Education Loan Interest Rates of Top 10 Government Banks in India

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Nowadays, students want to pursue professional courses, which will help them to build their career. As the world is really competitive and in this throat cut competition, it is a necessity that you hone your skills to survive in this professional world. There are many colleges and institutes in India and abroad which offer courses at graduation, post-graduation level and professional courses to students. The list of courses to choose from is really vast, you can select a course according to your professional aspirations, interest and career goals. The cost to pursue these professional courses are high as compared to pursuing other courses. If you want to pursue engineering, medical or some management course from any leading institute or university you need to pay a good amount as fee. There are many students who are bright and intelligent and secured a seat in the top-notch institutes of the country and even abroad. But their dreams shattered because they do not have enough funds to support their studies. The students who have potential, doing academically good and have secured a seat in these prestigious colleges can borrow an education loan to chase their professional dreams.

Education loan is provided to such students who want to pursue their higher education in India and abroad from a recognised university, college or institute. If you have managed to secure a seat in the leading colleges and got your admission letter, on behalf of that letter you can apply for an education loan. Banks offer education loan for full-time, part-time and vocational courses from leading recognised colleges. There are many banks such as ICICI, HDFC, IDBI, Axis, SBI, Punjab National Bank, BOI, Bank of Baroda and many more which offer education loan to students. Although the interest rates, terms and conditions of these banks may vary. These banks offer different loan amount and the upper cap of maximum loan amount is also different. You can apply to your home banks to get the best rate of interest and maximum loan amount sanctioned if that bank offers an education loan. There are many colleges and institutes, which have tie-ups with leading national banks to help you in securing an education loan. In such scenario you need not to run from bank-to-bank to get your loan approved. Here is the list of top 10 banks of India and their interest rate for education loan.

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Bank NameInterest RateQuantum of Finance Repayment Period 
Allahabad BankBase Rate + 1.50% (0.50% consession for girls)Minimum Rs. 50,000/-, Above Rs. 4,00,000Loan upto 50,000 – upto 3 years. Loan above 50,000 and upto 1 lakh – upto 5 years. Loan above 1 lakh – upto 7 years
Andhara BankUpto 7.50 lakh- Base Rate + 2.75%. Above 7.50 lakhs - Base Rate + 1.50% (0.50% consession for girls)Minimum Rs. 20,000/-, Maximum Rs. 20 LakhsLoan upto 50,000 – upto 2 years. Loan above 50,000 and upto 1 lakh – 2 years to 5 years. Loan above 1 lakh – 3 years to 7 years
Bank of BarodaAbove Rs. 4 lakh- Base Rate + 2.50%. Above 7.50 lakhs - Base Rate + 1.75% (0.50% consession for girls)Minimum Rs. 20,000/-, Maximum Rs. 20 Lakhs
120 maximum installments for loan amount upto Rs 7.50 lakhs. 180 maximum installments for loan amount above Rs 7.50 lakhs
Bank of IndiaUpto Rs. 7.50 lakh- Base Rate + 3%.Above 7.50 lakhs - Base Rate + 2.50%. (0.50% consession for girls)In India: Max Rs. 10 Lakhs. In Abroad: Max Rs. 20 lakhsUp to Rs.7.50 lacs: 10 years. Above Rs.7.50 lacs: 15 years
Bank of MaharashtraUpto Rs. 4 lakh- Base Rate + 2.50%. Above Rs. 4 lakhs & upto Rs. 7.50 - Base Rate + 2%. Above Rs. 7.50 lakhs - Base Rate + 1.25% (0.50% consession for girls)In India: Max Rs. 10 Lakhs. In Abroad: Max Rs. 20 lakhs60 Months
SBI BankUpto Rs. 4 lakh- Base Rate + 2%. Above Rs. 4 lakhs & upto Rs. 7.50 - Base Rate + 2%. Above Rs. 7.50 lakhs - Base Rate + 1.70% (0.50% consession for girls)Maximum Rs. 30 LakhsUpto 15 years
PNB BankUpto Rs. 4 lakh- Base Rate + 2%. Above Rs. 4 lakhs & upto Rs. 7.50 - Base Rate + 3%. Above Rs. 7.50 lakhs - Base Rate + 2.50% (0.50% consession for girls)In India: Max Rs. 10 Lakhs. In Abroad: Max Rs. 20 lakhsUpto 15 years
State Bank of HyderabadUp to Rs. 4.00 Lakhs – 11.50%. Above Rs. 4.00 Lakhs - up to Rs.10.00 Lakhs – 12.50%In India: Max Rs. 10 Lakhs. In Abroad: Max Rs. 20 lakhsNA
Punjab and Sind BankUpto Rs. 4 lakh- Base Rate + 3%. Above Rs. 4 lakhs & upto Rs. 7.50 - Base Rate + 3.25%. Above Rs. 7.50 lakhs - Base Rate + 2.50%. (0.50% consession for girls)In India: Min Rs. 20,000,. In India: Max Rs. 10 Lakhs. In Abroad: Max Rs. 20 lakhsMinimum 2 years to 15 years(Depends upon loan amount availed)
Syndicate BankUpto Rs. 4 lakh- Base Rate + 2.25%, Above Rs. 4 lakhs - Base Rate + 2.75%In India: Max Rs. 10 Lakhs, In Abroad: Max Rs. 20 lakhsUp to Rs.7.50 lacs: up to 10 years. Above Rs.7.50 lacs: up to 15 years
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