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Education loan for those who wish to pursue higher education but are financially weak. With the help of an education loan, you can safeguard these invaluable assets while continuing your education.
Loan for higher education may or may not require collateral. There are several education loans available from top lenders in the country to pay for various courses. Whichever type of student loan you decide to take, you should have a reliable repayment schedule. Let us have a look at the top banks which are offering the best interest rates to the students.
Punjab National Bank Education Loan:
As per the need-based student loan amount, the maximum tenure offered by PNB is 15 years with collateral and zero in case of Rs 7.5 lakh. No security is required for loan up to Rs 7.5 lakh.
State Bank of India Education Loan:
SBI education loan programs come in various forms. Up to Rs 7.5 lakh, no collateral or third party guarantee is required. Repayment is due one year after the completion of the course. Repayment tenor up to 15 years after completion of the course and processing cost of 12 months is waived for loans up to Rs 20 lakh. The interest rate is ahead of 8.30%.
Axis Bank Education Loan:
For studies both in India and abroad, Axis Bank offers education loans starting from Rs.50,000 with competitive interest rates. You can avail a host of benefits with Axis Bank Education Loan, including easy documentation, quick loan disbursement, a tax credit under Section 80(E), a longer repayment tenure, etc. The repo rate on education loans up to Rs 4 lakh is 6.25% and for loans above Rs 4 lakh and up to Rs 7.5 lakh is 6.25%.
Bank of Baroda Education Loan:
Bank of Baroda offers a range of education loans without any collateral for loans up to Rs.4 lakh. The interest paid is also eligible for tax benefits under section 80E of the Income Tax Act. The maximum tenure is up to 10-15 years. No cover up to Rs 7.5 lakh. There is no processing and documentation charge. Interest rate starts from 8.85%.
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