Education Loan Interest Rates 2024

Education Loan Interest Rates of Top 10 Private Banks

Education Loan Interest Rates of Top 10 Private Banks

Last Updated : June 2, 2020, 12:36 p.m.

Education loans are increasingly offered by both public and private lenders to ensure students achieve their aspirations of higher studies. Public lenders may impose a condition for borrowers to have a savings account with them so that the education loan gets sanctioned. Whereas, private lenders don’t normally impose such a condition and can process the loan quickly. Plus, a few of them can give a greater loan amount without collateral and at attractive interest rates.

Private Banks Whose Education Loan Interest Rates are Lowest in the Market

With so many options available, you might be confused about choosing the best one. So, have a look at the table below, compare the education loan interest rates of private lenders and find the right one for you.

Bank Interest Rate
HDFC Bank 9.25% - 13.68%
Axis Bank 13.70% - 15.20%
Kotak Mahindra Bank 12.33% - 16.00%
RBL Bank 14.15% - 16.15%
Federal Bank 10.05%
ICICI Bank 11.25% - 11.75%
Karnataka Bank 9.49% - 12.39%
YES BANK 12.00% - 14.00%
Karur Vysya Bank 10.75% - 11.75%
IDBI Bank 7.15% - 9.15%

How Can You Calculate the Education Loan Interest?

You can calculate the interest using the education loan EMI calculator. The calculator takes into account the basic details such as the loan amount, interest rate and tenure to compute the EMI that also includes a portion of interest besides principal. You can also get to see total interest by the time the loan will wrap up. Below is an example for reference purposes.

Table Showing EMI, Interest Outgo, and Total Repayment Amount

EMI, Total Interest Outgo, Total Repayment (Interest + Principal)

Year Principal Interest Balance Amount
1 ₹ 1,03,475 ₹ 2,51,030 ₹ 28,96,524
2 ₹ 1,12,622 ₹ 2,41,884 ₹ 27,83,901
3 ₹ 1,22,576 ₹ 2,31,929 ₹ 26,61,325
4 ₹ 1,33,411 ₹ 2,21,095 ₹ 25,27,913
5 ₹ 1,45,204 ₹ 2,09,302 ₹ 23,82,709
6 ₹ 1,58,038 ₹ 1,96,468 ₹ 22,24,670
7 ₹ 1,72,007 ₹ 1,82,498 ₹ 20,52,662
8 ₹ 1,87,211 ₹ 1,67,294 ₹ 18,65,450
9 ₹ 2,03,759 ₹ 1,50,747 ₹ 16,61,691
10 ₹ 2,21,770 ₹ 1,32,736 ₹ 14,39,921
11 ₹ 2,41,372 ₹ 1,13,134 ₹ 11,98,548
12 ₹ 2,62,707 ₹ 91,798 ₹ 9,35,840
13 ₹ 2,85,928 ₹ 68,577 ₹ 6,49,911
14 ₹ 3,11,202 ₹ 43,304 ₹ 3,38,709
15 ₹ 3,38,917 ₹ 15,797 ₹ 0

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