Education Loan Rates
Education or Student Loans from banks have become a preferred way of financing higher education in India and to study abroad. Banks have also become more market-oriented, making it convenient to avail such loans. Given below are the interest rates from some of the banks like State Bank of India, ICICI Bank and others. We will soon be updating this page with interest rate information on more banks.
Education Loan Interest Rates as on May 07,2008
Banks Education Type Interest Rate Repayment Fee Cost Covered
Allahab
ad Bank		Study in India12%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
Allahab
ad Bank		Study Abroad12%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
Andhra BankStudy in India13.5%NA Fee payable to Tuition, Hostel, Examination, books, project work, study tours, refundable deposits
Andhra BankStudy Abroad13.5%NA Fee payable to Tuition, Hostel, Examination, books, project work, study tours, refundable deposits, air passage and maintenance
Bank of BarodaStudy in India13.5%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 BarodaStudy Abroad13.5%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 IndiaStudy in India11 - 12%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 IndiaStudy Abroad12%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 Maharas
htra		Study in India12.75%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 Maharas
htra		Study Abroad12.75%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
Canara BankStudy in India13.5%NA Course fees, purchase of books, equipments, instruments, payment of hostel fees, examination fees
Canara BankStudy Abroad11.25%NA Course fees, purchase of books, equipments, instruments, payment of hostel fees, examination fees, study tours, passage expenses
Catholi
c Syrian Bank		Study in India14.5%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
Catholi
c Syrian Bank		Study Abroad14.5%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
Central Bank of IndiaStudy in India12.5%NA Fee payable to College / Hostel, Examination / Library / Laboratory, Purchase of books / equipments / instruments, Caution deposit / building fund, Purchase of computer
Central Bank of IndiaStudy Abroad12.5%NA 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
Dena BankStudy in India13.5%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 BankStudy Abroad13.5%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
Federal BankStudy in India14 - 14.25%NA NA
Federal BankStudy Abroad14 - 14.25%NA NA
HDFC BankStudy in India13 - 14%NA Fee payable to college/ hostel/ Examination/ Library/ Laboratory, Purchase of books/ equipments/inst
ruments, Caution deposit/ building fund, Purchase of computer
HDFC BankStudy Abroad13 - 14%NA 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 BankStudy in India13.75%NANA
IDBI BankStudy in India12.75%NA Fee payable to college/hostel, Examination/ Library/ Laboratory, Purchase of books/equipment
/instruments, Purchase of computer
IDBI BankStudy Abroad13.75%NA Fee payable to college/hostel, Examination/Lib
rary/Laboratory
, Purchase of books/equipment
/instruments, Purchase of computer, Passage fare for travel
Indian BankStudy in India13%Repayable in 5 - 7 years Fee payable to college / hostel / exam, purchase of books / equipments, purchase of computer
Indian BankStudy Abroad13%Repayable in 5 - 7 years Fee payable to college / hostel, exam, purchase of books / equipments, purchase of computer, travel expenses / passage money
Indian Oversea
s Bank		Study in India12%Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier)NA
Indian Oversea
s Bank		Study Abroad12%Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier)NA
Karnata
ka Bank		Study in India13.5%NA Expenses for tuition fees, books, study material, hostel boarding and air travel
Karnata
ka Bank		Study Abroad13.5%NA Expenses for tuition fees, books, study material, hostel boarding and air travel
Orienta
l Bank of Commerc
e		Study in India12%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
Orienta
l Bank of Commerc
e		Study Abroad12%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 Nationa
l Bank		Study in India13.5%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 Nationa
l Bank		Study Abroad13.5%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
SBI BankStudy in India13.25%Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) Fees payable to College / hostel / Examination / Library / Laboratory fees / Purchase of Books / Equipment / Instruments / Caution Deposit / Building Fund / Refundable Deposit / Purchase of computer
SBI BankStudy Abroad13.25%Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) 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
State Bank of MysoreStudy in India12.75%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 MysoreStudy Abroad12.75%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
State Bank of PatialaStudy in India14%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/inst
ruments, Caution deposit/ building fund, Purchase of computer
State Bank of PatialaStudy Abroad14%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
UCO BankStudy in India13%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 BankStudy Abroad13%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
Union Bank of IndiaStudy in India12.5%Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) NA
Union Bank of IndiaStudy Abroad12%Repayment starts 1 year after course completion / 6 months after obtaining employment (whichever earlier) NA
Vijaya BankStudy in India11.5%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
Vijaya BankStudy Abroad11.5%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

Note: Many banks offer concession of 0.5% to 1% on interest rate for girl students and another 1% if interest is serviced during the loan holiday period.

Source: Apnaloan.com market research
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