Education loan: Interest rate comparison

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Investing for ones further education or your kids education is one of the best investments. In this competitive world one has to be updated with essential/necessary knowledge to be at the top. Banks, now offer attractive interest rates for further education be it in India or abroad.

Education Loan aims to provide financial support for pursuing higher professional or technical education in India and abroad.

Education loan is not only beneficial to pursue higher studies but one can also avail tax benefit under 80E of Income tax act. Only an individual is eligible for tax deduction not a Hindu Undivided Family.

Here are few comparison of interest rates from some banks.

List of some banks providing education loan:
Banks Education Type Loan Amount Interest Rates
Axis Bank
Study in India
Study Abroad
Up to Rs 10 Lac
Up to Rs 20 Lac
13.75% – 15.75%
Bank of Baroda
Study in India
Study Abroad
Up to Rs 10 Lac
Up to Rs 20 Lac
10% (up to Rs 4 Lac), 12% ( abv Rs 4 Lac )
Canara Bank
Study in India
Study Abroad
Up to Rs 10 Lac
Up to Rs 20 Lac
11% (up to Rs 4 Lac), 12 % ( loan between Rs 4 Lac – 7.50 Lac); 9.50% ( abv Rs 7.50 Lac)
Corporation Bank
Study in India
Study Abroad
Up to Rs 10 Lac
Up to Rs 20 Lac
11% (up to Rs 4 Lac), 12 % ( loan between Rs 4 Lac – 7.50 Lac); 11.50% ( abv Rs 7.50 Lac)
Punjab National Bank
Study in India
Study Abroad
Up to Rs 10 Lac
Up to Rs 20 Lac
10.50% (upto Rs 4 Lac); 11.25% ( abv Rs 4 Lac)
Indian Overseas Bank
Study in India
Study Abroad
Up to Rs 10 Lac
Up to Rs 20 Lac
10.25% (upto Rs 4 Lac); 11.50% ( abv Rs 4 Lac)
SBI
Study in India
Study Abroad
Up to Rs 10 Lac
Up to Rs 20 Lac
11.25% (up to Rs 4 Lac), 12.75% ( loan between Rs 4 Lac – 7.50 Lac); 11.75% ( abv Rs 7.50 Lac)
Syndicate Bank
Study in India
Study Abroad
Up to Rs 10 Lac
Up to Rs 20 Lac
10% (upto Rs 7.50 Lac); 9.50% ( abv Rs 7.50 Lac)

Source: Deal4loans

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Read more about: education loan
Story first published: Tuesday, April 16, 2013, 10:14 [IST]
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