Cheapest education loans: Here are the top banks offering loan with interest rates starting at 8.25%
Compare education loan interest rates from top banks, considering factors like processing fees and repayment terms, to find the best fit for studying abroad.
Studying abroad can be costly, but education loans offer crucial financial support to students. As the February academic session approaches, it's crucial to compare interest rates on education loans offered by banks.
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When selecting the lender for an education loan, students should consider processing fees, loan tenure, and repayment terms. They should also look for preferential rates for top-ranked institutions or specialized courses. Moreover, many banks offer comprehensive loans covering tuition fees, living expenses, and other essentials like laptops and books. Researching and comparing these options is key to finding the best fit.
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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 August 11.
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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.
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 approximately 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.
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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Canara Bank and IDFC First 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.
