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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