Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Student Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
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    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
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    Eligibility Criteria
    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
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    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
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    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
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    Student Loan is Rated as "Great!" by 76020 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    Education loans or student loans have emerged as one of the most prominent loan categories. Students who could not earlier go for higher studies due to fund crunch can now avail an education loan and realize their dreams. Education fees in India has been on the rise for the past several years especially for professional courses like engineering and medical. Fees is also higher for private institutes as compared to government colleges. Student loans have made it possible for people from all strata of economic background to study further without worrying about the associated fees.

    These student loans can be repaid by borrowers later when they are able to find a suitable job after completion of their educational course. Almost all major banks in India, public as well as private offer education loans to students. The size of these loans depends upon the college and the course. Not only are education loans offered by banks for study in India but loans for studying overseas are also offered for courses like engineering, architecture, management etc. These education loans cover tuition fees, accommodation fees, examination fees, library and laboratory charges, money for purchasing books, laptop, uniform and instruments as well as for project work during college. The fees and expenses covered are however dependent upon the lending bank and the institute in which admission is sought by the loan applicant.

    Student Loan Eligibility Criteria

    To avail an education loan from a lending entity, there are certain eligibility criteria that need to be fulfilled by the loan applicant. Listed below are some generic criteria that apply to almost all banks.

    • Applicant needs to be an Indian resident
    • Applicant should be aged between 16-35 years of age
    • A collateral security is required by most banks if the loan amount is more than a specific limit
    • A co-applicant is usually mandatory for education loans. A co-applicant can be a parent or spouse
    • Co-applicants salary should meet the minimum salary criteria laid by the lending bank
    • Applicant should have secured admission to the college course he/she is taking education loan for
    • A sound academic career is an added bonus for most banks who lend money for student loans

    Documentation Required for a Student Loan

    There is a specific set of documents required by banks for sanction of education loans. This list of documents is similar for all lending entities. Following are the papers that need to be furnished by an education loan applicant.

    • Proof of age, school certificates
    • Proof of permanent address
    • Proof of identity, passport, voter ID, driving license etc.
    • Income proof of co-applicant/guarantor
    • Optional guarantor form, duly filled
    • Copy of admission letter to education course
    • Bank account statements of co-applicant if required by the bank

    Student Loan Interest Rates

    Interest rates on education loans are slightly higher than loans for housing. These rates are dependent on the lending bank and are generally in the range of 11.75 per cent per annum and 14.75 per cent per annum. Rates are relaxed for students who secure admission at premiere institutes like IITs and IIMs. Interest rates are also reduced by public sector banks for female applicants.

    Features and Benefits of Student Loans

    Student loans are a great boon for people who want to study but struggle due to financial constraints. The concept of banks paying for your education while you study and then getting repaid when you start earning is a great boost for banks as well as for your own educational growth. Here are some of the most significant features and advantages of student loans in India.

    • Education loan enables you to realize your dreams by taking care of education expenses
    • Student loans are easy to obtain and do not have stringent requirements to be fulfilled. This makes these loans popular among customers and removes the hurdle that finances could pose to the education of an individual.
    • Student loans are great alternative to other types of credit. These loans offer lucrative interest rates and come at easier terms as compared to other loans.
    • Deferment of repayment is the most significant advantage of education loans. These loans can be deferred to a time until the applicant starts earning within a stipulated timeframe. The borrower isn’t required to repay the loan as soon as he/she avails an education loan.
    • Student loans offer not just financial ease but also tax benefits. Interest paid towards education loan can be claimed for tax exemption under section 80E of the Income Tax Act.
    • Many banks offer top-up feature on education loans in case a student decides to continue study during the moratorium period. Repayment is then deferred by the bank until completion of further study.
    • Existence of one education loan in a family might affect procurement of other education loans in the same family.
    • For student loans higher than a specific loan amount, most banks require a collateral to be submitted as security. These collaterals can be anything like house papers, LIC policies, NSCs, fixed deposits etc.

    Student Loan for Studying Abroad

    Banks offer education loans not only to students who study in India but also to students who wish to study abroad. Generally, studying abroad is far more expensive than studying in India and hence students who wish to study abroad have to manage enough cash to get admitted to an educational institution.

    For example, a post graduate course in the U.S. can cost up to Rs.30 lakhs per annum. This is a huge amount for any student and so education loans for overseas offer considerable loan amounts. Also, education loans have a set limit to the loan amount offered and as such students might be required to take up part time jobs to manage their expenses. Insurance is a compulsory cost associated with education loans for overseas study. The sum assured in this case will depend upon the course as well as the country where the applicant is going to study.

    Student Loan for Studying in India

    Public sector banks as well as private banks offer education loans to students who wish to study in India. These loans can be taken for any professional course like MBA, engineering, medical etc. Sometimes, rates on education loans are slashed in case the college an applicant has got admission too is a premier institute like an IIT, IIM or an NIT.

    The stark professional shift in education, the increasing competition and globalization have led to more people aspiring for higher studies. Courses that were expensive for people have now become easily attainable due to the increased penetration of student loans.

    FAQs

    Who all are eligible for education loan?

    Any student who wishes to study further is eligible for an education loan provided he/she is a resident of India.

    Is there an age criteria that is applicable to education loans?

    Yes. Generally, age of the applicant needs to be between 16-35 years of age. This is subject to the lending bank’s discretion.

    What expenses are covered as part of student loan?

    The following expenses are covered as part of education loan.

    • Tuition Fees
    • Hostel Fees
    • Examination Fee
    • Library fees and lab fees
    • Purchase of books
    • Purchase of laptops and other equipment
    • Travel expenses for studying abroad
    What percentage of student loan amount do I have to pay out of my own pocket?

    Nil. 100% loan is available for select courses and is dependent upon bank’s policy.

    What is the loan tenure for student loan?

    Loan tenure can be a period up to 7 years. This includes the moratorium period.

    What is a moratorium period?

    Moratorium period is a payment holiday offered on repayment of education loan until the applicant finds a job and starts repaying the loan.

    Is a co-applicant mandatory?

    Yes. A co-applicant is almost always required by banks to sanction your education loan.

    What is the loan amount offered to students?

    Loan amount depends upon the requirement of the applicant. Greater amounts are offered to applicants who wish to study abroad than those who apply for study in India.

    Does education loan offer any tax benefit?

    Yes. Education loans can get tax exemption for interest paid on the loan. This is in line with section 80E of the Income Tax Act.

    Can I pre-pay my education loan?

    Yes. Pre-closure of student loan is possible, however some banks levy a prepayment fee on pre-closure of loan.

    News About Student Loan

    • Public Sector Banks going slow on Student Loans

      Due to a rise in non-performing assets, several public sector banks have decided to go slow on student loans. As per the latest data compiled by the Finance Ministry banks have achieved around 50% of the disbursal target, up to September 30, of the year 2015-16. However, a few banks haven’t been able to achieve their proportionate targets. Banks were supposed to achieve 15% growth in accounts and 20% growth in disbursement for the current financial year. Banks were given a target of 20 per cent growth in disbursement and 15 per cent growth in accounts for the current financial year.

      The Reserve Bank of India has raised a concern over the rise in non-performing assets in education loans. According to the RBI governor, education loans should be devised in a flexible manner with options like automatic moratorium, in case borrowers were unemployed. He also wanted the know-your-customer (KYC) guidelines to be made simpler.

      26th November 2015

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  • Student Loan Reviews

    • Bank Bazaar Customer Support
      "Love to Use Bank Bazaar website"
      0.5 4.0/5 "Great!"
      I am happy with Bank Bazaar, whatever the coordination which they gave is great. I love Bank Bazaar website always to use. Its very convenient to use and access. It has all options to check on financial needs. But I would like to suggest, Bank Bazaar executives should be more clear with their process.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Response part has to be improved"
      0.5 2.0/5 "Expected more"
      Due to improper coordination from ICICI, the loan application got closed. From Bank end there was no response on right time. They reached me after three days of my request and collected the documents finally it got closed without any intimation.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "Instant loan "
      0.5 4.0/5 "Great!"
      They have started a new process with the HDFC personal loan. We can apply the Personal Loan through net banking and we just need to apply the documents in the portal and within 15 hours they have provided me a credentials id & password where I have tracked my personal loan application . The loan got approved within 24 hours of time. The banking service is really good and giving instant service to the customers. I am happy about the loan amount. The required amount has been given by HDFC bank. The Value added service like vouchers and online purchasing offers were given. The rate of interest is nominal with HDFC bank.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Customer oriented service"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar gives a prompt response and the regular follow to their customers. I really appreciate the bank bazaar effort which was given to the customer in terms the service, follow up in any case. The customer service and the response is really good with bank bazaar. The bank bazaar web site is easy to use and user friendly.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "They be clear about the percentage"
      0.5 4.0/5 "Great!"
      HDFC charged me 14.75% of interest for the amount of Rs.5 lakhs it is higher side compared to other competitor. But Initially they committed they were providing around 11% but finally it was processed it for 14.75%, But I am happy with their service, they done fast loan. process. I would like to suggest them, to clear information about the interest rates.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Overall good"
      0.5 4.0/5 "Great!"
      The customer services are good and very much satisfactory at Bankbazaar. I was contacted instantly and the process is smooth. The website is overall good, it would be better if there are more options of banks on the portal to choose from with a lesser rate of interest.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Below average service"
      0.5 1.0/5 "Really Bad"
      I haven't got any kind of response from the ICICI bank . It was me who took initiative and made a follow up with the ICICI bank executives to get the personal loan but still no one gave proper responsefrom ICICI bank, that was the reason I haven't proceed my personal loan application with ICICI bank. The rate of interest is bit high , when compared with others. I would say it was a below average service.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "High on ROI & charges"
      0.5 3.0/5 "Satisfactory"
      I did not go ahead with ICICI Bank because I was offered a high rate of interest. I got a rate of around 15% where as I was getting lesser rates from other banks for the personal loan. The services and response was on time and there were couple of follow up calls too.
      Was this review helpful? 0
      , ernakulam
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Userfriendly website"
      0.5 4.0/5 "Great!"
      As per the loan application status, Bank Bazaar gave me good follow up and I got good response from Bank Bazaar. I am using Bank Bazaar website is good to compare the interest rate. I would like to suggest Bank Bazaar should give multiple option, so the customer will have a choice to chose an another bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Loan process should be fleixible"
      0.5 2.0/5 "Expected more"
      ICICI was looking for last six bank transactions, I have an account with SBI but I have a transaction around five years. Hence ICICI have rejected my personal loan application. I have submitted all of my documents, they have check my credit score as well finally they rejected it.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Excellent very very good service provided by bank bazaar .com and very very happy for simple loan apply process and sanction your amount and fast service and any executive service and fast information & loan section and comfortable with any language.
      Was this review helpful? 0
      , patna
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "The best"
      0.5 5.0/5 "Blown Away!"
      The services at Bankbazaar has been great and the process is smooth. They are very professional and they are the best in handling a customer. The follow up calls was much and they showed interest and they valued the customer. The website is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar is an excellent service provider, I am getting good and satisfactory service. Whenever I looks for any financial products through Bank Bazaar. I am happy about that, I came to know Bank Bazaar through google search. I have been using it for three years its good.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      My friend has referred me to go with bank bazaar to get an credit card and I have downloaded bank bazaar mobile application and I have started applying for credit cards and personal loan. The bank bazaar mobile application is easy to use and user friendly rather I would say it is also useful for the financial management,. The customer service with bank bazaar is very good and supportive to the customers.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 23, 2017
    • ICICI Bank Personal Loan
      "Better Service"
      0.5 4.0/5 "Great!"
      The ICICI bank gave a call and asked me from which company I am receiving the salary and I told my company name but I am receiving the salary from 2 different company names , so very next day I got a text from ICICI bank saying that My personal loan application got cancelled. The customer service and the response was good with ICICI bank. The rate of interest is nominal with ICICI bank. I would say it was an average service from ICICI bank.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Looking for better feature"
      0.5 3.0/5 "Satisfactory"
      Standard Chartered customer service is good, when I applied for the personal loan they called and collected my documents. They done a verification process over the phone call but they have not visited my place to verification. Loan process got delay, Then I almost waited for two weeks, the time which they committed to disbursed the amount, I did not receive it and finally my application got closed.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 23, 2017
    • Bank Bazaar Customer Support
      "Very Good service"
      0.5 4.0/5 "Great!"
      Looks like the site is loaded with full of information. I am expecting bankbazaar to bring in more partner banks. I got to know about bankbazaar through advertisements. I am with bankbazaar for a long time. I had applied for a personal loan through this channel the site is very much easy to use and user friendly.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Satisfactory service"
      0.5 4.0/5 "Great!"
      SCB took around a week's time to disburse my personal loan. Both customer service and response e was really good with SCB. I initially approached online and later changed the channel and I got the loan through some other channel. Rate of interest is very much nominal with SCB. The required loan amount was disbursed by SCB and I am very much happy about it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 23, 2017
    • HDFC Bank Personal Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      My personal loan is from HDFC Bank and the I got the loan in a jiffy. The bank has offered me a good deal on the interest rate and they were decent in the charges as well. The paper work is simple and overall I have no issues even for the after loan services.
      Was this review helpful? 0
      , nagpur
      Reviewed on Jun 23, 2017
    • Standard Chartered Bank Personal Loan
      "Dissatisfied service"
      0.5 1.0/5 "Really Bad"
      First time I received a call from Standard chartered and they visited took my document from me. Then there was no response from Standard chartered end, their customer service is very bad, after getting my documents they didn't communicate anything about the application status.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 23, 2017
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