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

Types of Education Loans in India

Education loans are basically a form of monetary assistance availed by students to meet the expenses associated with their studies. Education loans can be taken by means of funding, scholarships, financing and rewards, and are granted in cash, which has to be repaid to the lender along with a rate of interest. Students who wish to avail education loans are advised to borrow based on their needs as the repayment periods for these loans can vary to a great extent depending upon the lender and the amount borrowed by the student.

Most of the student loans available to individuals in India are granted at a relatively low rate of interest, and interest payments need not be made immediately. Students are usually granted a period of time before from the time they take the loan to the time they start making repayments.

Education loans are unsecured loans that can be used to cover expenses related to education, such as tuition fees, books, living expenses and other such expenses as transportation costs, etc. If you wish to avail an education loan but are unemployed or still studying, a co-signer may be required to avail an education loan, like an eligible adult such as a friend, parent or relative. The repayment of the loan can be done once the student has completed his/her education. Given the flexible terms and conditions associated with the repayment of an education loan, availing one is fairly simple and straightforward.

Following are the education loans you can avail in India:

  1. Undergraduate Education Loan
  2. Professional / Graduate Education Loan
  3. Career Education Loan
  4. Loans for Parents

Undergraduate Student Loans

Undergraduate student loans can be availed by individuals who have completed secondary education and wish to undertake a three or four year course to enhance their job opportunities.

Professional / Graduate Student Loans

Professional / graduate student loans can be availed by students who wish to pursue advanced degrees or higher education at colleges across the country. An undergraduate course must be completed in order for the student to apply for a graduate student loan.

Career Education Loan

Career education loans can be availed by students who wish to attend undergraduate career oriented programs at trading and technical schools and colleges across the country.

Loans for Parents

Parents of students can avail these loans, which are unsecured, to meet expenses related to their child’s education, such as tuition fees, living expenses, books, uniforms, and other expenses such as transportation costs. The loan can be availed by not only parents, but also other adult relatives who wish to enrol their children in secondary schools, military elementary schools, religious, private or non-public schools across the country.

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Education Loan Reviews

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  • Punjab National Bank Education Loan
    "Need improvement on the service and interest"
    PUNJAB NATIONAL BANK
    0.5 2.0/5 "Expected more"
    I had education loan with Punjab National Bank but they charged more interest and also service is not upto the mark hence I closed in 2014. Earlier I took the amount Rs. 2.25 lakhs the duration for three years. I am not fine with the interest and response.
    Was this review helpful? 0
    , gurgaon
    Reviewed on Apr 23, 2019
  • Syndicate Bank Education Loan
    "Need improvement on the app and customer care"
    SYNDICATE BANK
    0.5 2.0/5 "Expected more"
    I took educational loan from Syndicat Bank, they are slow in their process they should be more proactive to the customer queries. The interest rate is very good for this loan I took the loan amount of Rs. 1.6 lakh for the duration of two years, they do have option to track the loan history through online but they need to develop their platform.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 23, 2019
  • IOB Education Loan
    "GOOD"
    INDIAN OVERSEAS BANK
    0.5 5.0/5 "Blown Away!"
    The documentation process was simple with simper documents provided at the beginning for applying the educational loan with the INDIAN OVERSEAS BANK. The loan approval was soon, for each semester i got the loan amount Overall service is good.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 22, 2019
  • Central Bank of India Education Loan
    "Good for education"
    CENTRAL BANK OF INDIA
    0.5 5.0/5 "Blown Away!"
    I do have education loan with Central Bank of India, the experience was good. I studied in reputed college hence the service was door step. The bank response is some what lacking, they need to improved. I took the principal amount of Rs. 6.80 lakhs, the interest rate is very less compared to all.
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 22, 2019
  • Bank of Baroda Education Loan
    "Excellent"
    BANK OF BARODA
    0.5 5.0/5 "Blown Away!"
    Bank of baroda is good for everything , their customer service is very good and response is also good , I took one education loan from this bank , loan amount is 1.20L and rate of interest is nominal , I am always happy with bank of baroda bank and their service,
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 19, 2019
  • Bank of Baroda Education Loan
    "Excellent"
    BANK OF BARODA
    0.5 5.0/5 "Blown Away!"
    Bank of baroda is good for everything , their customer service is very good and response is also good , I took one education loan from this bank , loan amount is 1.20L and rate of interest is nominal , I am always happy with bank of baroda bank and their service ,
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 19, 2019
  • SBI Education Loan
    "Best in the market"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    Still my SBI education loan is active condition, I took initial days of my college. It has lots of paper work and they taken long time for sanctioning the amount. I took the loan for 7 years, that point of time the process was not simple, but they gave me the best interest in the market. I don't want to pay the interest while studying, later on the interest will be calculated.
    Was this review helpful? 2
    , gurgaon
    Reviewed on Apr 10, 2019
  • SBI Education Loan
    "Discount in the Interest "
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    For my education , I took a loan amount of more than 1.5 lakh from SBI . In SBI getting any details and information from branch people is very difficult . Thank god . Some how they reduced my interest rate .Because of that , I completely paid my education loan .
    Was this review helpful? 0
    , new delhi
    Reviewed on Apr 09, 2019
  • IOB Education Loan
    "GOOD"
    INDIAN OVERSEAS BANK
    0.5 4.0/5 "Great!"
    I have applied for the education loan with the INDIAN OVERSEAS BANK they have offered with the good loan amount and the documentation process was huge and also the process was delay to sanction added on that the rate of interest was higher than others.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Apr 08, 2019
  • Corporation Bank Education Loan
    "Compound Interest for Education loan"
    CORPORATION BANK
    0.5 3.5/5 "Pretty good"
    I took more than 2 lakh as a education loan form Corporation bank . While taking the loan , they said there is no interest for education loan . After that, they are suddenly including the interest without any prior information . They are adding compound interest in my loan . Now I have to pay some thing around 80 thousand as a balance amount .
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 08, 2019
  • SBI Education Loan
    "Good overall"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I had taken an educational loan with State Bank of India. The customer support is good and there are no hassles in the process. The documents was taken on time and there has been no hassles till date. The rate of interest and processing fees is also good.
    Was this review helpful? 1
    , bangalore
    Reviewed on Apr 07, 2019
  • Bank of India Education Loan
    "Its Average"
    BANK OF INDIA
    0.5 3.0/5 "Satisfactory"
    I closed my education loan, its totally government bank, the process was very slow. I took the loan before five years as per their prospective they quoted the interest for the principal. They bank staff need improvement they are good in customer support.
    Was this review helpful? 1
    , noida
    Reviewed on Apr 06, 2019
  • andhra Bank Education Loan
    "Both Interest rate and Processing fees is rocket high"
    ANDHRA BANK
    0.5 1.0/5 "Really Bad"
    When I am looking loan for my higher education . I went to Nationalized Andhara Bank at that time . I don't have much time to go through the entire documents . After that only , I come to aware of that very high interest rate will be charged . Even the Govt bank are not charging the correct interest rate .
    Was this review helpful? 2
    , hyderabad
    Reviewed on Apr 03, 2019
  • Canara Bank Education Loan
    "Interest rate is to be waived off"
    CANARA BANK
    0.5 5.0/5 "Blown Away!"
    I taken a amount of more than 6 lakhs from canara bank as a education loan . At that time , We dont have more amount of cash for my education . We took a help from cananra bank to pursue my education . Canara bank supported us and good customer service .
    Was this review helpful? 0
    , noida
    Reviewed on Mar 28, 2019
  • Canara Bank Education Loan
    "Convenient"
    CANARA BANK
    0.5 4.0/5 "Great!"
    I took my education loan with Canara Bank long back ago. The interest rate is good and monthly installment will be paid through online. The customer service was good and the response was immediate. Am paying monthly 10K to complete this loan.
    Was this review helpful? 2
    , chennai
    Reviewed on Mar 26, 2019
  • SBI Education Loan
    "Average service"
    STATE BANK OF INDIA
    0.5 3.0/5 "Satisfactory"
    My eduction loan was taken with State bank of India previously,they have given me good opportunities,and the loan amount which they have given me was good,the rate of interest they have charged me was 13% which was nominal.Now i have successfully closed this loan in this January.
    Was this review helpful? 3
    , bangalore
    Reviewed on Mar 26, 2019
  • IOB Education Loan
    "Interest rate need to be waived of "
    INDIAN OVERSEAS BANK
    0.5 3.0/5 "Satisfactory"
    I taken my Education loan for my UG studies in Indian Overseas Bank .A amount of 4 lakh has been provided on the yearly basis . I started to pay back the loan and almost 24 months of EMI has been completed . But I am not happy with the interest rate for Educational loan .
    Was this review helpful? 1
    , bangalore
    Reviewed on Mar 21, 2019
  • Canara Bank Education Loan
    "Very Good Service"
    CANARA BANK
    0.5 4.0/5 "Great!"
    The experience i had with this Educational loan was pretty goo and it is still running, where the loan amount and the interest rate has been pretty good. The charges which they had made has not been higher and there has not been any hassle faced with their banking services.
    Was this review helpful? 0
    , mumbai
    Reviewed on Mar 20, 2019
  • Indian Bank Education Loan
    "GOOD"
    INDIAN BANK
    0.5 4.0/5 "Great!"
    I have taken the education loan with the INDIAN BANK the documentation process was simple and i got the loan within few days. I have got the loan amount for each semester. The customer service is good and i am satisfied with this education loan.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 10, 2019
  • SBI Education Loan
    "GOOD"
    STATE BANK OF INDIA
    0.5 4.0/5 "Great!"
    I have taken the education loan with the STATE BANK OF INDIA the documentation process was simple and i got the loan within days but the approval got delayed. I get the loan amount for each of the semester. They have offered the satisfactory loan amount.
    Was this review helpful? 5
    , new delhi
    Reviewed on Mar 09, 2019
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