Cheapest overseas education loans: Public sector banks offer interest rates starting at 8.25 percent
Education loans for studying abroad range from 8.25 percent to 10.25 percent interest, with Union Bank of India offering the lowest rate at 8.25 percent.
Pursuing higher education abroad can be expensive, but education loans provide a vital financial lifeline for many students. With academic sessions starting in February, it's essential to explore interest rates offered by banks on education loans.
Students should take into consideration processing fees, loan tenure and repayment terms when choosing an education loan. Additionally, some banks offer preferential rates for top-ranked colleges and universities or vocational courses. Also, many banks provide specialized education loans that cover various expenses, including tuition fees, living costs, and other essentials like laptops, books, and travel. It's crucial to research and compare these options to find the best fit for your needs.
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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At Union Bank of India, the interest rate on education loan starts at 8.25 percent. The rate is the lowest of all. The equated monthly instalment (EMI) on a Rs 50 lakh loan for 15 years will work out to Rs 48,507.
Punjab National Bank's education loan interest rate is 8.35 percent, with an EMI of Rs 48,798 for a Rs 50 lakh loan over 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 interest rate is 9.30 percent, 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 interest rates start from 9.45 percent. The EMI on Rs 50 lakh, 15-year loan will be Rs 52,060.
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Canara Bank and IDFC First Bank offers education loans, with rates starting at 9.50 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.
