank and applied this loan.
    Was this review helpful? 2
    , bangalore
    Reviewed on Mar 07, 2020
  • SBI Education Loan
    "Friendly bank"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    From starting onwards i had a good relationship with SBI employees so that i availed my educational loan from State Bank of India. I got the interest rate of 13% I have taken the loan amount of Rs. 2.5 lakhs. From last 1.5 years, I'm repaying the loan. Within 10 working days, they have sanctioned my educational loan.
    Was this review helpful? 3
    , kochi
    Reviewed on Mar 05, 2020
  • DHFL Avanse Education Loan Education Loan
    "Average Service"
    DHFL AVANSE
    0.5 3.0/5 "Satisfactory"
    I have taken educational loan directly through DHFL Avanse .I have taken this loan before 2 years and this loan is still active and started repayment .My education was successfully completed and have availed this loan directly .The process was very average according to my experience.
    Was this review helpful? 3
    , hyderabad
    Reviewed on Mar 03, 2020
  • SBI Education Loan
    "Moderate loan services"
    STATE BANK OF INDIA
    0.5 3.0/5 "Satisfactory"
    In SBI, when i taken my educational loan they have provided me a interest rate of 14%. For my higher studies i availed this loan. Since my father had a salary account with SBI and he was guarantor for the loan so he took the loan from SBI. It was a segmented loan. I applied the loan amount of Rs. 4 lakhs but first year, they have provided the loan amount of Rs. 1.5 lakhs which i have paid in 6 months.
    Was this review helpful? 2
    , kolkata
    Reviewed on Mar 03, 2020
  • Syndicate Bank Education Loan
    "Easy loan approval "
    SYNDICATE BANK
    0.5 4.5/5 "Excellent!"
    Syndicate Bank offered me educational loan and the loan amount was Rs. 90,000. The rate of interest was normal, i opted for 3 years and i am paying Rs.2100. Still the loan is in active and remaining i have to pay for 28 months. Syndicate Bank gives good service.
    Was this review helpful? 2
    , bangalore
    Reviewed on Feb 29, 2020
  • IDBI Education Loan
    "Need to improve customer service"
    IDBI BANK
    0.5 3.0/5 "Satisfactory"
    I have taken Educational loan from IDBI bank on 6 years back. Later I had done full payment on one settlement but in credit report this loan is still in active state raised to banker they told will take some time to resolve and received NOC letter after 2 years. The amount was sufficient. The rate of interest was less of 11% only.
    Was this review helpful? 2
    , hyderabad
    Reviewed on Feb 26, 2020
  • SBI Education Loan
    "Good"
    STATE BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I have taken the educational loan from State Bank of India. Since i have a savings account with them, i have chosen this bank. Their interest rates are nominal. Based on my father's recommendation, i have selected this bank. I have finished the loan and the amount got deducted through ECS option by every month.
    Was this review helpful? 4
    , chennai
    Reviewed on Feb 25, 2020
  • SBI Education Loan
    "Good service "
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I have taken a Education loan from State Bank of India. EMI, i am paying of Rs. 7700 till 7-8 years i have to pay. The rate of interest was medium 12.65%, customer service and responsiveness was very good in SBI, i can do pre close at any point of time.
    Was this review helpful? 7
    , muzaffarpur
    Reviewed on Feb 17, 2020
  • IOB Education Loan
    "Good service"
    INDIAN OVERSEAS BANK
    0.5 5.0/5 "Blown Away!"
    I have taken Educational loan from INDIAN OVERSEAS Bank. The loan period was 5 years, already 2 years has been completed. I am happy with their service when compare with other account. I taken this loan on 7 years back. I got this loan offer for 1.5L. EMI need to pay of 4,300 rupees. Pre closure option is available.
    Was this review helpful? 2
    , bangalore
    Reviewed on Feb 15, 2020
  • Bank of Baroda Education Loan
    "Good "
    BANK OF BARODA
    0.5 4.0/5 "Great!"
    I have taken Educational Loan on 3 years before. At an initial when I had applied this loan with VIJAYA Bank but now its merged with BANK OF BARODA. The amount of 2L and I got the same amount from them. The rate of interest was 10% which is nominal. I can close the loan at any time.
    Was this review helpful? 2
    , bangalore
    Reviewed on Feb 04, 2020
  • Union Bank of India Education Loan
    "Good service "
    UNION BANK OF INDIA
    0.5 4.5/5 "Excellent!"
    I have taken Educational Loan on 4 years back from UNION BANK OF INDIA. When I was at my hometown got this loan offer with sufficient amount. The rate of interest is nominal. So far I haven't faced any additional charge from their end. Their service is good and prompt.
    Was this review helpful? 3
    , chennai
    Reviewed on Feb 03, 2020
  • SBI Education Loan
    "Charges are more on interest rate"
    STATE BANK OF INDIA
    0.5 1.0/5 "Really Bad"
    SBI banking service is not good compared to private sector bank, they need to improve a lot. They are not intimating the EMI details and other hidden charges. I got the loan 14 years before when i was doing my studies. SBI is the only bank was available in my area so that i have selected for an educational loan. I have completed the loan by paying the entire amount. I got my NOC letter too.
    Was this review helpful? 8
    , chennai
    Reviewed on Jan 17, 2020
  • State Bank of Travancore Education Loan
    "Good Loan service"
    STATE BANK OF TRAVANCORE
    0.5 4.0/5 "Great!"
    Interest rates are quite for the educational loan from State Bank of Travancore which i took for my daughter. Since i am a long term account holder of SBT, i have selected the educational loan. The loan sanctioned time was faster. When i availed the loan, it was State bank of Travancore after that it was merged into State bank of India. I don't find any problem while taking the loan.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 16, 2020
  • IOB Education Loan
    "Good Educational loan"
    INDIAN OVERSEAS BANK
    0.5 4.5/5 "Excellent!"
    Indian overseas bank provided me an educational loan during the emergency time and it was a helpful loan service. Their interest rates are moderate. One of my family friend supported me to take this loan in the year of 2011. I have fully repaid the loan on 2015. Bank staffs were helpful and co-operative throughout this process.
    Was this review helpful? 1
    , chennai
    Reviewed on Dec 30, 2019
  • IDBI Education Loan
    "Good "
    IDBI BANK
    0.5 4.0/5 "Great!"
    I have taken educational loan with IDBI BANK on 2 years before actually this loan was suggested by my college management. The amount was sufficient of 7.5L with tenure period of 5 years. Rate of Interest is 9.5% and some processing fee was deducted. The process was taken too long to sanctioned the loan and it was around 45 days.
    Was this review helpful? 2
    , hyderabad
    Reviewed on Dec 24, 2019
  • Bank of India Education Loan
    "Need to imrpove service "
    BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I had taken Educational loan with BANK OF INDIA on 5 years before. Since my sister has already took the loan from this bank so I preferred it. Rate of interest was applicable. Their service was average because they took one month to sanctioned the loan and they have not given easily. I had submitted only certificates.
    Was this review helpful? 1
    , chennai
    Reviewed on Dec 22, 2019
  • Bank of India Education Loan
    "Not approachable"
    BANK OF INDIA
    0.5 3.5/5 "Pretty good"
    My educational loan was taken from Bank of India Its because branch is located to nearby my home town. I am not sure about the loan amount because the loan amount got credited directly to the college account. Purchased this loan 10 years before. They took 3 months to sanctioned this loan. They have followed lots of terms and conditions. The documentation process was very difficult to handle.
    Was this review helpful? 1
    , chennai
    Reviewed on Dec 20, 2019
  • Bank of Baroda Education Loan
    "Traditional but good"
    BANK OF BARODA
    0.5 5.0/5 "Blown Away!"
    Its because of the low interest rates, i have chosen the Bank of Baroda for my educational loan. In my area, branches are available. I never called the customer care service and if i need of any help, i just call the branch manager and he is quite helpful. They have provided me a interest rate of 11% for the loan amount of Rs. 3.25 lakhs.
    Was this review helpful? 2
    , ahmedabad
    Reviewed on Dec 16, 2019
  • Credila Education Loan Education Loan
    "VERY GOOD SERVICES FROM HDFC CREDILA SURAT"
    CREDILA FINANCIAL SERVICES
    0.5 4.5/5 "Excellent!"
    VERY GOOD SERVICES FROM HDFC CREDILA SURAT , VERY SUPPORTIVE, MANAGER MR.PRATIK VASHI HELPED A LOT & WAS VERY CO-OPERATIVE, VERY SMOOTH LOAN PROCESSING & DISBURSEMENT, ALSO PROPER AFTER SALES SERVICE, NO COMPLAINTS, A VERY GOOD & MEMORABLE SERVICE EXPERIENCE FROM THEM.
    Was this review helpful? 0
    , surat
    Reviewed on Dec 10, 2019
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