Education Loan- Big update for students.Every student in the country dreams of studying, but rising inflation is making this path challenging. In such a situation, education loan becomes the biggest support. But, choosing the right bank and loan can be the key to turning your dreams into reality. Know which banks are offering the cheapest home loans.
State Bank of India (SBI)
SBI’s interest rates start from 8.65%. The EMI on a 15-year loan of Rs 50 lakh will be around Rs 49,678. This option gives students cover for tuition fees and other expenses.
Union Bank of India
Education loan starts at 8.25%, which is currently the lowest rate. The EMI for a 15-year loan of Rs 50 lakh will be around Rs 48,507. This option is affordable for students and convenient for a long term.
IDFC First Bank
IDFC First Bank also offers education loan at the rate of 9.5%. The EMI on a 15-year loan of Rs 50 lakh will be around Rs 52,211. The bank offers convenient repayment options and special schemes for long tenures.
Punjab National Bank (PNB)
Punjab National Bank’s education loan is available from 8.35%. The EMI for a 15-year loan of Rs 50 lakh will be around Rs 48,798. The bank also offers attractive schemes for special courses and top-ranking institutes.
ICICI Bank
Education loan starts from 10.25%. EMI on a 15-year loan of Rs 50 lakh is approximately Rs 54,498.
Bank of Baroda
Education loan from Bank of Baroda starts at 8.70%. The EMI on a 15-year loan of Rs 50 lakh is approximately Rs 49,825. The bank offers comprehensive cover and easy repayment terms to students.
IDBI Bank
IDBI Bank’s education loan is available at an interest rate of 9.30%. The EMI for a 15-year loan of Rs 50 lakh will be around Rs 51,610. This option is convenient for a long term and covers a wide range of expenses.
Central Bank of India
Interest rates start from 9.45%. The EMI for a 15-year loan of Rs 50 lakh will be around Rs 52,060. The bank helps students with tuition, living and other educational expenses.
Canara Bank
Education Loan starts from 9.5%. The EMI for a 15-year loan of Rs 50 lakh will be around Rs 52,211. The bank also covers tuition fees along with other essential expenses for students.
Before taking an education loan, pay attention to the processing fees, loan tenure and repayment terms. Check the preferential rates for top-ranked institutes and specific courses. Choosing the right loan can reduce your expenses and financial burden.
