Education Loan: Interest Rates: Overview

Lending loans for educational purposes is a part of the priority sector lending activity for Indian banks. The interest rates offered by banks are:

  • Fixed interest rate
  • Floating interest rate
Banks will charge interest on a daily or monthly reducing balance. Usually, nationalised banks offer variable interest rates for student loans, while private and foreign banks offer fixed interest rates. Some banks also offer a choice between the two.

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Compare 44 EducationLoan providers
*City:   *Mandatory
  • Compare education loans in india as well as abroad
  • Options for loans with and without gurantors
  • Choose between fixed and floating interest rates
  • Detailed comparisons including collateral requirements
     

Tools and Calculators

Floating or Fixed Interest Rate Calculator
Find out whether you should opt for a fixed or floating interest rate.

Interest on Rate of Return Calculator
Calculate the actual interest rate that you will pay/are paying on your loan.

Loan Amortization Calculator
The loan amortization calculator segregates your EMIs into principal and interest components.

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Education Loan Interest Rate as on 11 Jun, 2009

 

Banks Education Type Interest Rate Repayment Cost Covered
Bank of India Study in India 10.0 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Fee payable to college / hostel / Examination / Library / Laboratory / Purchase of books / equipments / instruments / Caution deposit / building fund / Purchase of computer
Bank of India Study Abroad 10.0 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Fee payable to college / hostel / Examination / Library / Laboratory / Purchase of books / equipments / instruments / Caution deposit / building fund / Purchase of computer
Central Bank of India Study in India 10.0   Fee payable to College / Hostel, Examination / Library / Laboratory, Purchase of books / equipments / instruments, Caution deposit / building fund, Purchase of computer
Central Bank of India Study Abroad 10.0   Fee payable to College/Hostel, Examination / Library / Laboratory, Purchase of books / equipments / instruments, Caution deposit / building fund, Purchase of computer, Travel expenses / passage of money
Syndicate Bank Study in India 10.5   fee payable to college/ school/ hostel, examination fee, cost of books
Syndicate Bank Study Abroad 10.5   fee payable to college/ school/ hostel, examination fee, cost of books
Allahabad Bank Study in India 10.5 - 11.25 Repayment starts 1 year after course completion/ 6 months after obtaining employment (whichever earlier) Fee payable to College/ School/ Hostel, Examination/ Library/ Laboratory Fee, Purchase of Books/ Equipments/ Instruments/ Uniforms, Caution Deposit/ Building Fund/ Refundable Deposit supported by Bills/ Receipts of the Institution, Travel Expenses, Purchase of Computers, Insurance premium for student borrower, Study Tours, Project Work, and Thesis
Allahabad Bank Study Abroad 10.5 - 11.25 Repayment starts 1 year after course completion/ 6 months after obtaining employment (whichever earlier) Fee payable to College/ School / Hostel, Examination/ Library/ Laboratory Fee, Purchase of Books/ Equipments/ Instruments/ Uniforms, Caution Deposit/ Building Fund/ Refundable Deposit supported by Bills/ Receipts of the Institution, Travel Expenses/ Passage Money, Purchase of Computers, Insurance premium for student borrower, Study Tours, Project Work and Thesis
Apna Sahakari Bank Ltd Study in India 11.0   Payment of fees, purchase of books and study material, purchase of equipment/ instruments, hostel fees, incidental charges, purchase of clothing & other equipment
Apna Sahakari Bank Ltd Study Abroad 11.0   Payment of fees, purchase of books and study material, purchase of equipment/ instruments, hostel fees/ boarding charges, air travel, incidental charges, purchase of clothing & other equipment
Vijaya Bank Study in India 11.0 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Fee payable to college / hostel / Examination / Library / Laboratory, Purchase of books / equipments / instruments, Caution deposit / building fund, Purchase of computer
Vijaya Bank Study Abroad 11.0 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Fee payable to college / hostel / Examination / Library / Laboratory, Purchase of books / equipments / instruments, Caution deposit / building fund, Purchase of computer, Travel expenses / passage money
Bank of Maharashtra Study in India 11.25 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Tuition fees, hostel expenses, purchase of books / equipments / instruments
Bank of Maharashtra Study Abroad 11.25 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Tuition fees, hostel expenses, purchase of books / equipments / instruments, travel expense
SBI Study in India 11.25   Fees payable to College / hostel / Examination / Library / Laboratory fees / Purchase of Books / Equipment / Instruments / Caution Deposit / Building Fund / Refundable Deposit / Purchase of computer
SBI Study Abroad 11.25   Fees payable to college / hostel / Examination / Library / Laboratory fees / Purchase of Books / Equipment / Instruments / Caution Deposit / Building Fund / Refundable Deposit / Travel Expenses / Passage money / Purchase of computer
United Bank of India Study in India 11.25   Fees payable to college/ school/ hostel, examination/ library/ laboratory fee, purchase of books/ equipments/ instruments/ uniforms, caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts, purchase of computer, any other expenses required to complete the course like study tours, project work, thesis
United Bank of India Study Abroad 11.25   Fees payable to college/ school/ hostel, examination/ library/ laboratory fee, purchase of books/ equipments/ instruments/ uniforms, caution deposit/ building fund/ refundable deposit supported by Institution bills/ receipts, purchase of computer, any other expenses required to complete the course like study tours, project work, thesis
Oriental Bank of Commerce Study in India 11.5 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Admission fee / Monthly fee / Examination fee, Books, equipments, expenses of hostel / expenses for study tours, project work, thesis
Oriental Bank of Commerce Study Abroad 11.5 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Admission fee / Monthly fee / Examination fee, Books, equipments, Air fare expenses of hostel, expenses for study tours, project work, thesis
Punjab National Bank Study in India 11.75 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Fee payable to College / Hostel, Examination / Library / Laboratory fee, Purchase of books / equipments / instruments, Caution Deposit / Building Fund
Punjab National Bank Study Abroad 11.75 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Fee payable to College / Hostel, Examination / Library / Laboratory fee, Purchase of books / equipments / instruments, Caution Deposit / Building Fund, Travel Expenses / Passage, Purchase of computers
State Bank of Bikaner& Jaipur Study in India 11.75   NA
State Bank of Bikaner& Jaipur Study Abroad 11.75   NA
Credila Education Loan Service Study in India 11.95   Fee payable to college/ school/ hostel; examination/ library/ laboratory fees; purchase of books/ equipments/ instruments/ uniforms; Caution deposit/ building fund/ refundable deposit supported by institution bills/ receipts; purchase of computers, any other expense required to complete the course- like study tours , project work, thesis; travelling expenses/ passage money and living expenses
Credila Education Loan Service Study Abroad 11.95   Fee payable to college/ school/ hostel; examination/ library/ laboratory fees; purchase of books/ equipments/ instruments/ uniforms; Caution deposit/ building fund/ refundable deposit supported by institution bills/ receipts; purchase of computers, any other expense required to complete the course- like study tours, project work, thesis; travelling expenses/ passage money and living expenses
Bank of Baroda Study in India 12.0 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Fees payable to College / Examination / Library / Laboratory / Hostel / Purchase of books / equipments / instruments, Purchase of Computer / Caution deposit / building fund
Bank of Baroda Study Abroad 12.0 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Fees payable to College / Examination / Library / Laboratory / Hostel / Purchase of books / equipments / instruments, Purchase of Computer / Caution deposit / building fund
Canara Bank Study in India 12.0   Course fees, purchase of books, equipments, instruments, payment of hostel fees, examination fees
Canara Bank Study Abroad 12.0   Course fees, purchase of books, equipments, instruments, payment of hostel fees, examination fees, study tours, passage expenses
Indian Overseas Bank Study in India 12.0 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) NA
Indian Overseas Bank Study Abroad 12.0 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) NA
The Kapol Co-op Bank Ltd Study in India 12.0   NA
The Kapol Co-op Bank Ltd Study Abroad 12.0   NA
UCO Bank Study in India 12.0 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Course Fees, Hostel fees, Books, Equipment, Computers, Examination / Library / Laboratory fees
UCO Bank Study Abroad 12.0 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Course Fees, Hostel fees, Books, Equipment, Computers, Examination / Library / Laboratory fees, Travel Expense
HDFC Bank Study in India 12.0 - 14.0   Fee payable to college/ hostel/ Examination/ Library/ Laboratory, Purchase of books/ equipments/instruments, Caution deposit/ building fund, Purchase of computer
HDFC Bank Study Abroad 12.0 - 14.0   Fee payable to college/ hostel/ Examination/ Library/ Laboratory, Purchase of books/ equipments/ instruments, Caution deposit/ building fund, Purchase of computer, Travel expenses/ passage money
Karur Vysya Bank Study in India 12.25   NA
Karur Vysya Bank Study Abroad 12.25   NA
Dena Bank Study in India 12.25 - 12.5 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Fee payable to college / hostel, Examination / Library / Laboratory, Purchase of books / equipment / instruments, Purchase of computer
Dena Bank Study Abroad 12.25 - 12.5 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Fee payable to colleges / hostels, Examination / Library / Laboratory, Purchase of books / equipment / instruments, Purchase of computer, Passage fare for travel
Indian Bank Study in India 12.5 Repayable in 5 - 7 years Fee payable to college / hostel / exam, purchase of books / equipments, purchase of computer
Indian Bank Study Abroad 12.5 Repayable in 5 - 7 years Fee payable to college / hostel, exam, purchase of books / equipments, purchase of computer, travel expenses / passage money
J&K Bank Study in India 12.5   NA
J&K Bank Study Abroad 12.5   NA
Saraswat Bank Study in India 12.5 from 6 months upto 3 years all expense related to course
Saraswat Bank Study Abroad 12.5 from 6 months upto 3 years all expense related to course
Union Bank of India Study in India 12.5 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) NA
Union Bank of India Study Abroad 12.5 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) NA
State Bank of Travancore Study in India 12.75   Tuition\ Examination\ Library\ Laboratory fee, cost of books\ purchase of Computers\ equipments\ instruments\ uniforms, cost of passage for studies abroad. Caution Deposit, Building Fund, Refundable deposit subject to 10% of the tuition fee, expenses required for study, tours, project work, thesis
State Bank of Travancore Study Abroad 12.75   Tuition\ Examination\ Library\ Laboratory fee, cost of books\ purchase of Computers\ equipments\ instruments\ uniforms, cost of passage for studies abroad. Caution Deposit, Building Fund, Refundable deposit subject to 10% of the tuition fee, expenses required for study, tours, project work, thesis
Abhyuday Co-op Bank Ltd Study in India 13.0   Fees/ exam fees/ cost of books/ equipments/ uniform and caution deposit
Abhyuday Co-op Bank Ltd Study Abroad 13.0   Fees/ exam fees/ cost of books/ equipments/ uniform, caution deposit and travel expenses/ passage
Andhra Bank Study in India 13.0   Fee payable to Tuition, Hostel, Examination, books, project work, study tours, refundable deposits
Andhra Bank Study Abroad 13.0   Fee payable to Tuition, Hostel, Examination, books, project work, study tours, refundable deposits, air passage and maintenance
Corporation Bank Study in India 13.0   Fee payable to college/ school/ hostel, examination/ library/ laboratory fee, purchase of books/ equipments/ instruments/ uniforms, caution deposit, purchase of computers, insurance premium for student borrower, any other expense like study tours, project work, thesis
Corporation Bank Study Abroad 13.0   Fee payable to college/ school/ hostel, examination/ library/ laboratory fee, purchase of books/ equipments/ instruments/ uniforms, caution deposit, purchase of computers, insurance premium for student borrower, any other expense like study tours, project work, thesis, travel expenses/ passage money
IDBI Bank Study in India 13.0   Fee payable to college/hostel, Examination/ Library/ Laboratory, Purchase of books/equipment/instruments, Purchase of computer
IDBI Bank Study Abroad 13.0   Fee payable to college/hostel, Examination/Library/Laboratory, Purchase of books/equipment/instruments, Purchase of computer, Passage fare for travel
State Bank of Indore Study in India 13.0   NA
State Bank of Indore Study Abroad 13.0   NA
Karnataka Bank Study in India 13.25   Expenses for tuition fees, books, study material, hostel boarding and air travel
Karnataka Bank Study Abroad 13.25   Expenses for tuition fees, books, study material, hostel boarding and air travel
State Bank of Hyderabad Study in India 13.25   Fee payable to the educational institution, Caution deposit/ building fund/ refundable deposit supported by institution bills/ receipts
State Bank of Hyderabad Study Abroad 13.25   Fee payable to the educational institution, Caution deposit/ building fund/ refundable deposit supported by institution bills/ receipts
State Bank of Mysore Study in India 13.25 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Tuition and other fees / maintenance costs / books and equipment
State Bank of Mysore Study Abroad 13.25 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Tuition and other fees / maintenance costs / books and equipment and cost of passage
Punjab & Sind Bank Study in India 13.5   College/ School/ hostel fee, Examination/ library/ laboratory fee, Purchase of books/ equipments/ instruments/ uniforms, Caution deposit/ building fund/ refundable deposit supported by institution bills/receipts, Purchase of computers, any other expense required to complete the course- like study tours, project work, thesis
Punjab & Sind Bank Study Abroad 13.5   College/ School/ hostel fee, Examination/ library/ laboratory fee, Purchase of books/ equipments/ instruments/ uniforms, Caution deposit/ building fund/ refundable deposit supported by institution bills/receipts, Purchase of computers, any other expense required to complete the course- like study tours, project work, thesis
State Bank of Patiala Study in India 13.5 Repayment starts 1 year after course completion/ 6 months after obtaining employment (whichever earlier) Fee payable to college/ hostel/ Examination/ Library/ Laboratory, Purchase of books/ equipments/instruments, Caution deposit/ building fund, Purchase of computer
State Bank of Patiala Study Abroad 13.5 Repayment starts 1 year after course completion/ 6 months after obtaining employment (whichever earlier) Fee payable to college/ hostel/ Examination/ Library/ Laboratory, Purchase of books/ equipments/ instruments, Caution deposit/ building fund, Purchase of computer, Travel expenses/ passage money
ICICI Bank Study in India 13.75   NA
Federal Bank Study in India 14.25   NA
Federal Bank Study Abroad 14.25   NA
The Ratnakar Bank Study in India 14.5   NA
The Ratnakar Bank Study Abroad 14.5   NA
Tamilnad Mercantile Bank Ltd Study in India 15.0   Fee payable to college/ school/ hostel, examination/ library/ laboratory fee, purchase of books/ equipments/ instruments/ uniforms, Caution deposit/ building fund / refundable deposit supported by institution bills/ receipts, purchase of computers, any other expense required to complete the course - like study tours , project work, thesis
Tamilnad Mercantile Bank Ltd Study Abroad 15.0   Fee payable to college/ school/ hostel, examination/ library/ laboratory fee, purchase of books/ equipments/ instruments/ uniforms, Caution deposit/ building fund / refundable deposit supported by institution bills/ receipts, purchase of computers, any other expense required to complete the course - like study tours , project work, thesis, travel expenses/ passage money
Catholic Syrian Bank Study in India 15.25 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Tuition fees, cost of Books, purchase of computer, refundable deposits supported by bills, receipts
Catholic Syrian Bank Study Abroad 15.25 Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Tuition fees, cost of Books, purchase of computer, refundable deposits supported by bills, receipts, travel expenses
Axis Bank Study in India 15.75 Repayable in maximum 7 years Tuition fees, hostel charges (if any), cost of books, etc
Axis Bank Study Abroad 15.75 Repayable in maximum 7 years Tuition fees, hostel charges (if any), cost of books, etc
City Union Bank Study Abroad 15.75   College/ School/ Hostel Fees,Examination/ Library/ Laboratory Fees, purchase of books/ equipments/ instruments, payment of Caution Deposits/ Building Funds/ Refundable Deposits, Travel Expenses/ Passage Money for studies abroad, expense required for study tours, project work, thesis
Dhanalakshmi Bank Ltd Study Abroad 16.0   Payment of fees, purchase of books and study material, purchase of equipment/ instruments, hostel fees, purchase of clothing & other equipment, boarding charges, air travel, incidental charges
Lakshmi Vilas Bank Study in India 16.25   NA
Lakshmi Vilas Bank Study Abroad 16.25   NA

 

 

Education or student loans rates given above are indicative in nature. It is based on market research conducted by the Apnaloan Research Bureau every week. The actual rates at which an individual will be able to get loan against property depends on the individual's financial profile and negotiating ability.