Education is very important in India and so many banks and Non-Banking Financial Companies (NBFCs) offer education loans. They help facilitate individuals to pursue their academics further, enabling them to get good careers in the future. Some of the banks that offer low interest rates on their education loans along with other great features are:
1. ICICI bank:
- The interest rates begin at just 11.50% per annum
- Loan amounts of up to 50 lakhs for domestic and up to 1 crore for international institutes are given
- Collateral free loans are given up to 40 lakhs for some institutes and courses
- The loan amount covers expenses such as travel and laptop for study
- Tenures are up to 8 years after course completion when taken without collateral and up to 10 years after course completion when taken with collateral
- Tax benefits under section 80(E) of the Income Tax Act 1961 are applicable
2. HDFC bank:
- The interest rates begin at just 9% per annum
- Loan amounts of up to 10 lakhs are given for studies within India and more than 20 lakhs for international institutes
- No collateral is needed for loans up to 4 lakhs
- Tenures go up to 15 years
- Tax benefits under section 80(E) of the Income Tax Act 1961 are applicable
3. RBL bank:
- They have attractive interest rates that are disclosed at the discretion of the bank to their customers
- Loan amounts of up to 10 lakhs are given for studies within India and up to 20 lakhs for studies abroad
- No collateral is needed for loans up to 4 lakhs
- Living expenses are also covered by the bank along with other needed expenses for the education
- Moratorium period of 1 year after course period is given or 6 months after getting job is given, whichever is earlier
To apply for an education loan, click here.