COVID-19 pandemic hit students preparing to study abroad hard, with many overseas universities suspending on-campus classes and shifting to the online mode instead. While some chose to defer their enrolment to the next academic year, others accepted hybrid classes and some decided to go ahead with their plans to study at their university campuses. In India, too, remote learning continues to be the order of the day so far.
While participating in lectures and sessions might have been difficult during COVID times, the process of funding education has certainly become easier. Thanks to the benign interest rates in the country currently, education loans are hovering around 6.8-7.15 percent, as per data from Bankbazaar.com. As is evident from the list, all top ten banks that offer cheapest education loan rates are public sector banks.
The cheapest loans
Union Bank of India offers the cheapest loans, starting at 6.8 percent, closely followed by Central Bank of India. The latter charges 6.85 percent for education loans of Rs 20 lakh with a repayment tenure of seven years. India’s largest lender State Bank of India’s education loan rates are a tad higher at 6.9 percent.