Education Loan Interest Rates of Top 10 Private Banks

Highlights

  • Seeking an education loan from a private sector bank?
  • Compare the rates offered by the top private lenders before choosing the one for you

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.

BankInterest Rate
HDFC Bank9.25% - 13.68%
Axis Bank13.70% - 15.20%
Kotak Mahindra Bank12.33% - 16.00%
RBL Bank14.15% - 16.15%
Federal Bank10.05%
ICICI Bank11.25% - 11.75%
Karnataka Bank9.49% - 12.39%
YES BANK12.00% - 14.00%
Karur Vysya Bank10.75% - 11.75%
IDBI Bank7.15% - 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

Loan AmountInterest RateTenureMonthly InstalmentTotal Interest AmountTotal Amount
₹ 30,00,0008.50%1₹ 2,61,659₹ 1,39,912₹ 31,39,912
₹ 30,00,0008.50%2₹ 1,36,367₹ 2,72,809₹ 32,72,809
₹ 30,00,0008.50%3₹ 94,703₹ 4,09,294₹ 34,09,294
₹ 30,00,0008.50%4₹ 73,945₹ 5,49,356₹ 35,49,356
₹ 30,00,0008.50%5₹ 61,550₹ 6,92,976₹ 36,92,976
₹ 30,00,0008.50%6₹ 53,335₹ 8,40,131₹ 38,40,131
₹ 30,00,0008.50%7₹ 47,509₹ 9,90,794₹ 39,90,794
₹ 30,00,0008.50%8₹ 43,176₹ 11,44,933₹ 41,44,933
₹ 30,00,0008.50%9₹ 39,838₹ 13,02,510₹ 43,02,510
₹ 30,00,0008.50%10₹ 37,196₹ 14,63,485₹ 44,63,485
₹ 30,00,0008.50%11₹ 35,059₹ 16,27,811₹ 46,27,811
₹ 30,00,0008.50%12₹ 33,302₹ 17,95,440₹ 47,95,440
₹ 30,00,0008.50%13₹ 31,835₹ 19,66,318₹ 49,66,318
₹ 30,00,0008.50%14₹ 30,598₹ 21,40,389₹ 51,40,389
₹ 30,00,0008.50%15₹ 29,542₹ 23,17,594₹ 53,17,594

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

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YearPrincipalInterestBalance 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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Personal Loan Interest Rates October 2022
Fullerton India12.00% - 24.00%
HDFC Bank10.99% - 15.00%
ICICI Bank10.50% - 18.00%
IndusInd Bank10.49% - 31.50%
Kotak Bank10.75%
RBL17.50% - 26.00%
Standard Chartered Bank10.75% - 13.00%
Tata Capital10.75% - 18.00%
Home Loan Interest Rates October 2022
Axis Bank7.60% - 8.05%
Bank of Baroda7.45% - 8.80%
Citibank6.65% - 7.40%
HDFC8.60% - 9.60%
ICICI Bank7.10% - 8.85%
Indiabulls Housing Finance Limited8.65%
Kotak Bank7.99% - 8.60%
LIC Housing8.00% - 9.25%
Piramal Capital & Housing Finance10.50%
PNB Housing Finance8.00% - 10.70%
Reliance Home Finance8.75% - 14.00%
State Bank of India/SBI8.00% - 8.55%
Tata Capital7.75%