2023 2024 EduVark > Education Discussion > General Discussion


  #2  
January 22nd, 2016, 10:30 AM
Super Moderator
 
Join Date: Mar 2012
Re: Best Bank for Student Loan

Education in India, at least the commonly perceived ‘quality education’ as imparted by acclaimed and influential educational institutions, is decidedly costly and not easily available to everyone- especially those who deserve it based on merit alone.

Thus, education loans are vitally important. A barebones explanation for an education loan is thus, ‘funds offered by financial institutions to meritorious and/or deserving students so that the latter can pursue their basic/higher education, in India or abroad’.

Almost all banks in India offer education loans, and the demand for it has remained stable with the Indian student community.

Some Bank for Student Loan

United Bank of India

Interest
Up to 4 lakhs 10.25%+2%
4.00 lakh to7.50% lakhs 10.25%+2.75%
Above 7.5% 10.25%+2%

State Bank of India
Interest
Up to 4 lakhs 13.5%
4.00 lakh to7.50 lakhs 13.75%
Above 7.5 lakh 11.75%

PNB
Security up to 4 lakh
Parent/Guardian made joint borrower

4.00-7.5 lakh
Apart from parent/guardian you need collateral security in the form of suitable third party guarantee

7.5 lakhs and above
Apart from parent/guardian you need collateral security in the form of suitable third party guarantee as well as an assessment of the future income of the student.

Amount of loan Interest
Loans up to 4 lakhs 10.25%+3%
Loans from 4.00-7.50 lakhs 14.25%
Above 7.50 lakhs 12.25%

IDBI Bank
Interest
Loan qualifying as Priority Sector Lending (PSL) 11.25% (BR+1.00%)
Loan amount not qualifying as Priority Sector Lending (PSL) 12.25% (BR+2.00%)
Vocational Courses 11.25% (BR+1.00%)
Education Loans for students studying in Premier Education Institutes 10.25% (BR+0.00%)
Education Loan for other students who secured admission under Management Quota 13.75% (BR+3.50%)
Education Loan under Financial Inclusion program (FIP) 11.75% (BR+1.50%)

Canara Bank

Interest
Up to 4 lakhs BR+1.5%
4.00 lakhs-7.5 lakhs BR+2%
7.5 lakh and above BR+1.5%
Non priority category BR+1.5%
Vocational education and training BR+1.5%


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