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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