Know Top 10 Government Banks Education loan Interest Rate in India - VidyaLoans

Introduction

Students who have managed to secure a place in leading institutes and have procured their admission letter from a recognized university are eligible to apply for an education loan in India. Education loan is granted to students who desire to seek their education for full time, part-time and vocational courses from a recognized university. There are many Government banks who offer low interest education loans in India like State Bank of India, Bank of Baroda, Punjab National Bank, Canara Bank, Central bank of India, etc. The terms and interest rates differ from bank to bank. This article will cover the education loan interest rate in India. 

Education Loan Interest Rate in India

A student can apply for an education loan as per their financial needs, but for that, students must have a thorough knowledge of the interest rates that the banks are offering. All banks provide loans with a variety of interest rates. So, refer to this table below to know the education loan interest India. 

S.no	Name of the bank	Interest rate offered	Maximum loan amount in India	Repayment tenure
1.	State Bank of India	9.30% for males 8.80% for females	1.5 Cr	Upto 15 years
2.	Bank of Baroda	Upto 7.5 lakhs- 7.95% Above 7.5 lakhs-7.70%	Prime: Upto 80 Lakhs Non-Prime: Upto 60 Lakhs	Up to 15 years
3.	Punjab National Bank	Upto 7.5 lakhs- 11.40% for males 10.90% for females Above 7.5 lakhs- 11.15%  for males 10.65% for females	Upto 10 Lacs- In India Upto 20 Lacs- In Abroad	Up to 15 years
4.	Canara bank	Upto Rs 7.5 Lacs - 10.70% for males 10.20% for females Above 7.5 Lacs - 10.50 % for males 9.95% for females	Upto 10 Lacs- In India Upto 20 Lacs- In Abroad	Up to 15 years
5.	Central bank of India	Upto Rs 7.5 Lacs - 9.00% for males 8.50% for females Above 7.5 Lacs - 9.00% for males 8.50% for females	Upto 10 Lacs- In India Upto 20 Lacs- In Abroad	Up to 15 years
6.	Bank of Maharashtra	Upto Rs 7.5 Lacs 8.90 % Above 7.5 Lacs - 8.55 %	Upto 10 Lacs- In India Upto 20 Lacs- In Abroad	Up to 7 years
7.	Bank of India	Upto Rs 7.5 Lacs- 10.35 % Above 7.5 Lacs - 9.85 %	Upto 10 Lacs- In India Upto 20 Lacs- In Abroad	Up to 15 years
8.	UCO Bank	Upto Rs 7.5 Lacs- 9.10 % Above 7.5 Lacs - 9.50 %	Upto 10 Lacs- In India Upto 20 Lacs- In Abroad	Up to 15 years
9.	Indian Overseas Bank	Upto Rs 7.5 Lacs- 10.65 % Above 7.5 Lacs- 11.65 %	Upto 30 Lacs- In India Upto 40 Lacs- In Abroad	Up to 7 years
10.	United Bank of India	Upto Rs 7.5 Lacs- 11.40 % for males 10.90% for females Above 7.5 Lacs- 11.15 % for males 10.65%  for females	Upto 10 Lacs- In India Upto 20 Lacs- In Abroad	Up to 15 years

Note: The above-mentioned interest rates are correct as of the date of publishing the article as they are subject to change with the change in the market factors.

These are the  top 10 Government bank’s latest education loan interest rates in India. Many students prefer Government banks because of the low interest rates they offer but as we all know how slow the Government banks are,  we recommend you to apply through Vidyaloans. We offer a package full of details and professional assistance throughout your loan process. 

How to apply for an education loan?

Students can apply for an education loan through Vidya Lakshmi Online portal. Through this portal, students can keep a track of their loan applications as they can apply, view, and track their status of the loan application. For the convenience of the students, our processing officers at Vidyaloans help in filling up the online application form, as once the form is submitted, it becomes uneditable. Most of the students end up providing one or the other information incorrectly because of which they face rejection of their loan applications. Therefore, connect with our processing officers as they will help you fill in all the required details accurately and avoid filling the form without any guidance as these forms are uneditable.

About the organization: Vidyaloans is an organization which helps Indian students  secure a non-collateral loan from Government banks up to 7.5 Lakhs. We have a dedicated team of professionals who assist students with queries and guide them throughout the loan process. Our Team at Vidyaloans is committed to sanction the best loan option suiting the applicant's profile and needs, in a stipulated time frame.