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Education loan for studying abroad: These banks offer loans starting at 8.25%
Students can compare education loan interest rates from top banks, ranging from 8.25% to 10.25%, to find the best option for studying abroad and manage their finances effectively.
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As the February academic session nears, students planning to study abroad can benefit from comparing education loan interest rates across banks to find the most favourable option.
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When selecting an education loan lender, students should evaluate factors like processing fees, loan tenure, and repayment terms. They should also look for preferential rates for top-ranked institutions or specialized courses. Comprehensive loans covering tuition, living expenses, and other costs can be beneficial. Researching and comparing options helps students find the best fit for 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 22.
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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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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.
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