Education loan is the best way to pursue higher education without getting your finances disturbed. You can take education loan for courses in India or abroad. For unemployed students, their guardian or parents need to be guarantors.
Using an Education Loan EMI Calculator, you can check the EMI amount that you would have to pay every month. You can check this as many times as you want so you can enter the interest rates offered by different banks to find out which best suits your budget. Hence, an EMI calculator is quite helpful in choosing the right lender.
Top Banks Education Loan Interest Rates
| Banks/NBFC | Loan Amount | Rate of Interest |
| Axis Bank | Up to Rs. 4 Lakhs | 15.20% |
| Loans greater than Rs. 4 Lakhs and upto Rs. 7.5 Lakhs | 14.70% | |
| Loans greater than Rs. 7.5 Lakhs | 13.70% | |
| Bank of Baroda | For all loan types and amounts | 8.50% onwards |
| Canara Bank | For Vidhya Turant Loan Scheme | 6.60% |
| Up to Rs. 4 Lakhs | 10.40% | |
| Rs. 4 Lakhs to Rs. 7.50 Lakhs | 10.40% | |
| Loans above Rs. 7.50 lakhs | 10.20% | |
| IBA´s Model Loan scheme for Vocational Education & Training | 9.90% | |
| HDFC Bank | Minimum APR | 9.00% |
| Maximum APR | 13.86% | |
| Average APR | 11.57% | |
| Kotak Mahindra Bank | For all loan types and amounts | 11.5% to 24% |
| Punjab National Bank | PNB Kaushal | 8.55% onwards |
| PNB Saraswati/Udaan | 10.30% onwards | |
| PNB Pratibha (for admission to IITs , IIMs and XLRI Jamshedpur) | 8.45% onwards | |
| PNB Pratibha (for admission to other colleges) | 8.55% onwards | |
| PNB Honhaar | 10.45% | |
| State Bank of India | Up to Rs. 7.5 Lakhs | 10.25% |
| Above Rs. 7.5 Lakhs | 10.50% | |
| Avanse | For all loan types and amounts | 10% to 16.50% |
| Credila | For all loan types and amounts | 11.85% onwards |
SBI Education Loan Interest Rate
SBI education loan is available without any processing fee and repayment period of up to 15 years after Course Period. It offers loan of up to Rs 20 Lakhs and loan for numerous courses and universities.
| Loan Amount | Rate of Interest* |
| For loans up to Rs 7.5 Lakhs | 10.25% p.a. |
| Above Rs. 7.5 Lakhs | 10.50% p.a. |
- 0.50% concession in interest for girl student
- 0.50% concession for students availing of SBI Rinn Raksha or any other existing policy assigned in favour of SBI
- 1% concession for full tenure of the loan, if interest is serviced promptly as and when applied during the moratorium period, including course duration
- IT exemption under Section 80(E) in respect of interest paid in all Education
Indian Bank Education Loan Interest Rate
Indian Bank offers education loan to meet the cost of education that includes fee payable to college/school/hostel, exam fees, purchase of books/equipment’s, travel expenses/passage money for studies abroad, purchase of computers essential for completion of the course, etc.
For meritorious and deserving candidates, the loan quantum can be further increased.
Interest rate is as below-
| Education Loan Scheme | Effective Rate of Interest |
| Education Loan to premier Institutions* (List A as per IB Education Loan Prime Scheme) | 8.60% |
| Education Loan to premier Institutions* (List B as per IB Education Loan Prime Scheme) | 9.20% |
| Education Loan to premier Institutions* (List C as per IB Education Loan Prime Scheme) | 9.60% |
Floating Rate linked with Marginal Cost of Lending Rate (MCLR) of the Bank and liable to undergo changes whenever there is a change in MCLR.
Read in full detail of Indian Bank Education Loan.
Canara Bank Education Loan Interest Rate
Canara Bank takes nil margins and offers 100% finance for loans up to Rs 4 Lakh. It allows multiple co-borrowers for the loan for maximum loan. Loans up to Rs 4 lakh are available without collateral and up to Rs 7.5 lakh with third party guarantee. And loans above Rs 7.5 lakh can be availed by submitting the adequate collateral asked for.
| Interest Rates | Courses in India | Courses Abroad | IIT, IIM, ISB Courses |
| Vidhya Turant Loan Scheme | 6.60% | ||
| Loans up to Rs. 4 lakh | 10.40% | 10.40% | 10.40% |
| Loans Rs. 4.0 – 7.5 lakh | 10.40% | 10.40% | 10.40% |
| Loans > Rs. 7.5 lakh | 10.20% | 10.20% | 10.20% |
Andhra Bank Education Loan Interest Rate
Andhra bank offers education loan for higher studies in India and Abroad and educational loans for pursuing Vocational Courses. And any individual of any age group is eligible for an education loan.
| Loan Amount | Rate of Interest |
| Up To Rs. 7.50 Lakhs | MCLR(one year) + 2.00 % |
| Above Rs. 7.50 Lakhs | MCLR(one year) + 1.70 % |
- 0.50% concession for girl students.
- Concessional interest rates also apply for student who is pursuing their education at premier institutions.
- Simple interest will be charged through the study period and up to the commencement of repayment.
- Accumulated interest will be compounded at the start of repayment tenure and the applicable EMI will be fixed accordingly.
PNB Education Loan Interest Rate
Education loan by PNB helps to meet the educational needs such as fee payable to school/college/hostel, examination fee, insurance premium etc. The rate of interest charged by PNB is mentioned below-
| Loan Scheme | Rate of Interest |
| PNB Kaushal | 8.55% onwards |
| PNB Saraswati/Udaan | 10.30% onwards |
| PNB Pratibha (for admission to IITs , IIMs and XLRI Jamshedpur) | 8.45% onwards |
| PNB Pratibha (for admission to other colleges) | 8.55% onwards |
| PNB Honhaar | 10.45% |