Education loan is certainly a blessing for those who desire to continue higher education but are financially weak or find it financially difficult to pay on their own. Many people eventually sell up family belongings, including gold, in order to fund their higher education. With the aid of an education loan, you may preserve these priceless possessions while continuing your education.
Loans for higher education may need collateral or not. A number of education loans from the nation's top lenders are available to pay for different courses. Whatever form of student loan you decide to take out, you must have a reliable repayment schedule in place. Let’s check out the list of leading Indian Banks that are offering the best interest rates to students.
Punjab National Bank Education Loan:
According to the students’ need-based loan amount, the maximum tenure provided by PNB is 15 years of collateral and NIL in the case of Rs 7.5 lakh. No security loan is required up to Rs 7.5 lakh.
State Bank of India Education Loan:
When it comes to the kind of courses supported, SBI education loan programmes come in a variety of forms. Up to Rs. 7.5 lakh, no collateral or third-party guarantee is necessary. Repayment is due one year after the end of the course.
Repayment up to 15 years after the end of the course plus 12 months Processing costs are waived for loans up to Rs. 20 lakh. The interest rate is 8.30% onwards.
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Axis Bank Education Loan:
For studies both in India and abroad, Axis Bank offers Education Loans starting at Rs. 50,000 with competitive interest rates. You can take advantage of a number of perks with an Axis Bank education loan, including easy documentation, speedy loan disbursal, a tax credit under section 80(E), a longer repayment period, etc. The repo rate on education loans up to 4 lakhs is 6.25% and for loans greater than Rs. 4 lakhs and up to Rs. 7.5 lakhs is 6.25%.
Bank of Baroda Education Loan:
The Bank of Baroda offers a wide range of education loans with no collateral is required for loans up to Rs. 4 lakh. Interest paid under Section 80E of the Income Tax Act is also eligible for tax benefits. Maximum tenure is up to 10-15 years. No security up to Rs 7.5 lakh. There are no processing and documentation fees. The interest rate is from 8.85% onwards.
