Based on a report by UniCred, Telangana, Karnataka, Punjab, and Maharashtra are India’s top regions seeking education loans in India. Education loans are a great tool to pursue your dream of studying abroad. They can help you conquer your dreams and enable you to seek a better lifestyle.
Who are the main education loan providers in India? What are the eligibility criteria? Let’s cover all this information in this blog!
List of Education Loan Providers in India
All major lenders in India offer secured and unsecured education loans for students heading abroad to pursue their education loans. Here is a list of lenders you can consult for an overseas education loan –
- HDFC Credila
- State Bank of India
- Panjab National Bank
- Prodigy Finance
- MPower
- TATA Capital
- Axis Bank
- Avanse
- IDFC First Bank
- Auxilo
- ICICI Bank
- Yes Bank
- InCred
- Union Bank of India
- Bank of Baroda
Here’s everything you need to know about overseas education loans if you are headed abroad for higher studies.
There are 3 categories of lenders in India – private banks, public banks and NBFCs. Let’s look at some lenders in detail:
Private Sector Banks
- HDFC Credila: HDFC Bank is known for its customer-centric approach and quick loan processing. They offer education loans with competitive interest rates and a wide range of repayment options.
- ICICI Bank: ICICI Bank provides education loans for various courses, including professional and technical programs. They offer flexible repayment options and have a strong online presence.
- Axis Bank: Axis Bank offers education loans with competitive interest rates and minimal documentation. They have a wide network of branches across India, making it easy to apply for a loan.
Public Sector Banks
- State Bank of India (SBI): SBI offers competitive interest rates and flexible repayment options. They have a wide network of branches across India, making it convenient to apply and manage your loan.
- Punjab National Bank (PNB): PNB provides education loans for both domestic and international studies. They offer various loan schemes to cater to different educational needs.
- Bank of Baroda: Bank of Baroda offers education loans with attractive interest rates and minimal documentation. They also provide flexible repayment options.
Non-Banking Financial Companies (NBFCs)
- Avanse: Avanse provides education loans for various courses, including professional and technical programs. They offer competitive interest rates and have a strong online presence.
- InCred: InCred is a relatively new NBFC that offers education loans with competitive interest rates and flexible repayment options. They have a strong online presence and a focus on customer satisfaction.
Let’s evaluate the different interest rates by education loan providers in India to help you choose and compare the best option.
| Education Loan Provider | Interest Rates |
| State Bank of India | 8.15% to 11.75% for studies in India 10.15% to 11.75% for overseas education. |
| Axis Bank | 13.7% to 15.2% for both domestic and overseas education. |
| HDFC Bank | Starting from 9.50% p.a. for domestic 9.55% to 13.25% for international |
| Bank of India | 9.35% and 11.85% for domestic education 10.05% to 11.85% for international studies. |
| ICICI Bank | 10.25% onwards for both Indian and overseas education. |
| Punjab National Bank | 8.10% to 12.75% for education within India 9.25% to 12.75% for foreign studies. |
| Bank of Baroda | 8.45% to 13.05% for education in India 9.70% to 13.7% for international education. |
Factors to Consider When Choosing an Education Loan Provider
- Interest Rates: Compare interest rates offered by different lenders to find the most competitive option.
- Repayment Terms: Consider the repayment tenure and the flexibility it offers.
- Documentation Requirements: Check the documentation required for the loan application process.
- Processing Fees: Be aware of any processing fees or other charges associated with the loan.
- Customer Service: Evaluate the lender’s customer service reputation and responsiveness.
- Eligibility Criteria: Ensure that you meet the eligibility criteria set by the lender.
Conclusion
Choosing the right education loan provider is crucial for your academic journey. With EduFund, you can compare and apply with top lenders in India, evaluate their interest rates and understand terms to make your foreign education journey easier and financially sound.
