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Best education loan rates: Top banks offering loans at competitive rates starting at 8.25% for studying abroad
Compare education loan interest rates from top banks like Union Bank, PNB, SBI, and others, to secure the best deal for studying abroad with loan amounts up to Rs 50 lakh.
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Pursuing higher education abroad can be expensive, but education loans provide vital financial assistance to students. With the February academic session approaching, comparing interest rates on education loans from various banks is essential to secure the best deal.
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When choosing an education loan lender, students should consider several key factors, including processing fees, loan tenure, and repayment terms. They should also look for preferential interest rates for students attending top-ranked institutions or pursuing specialized courses. Additionally, many banks offer comprehensive loans that cover not only tuition fees but also living expenses and other essential costs, such as laptops and books. By researching and comparing these options, students can find the loan that best fits their needs and financial situation.
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According to Bankbazaar.com, interest rates for a Rs 50 lakh education loan spanning 15 years currently range from 8.25 percent to 10.25 percent, as of September 8.
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Union Bank of India offers education loans starting at 8.25 percent interest rate, the lowest available. For a Rs 50 lakh loan over 15 years, the EMI would be Rs 48,507.
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Punjab National Bank's education loan rate starts from 8.35 percent, with an EMI of Rs 48,798 for a Rs 50 lakh loan spanning 15 years.
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State Bank of India's interest rates start at 8.65 percent and the EMI on a Rs 50 lakh, 15-year loan would amount to Rs 49,678.
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Bank of Baroda offers education loans, with rates starting at 8.70 percent. For a Rs 50 lakh loan spanning 15 years, the EMI would be Rs 49,825.
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IDBI Bank's education loan carries a 9.30 percent interest rate, with an EMI of Rs 51,610 for a Rs 50 lakh loan over 15 years.
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Central Bank of India's education loan rate starts at 9.45 percent, with an EMI of Rs 52,060 for a Rs 50 lakh loan over 15 years.
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IDFC First Bank and Canara Bank offers education loans, with rates starting at 9.5 percent. For a Rs 50 lakh loan spanning 15 years, the EMI would be approximately Rs 52,211.
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At ICICI Bank, an education loan interest rate starts at 10.25 percent. The EMI for a Rs 50 lakh, 15-year loan will be Rs 54,498.
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