Are you an Indian student and you want to study in abroad . The cost of education with daily expenses seems to be very expensive for a typical middle class family . For almost all the students the problem is one . From where we should get funding, which company is best , and many more queries regarding this . In this blog we gonna tell you that best banks or companies from which you can get funding.

Main features of education loan in India

The amount of education loan in India varies from 5 to 50 lakhs .

Any person with in the age group of 18-35 is able to get this education loan and can study in abroad.

The education loan covers all the expenses such as tution fees , book cost , food , library and the lab if you are attending it.

The duration of education loan can be upto 15 years.

The interest of education loan on EMI can be deducted under Sec 80E.

Salient features of education loan

Available with and without collateral
You can also get education loan upto 1 crore all depends on your expenses while some got loan upto 40 or 50 lakhs . All depends on the lender .

Lower interest rate
The interest rate on education loan ranges between 9 percent to 15 percent .

Longer repayment period
The actual tenure of loan starts after getting a job but you can extend it upto 5 to 7 years .

Best banks for education loan in India

1. HDFC bank

HDFC bank provide you loan upto 20 lakhs with no upper limit for all the expenses during the education in abroad but you have to collateral in the form of immovable property or fixed deposit. It has 1 percent of loan processing fees also .
Rate of interest depends the place whether it is in India or out of India. The rate of interest in India is almost 9.24 percent to 13.55 percent and the rate of interest in abroad is about 9.25 percent to 13.68 percent. It has a quick processing rate also.

You will get to know that they don’t have dedicated scheme for education loan for skill development courses. That’s the reason they provide personal loan for skill development courses.
The maximum tenure of loan is upto 15 years.
Generally HDFC takes almost 3 – 4 days to persuade your loan .

2. Union bank of India

Union bank does not ask for any processing feed except the loan amount.
There is different rate of interest for different schemes :-
Courses in India and abroad :- upto 10.5 percent and depends on amount of loan
• For premium management and technical institution ( India ) :- upto 6.70 percent
For kisan siksha suvidha :- upto 10.05 percent or depends on the amount of loan.
Tier ll management and technical institution
( India) :- upto 8.25 percent.
Union bank gives education loan under the credit guarantee fund schemes.
It is better if you open fixed deposit.
It has quite Low interest rate but it ahs slow documentation process.

3. State Bank of India Education loan

State Bank of India offers one of the lowest interest rate in India .

State Bank of India scholar loan scheme only include merit students who want to pursue NITs , IITs , IIMs etc.

Rate of interest depends upon the different schemes:-
SBI Student loan Scheme :- upto 9.30 percent
SBI Scholar loan Scheme :- upto 6.90 percent to 8.30 percent
SBI Skill loan scheme :- 8.80 percent
SBI Global Ed ventage scheme :- upto 9.30 percent

4. IDBI Bank

IDBI give education loan at a reasonable interest rate . Its interest rate is approximately beginning from 9.45 percent. IDBI also offers loan to students who are going to seek admission through management quota in various colleges.
This can be a great option for education loan in India.

5. Axis Bank Education Loan

This bank can give you loan starting from 50,000 to 75 lakhs on the basis of your potential. It provides all the cost of expenses like food , tution fees and etc.
There is no preparation or additional fees except loan amount .
The rate of interest depends on the amount of loan :-
upto Rs 4 lakh :- approximately 14.2 percent
Rs 4 to 7.5 lakh :- approximately 14.8 percent
Above 7.5 lakh :- 13.7 percent
Axis bank has high rate of interest. It has quick processing of loan . Higher loan amount upto 75 lakhs. Upto 15 percent margin for loan below 4 lakhs.

6. Punjab bank educational Loan

Punjab National Bank is one of the trusted bank for loans in India. It provide loan at very low rate of interest.
Its rate of interest depends on the different schemes:-
Saraswati schemes :- upto 7.50 percent to 9.80 percent
Pratibha loan scheme :- upto 7.20 percent to 7.80 percent
Udaan loan Scheme :- upto 7.30 percent to 9.80 percent
There is no age limit in this bank for the loans .
The repayment tenure for this bank is 7 to 15 years .

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