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Student Education Loan: Best Student Loans In India & Overseas 2023

August 22, 2023 by Veerendra

Discover your dreams of education and finding the ways to fulfill them is an achievement for everyone. Student Education Loan is a great source of financial help that offers to students to achieve their academic goals. Student loans can be accepted for courses in India & Abroad too.

All About Student Educational Loans In Abroad & India For 2023

Here are the appropriate articles that cover every single detail about education loan for students:

  • What is Education Loan
  • Which Bank Has Lowest Interest Rate on Education Loan
  • How to Get Education Loan for Abroad Studies without Collateral
  • How to Get Education Loan from Government
  • How To Pay Education Loan Without Interest
  • How to Get Education Loan After 12th
  • How to Apply for Education Loan for Abroad Studies
  • Which bank gives education loan without collateral for abroad
  • How to Repay Education Loan
  • What is moratorium period in education loan
  • How to apply for an education loan in vidyalakshmi portal
  • Is cibil score required for an education loan
  • Which documents are required for an education loan
  • Is Education Loan Exempt from Tax

Student Education Loan

Above provided guides on education loan cover information right from definition to application process along with repayment and more. Simply click on the respective guide that you require & collect the necessary documents for applying for a student loan.

Why Take An Education Loan?

If you belong to EBC or another low-income based family then pursuing your dream course can be difficult. To overcome such problematic situations and to give education to everyone various lenders from government and private have come up with student education loan schemes.

Availing of education loans is beneficial to parents and students to pursue higher education in top colleges/universities/institutes either in India or abroad. With too many features and benefits an education loan will support you in studying higher studies.

Not only middle-income group people can avail of these study loans even many high range income group people are also opting for a study loan to avail of those offered benefits. The reasons to take an education loan are many but a few of them are as follows:

  • It’s a big chance to help parents by taking their financial responsibilities and maintaining their family savings.
  • Making a good credit history
  • Income Tax benefits under IT Act Section 80E.
  • Fastly rising education costs.

List Of Recent Student Loan Interest Rates By Banks 2023

A student can now get a reasonable ROI of an education loan. Student Loan ROI can get varied on various factors such as lending institutions, loan amount, repayment tenure, borrower’s credit profile, collateral, candidate selected course, Chosen college/institute/university, etc.

The following information covers loan schemes and their interest rates by the major public and private sector banks of India.

Axis Bank

Education Loan Interest (%)
All Category 13.70% to 15.20%

Bank of Baroda

Education Loan Interest (%)
Baroda Vidya 12.45%
Baroda Gyan 11% to 11.10%
Baroda Scholar 10.35% to 11.10%
Baroda Loan – Premier Institutions 9.10% to 10.15%

Bank of India

Education Loan Interest (%)
Star Education Loan – India 9.95% to 10.75%
Star Education Loan – Abroad 9.95% to 11.60%
Star Vidya Loan 8.25%
Star Progressive Education Loan 9.95%

Bank of Maharashtra

Education Loan Interest (%)
Model Education Loan 10.70% to 11.05%
Maha Scholar Education Loan 9.20% to 10.20%
Maha Scholar Overseas Education Loan 10.30%

Canara Bank

Education Loan Interest (%)
Vidya Sagar Loan 10.85% to 11.25%
Vidya Turant – Premier Institutions 9.25% to 9.85%
Education Loan – Abroad Institutions 10.85% to 11.35%
Vidya Sahay Scheme 11.25% (Up to INR 1 lakh)

Punjab & Sind Bank

Education Loan Interest (%)
IBA Model Education Loan Scheme 9.30% to 11.60%
PSB Excellence Education Loan 9.10% to 9.30%

Punjab National Bank

Education Loan Interest (%)
PNB Saraswati – India and Abroad 11.25% to 12%
PNB Kaushal 10.25% to 10.75%
PNB Pratibha 8.55% to 10.50%
PNB Udaan – Abroad 10.75% to 11.50%
PNB Honhaar 11.25%

State Bank of India

Education Loan Interest (%)
SBI Student Loan Scheme 10.90%
Scholar Loans 8.30% to 9.80%
Takeover of education loan 10.90%
SBI Global Ed-Vantage (Abroad) 10.90%
Shaurya Education Loan (Defense) 10.90% to 11.50%

South Indian Bank

Education Loan Interest (%)
SIB-EDUSUM 16.70% to 17.45%
SIB Excellence 10.55% to 11.15%
SIB Global Education 12.90% to 13.65%

Central Bank of India

Education Loan Interest (%)
Cent Vidyarthi 10.65% to 11.25%
MBA loan to executive 8.30%

City Union Bank

Education Loan Interest (%)
CUB Vidyavani 16% to 17.50%
CUB Vidhyavani (Management) 16.50% to 17%

Federal Bank

Education Loan Interest (%)
Federal Bank Education Loan 12.55% onwards

ICICI Bank

Education Loan Interest (%)
Education Loan 9.50% onwards

IDBI Bank

Education Loan Interest (%)
Non-vocational Courses 10.60% to 11.10%
Vocational Courses 11%

IDFC First Bank

Education Loan Interest (%)
All Category 9% to 15%

Karur Vysya Bank

Education Loan Interest (%)
All Category 11.20% to 13.70%

Kotak Mahindra Bank

Education Loan Interest (%)
All Category Up to 16%

Tamilnad Mercantile Bank

Education Loan Interest (%)
TMB Education Loan 12.15% to 12.40%

Note: Above loan interest rates can be altered as per the banks terms and conditions so remember to cross-check the ROI of the selected loan scheme from the banks’ website before moving forward to apply for the loan.

Education Loan EMI Calculator

This EMI calculator is one of the best tools that help students to check their monthly payments and how much the total loan price will be after applying for an education loan. The tool simply asks for a few loan-related details like the loan amount. ROI, tenure & processing expenses for displaying an estimated amount of equivalent monthly installment (EMI).

Yearly, banks or other lenders will permit the applicants to make partial prepayments on your loan. Are you excited to get such payments? Surely use the online Education loan EMI Calculator and know how much money is going to preserve on interest and how much time it takes to pay off your obligation.

Things to Consider Before Applying for Education Loan

Below are a few important points to be aware of and considered before your education loan application process begins:

  • Some of the banks offers concessions on interest rates by checking their credit score.
  • Borrowers of education loan can get tax exemption under section 80E.
  • Also, some banks provides up to 1% concession in ROI, when customer paid full amount of interest while study period.
  • CGFSEL, Dr Ambedkar central scheme on education loans, Padho Pardesh Scheme are central government schemes that offer subsidies on ROI charged on the loan amount.
  • Moreover, some banks charges extra interest as risk premium when the lender has not recieved any credit life insurance, that says liabilities are settled after insurers death.

FAQs on Student Education Loan in India & Abroad

  1. Can I take education loan as a student?

Yes, education loan can be taken by any student in India to pursue their higher education in top institutes of India or Abroad.

  1. What is the limit of student education loan?

The maximum limit of student education loan is Rs.150.00 lakh for study abroad and Rs.125.00 lakh for study in India.

  1. How can I repay my education loan?

Students who took loan for studies can repay their loan in various modes like By Cheque/DD (Demand Draft repayment), By cash, or By Automated EMI payments (ECS/NACH).

  1. Can banks increase my education loan tenure?

Yes, banks will increase the tenure of your education loan when the course is extended by the college/university/institute.

  1. What are the latest RBI Guidelines for Education Loan?

The latest guidelines for education loan by RBI desire to offer many benefits for borrowers like flexible repayment options, transparent loan repayment schedules, handle ROL based on RLLR, or MCLR, simplify the application process, and promote the use of technology in the loan application process.

Final Words

By the end of this guide, you will be able to find the complete information on the India or OverseasStudent Education Loan. If not, let us know what are the missed topics on education loan in the below comment section so that our authors immediately work on it and provide the updated information too.

Meanwhile, take a look at the learncbse.in website for better understanding on student loan, academics, central and state board study resources, etc.

Filed Under: Students

LearnCBSE.in Student Education Loan
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