Studying abroad is a life-changing decision and you should be prepared both financially and mentally to pursue studies abroad. The leading banks of the country offer education loans to students who are willing to study abroad. Education loans are also available for schools and for studying in the country.
Here is a list of banks that provide education loans:
PNB
Up to 16.90%
1% of the loan amount
SBI
Up to 9.05%
Up to Rs.10,000
Axis
13.70% to 15.20%/td>
Nil to Rs.15,000 + GST
Bank of Baroda
8.85% to 10.85%
1% of the loan amount up to Rs.10,000
HDFC
9.55% to 13.25%
Up to 1% of loan amount + tax
Kotak Mahindra Bank
Up to 16%
Nil
Federal Bank
16.05% onwards
Contact the bank
Education Loan EMI Calculator
If you apply for an education loan, an EMI calculator can be used to determine the EMI to be paid every month after the month for the tenure of the loan. For the EMI to be calculated, a few details like the loan amount, tenure and interest rate have to be entered into the calculator.
Features of education loans
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Loan financing up to Rs 1 crore is available
The loan repayment period is up to 15 years
Some of the lenders may disburse the loan before getting the VISA
Tax benefits are available on educational loans
Also Read: How can a Student Loan Affect Your Credit Score?