Education loans are offered by banks and NBFCs to students pursuing school, college, or higher education in India and abroad. These loans cover tuition fees, hostel charges, books, travel, and other academic expenses. Wishmyloan.com helps students and parents compare the features, eligibility, and interest rates of education loans from top lenders, making it easier to apply online for the most suitable option based on their academic and financial profile.
Education loan interest rates vary across lenders and depend on factors such as course, institution, repayment capacity, and collateral/security provided. Below are some indicative education loan interest rates offered by leading banks and NBFCs.
Comparison Table of Education Loan Interest Rates offered by wishmyloan.com partners
| Bank/NBFC | Interest Rate |
|---|---|
| SBI | 8.15% – 11.15% p.a. |
| HDFC Bank | 9% – 13% p.a. |
| Axis Bank | 8.75% – 13.70% p.a. |
| ICICI Bank | 9.50% – 12.50% p.a. |
| Punjab National Bank | 8.40% – 10.25% p.a. |
| Canara Bank | 8.85% – 10.50% p.a. |
| Bank of Baroda | 8.55% – 11.15% p.a. |
| Union Bank of India | 8.40% – 10.75% p.a. |
| IDBI Bank | 9% – 12.50% p.a. |
| Avanse Financial | 11% – 16% p.a. |
| InCred Finance | 11.50% – 16% p.a. |
Note:
Education Loan Interest Rates are updated as of February 2024.
Age: 16–35 years (may vary across lenders)
Eligible Courses: Recognized school education, graduation, post-graduation, professional and technical courses in India and abroad.
Academic Record: Consistent academic performance and confirmed admission.
Co-applicant: Parent/guardian or spouse required as co-borrower.
Collateral: May be required for loans above Rs 7.5 lakh (varies by lender).
Repayment: Starts after course completion + grace period.
School Loan: Covers tuition fees, books, and other academic expenses for school students.
Undergraduate Loan: Offered for pursuing graduation courses in India or abroad.
Postgraduate Loan: Covers higher studies such as MBA, MCA, MS, etc.
Study Abroad Loan: For students seeking overseas education including tuition, travel, and living expenses.
Career Development Loan: Offered for professional or vocational courses, certifications, or skill development programs.
Education loans cover tuition fees, hostel charges, exam fees, books, travel expenses (for abroad studies), and other related academic costs.
Collateral is generally not required for loans up to Rs. 7.5 lakh. For higher amounts, lenders may ask for security such as property, FD, or other assets.
Repayment usually starts after course completion plus a moratorium period of 6–12 months. Some lenders allow partial payments during the study period.
Yes. Schemes like Padho Pardesh, Central Scheme of Interest Subsidy (CSIS), Dr. Ambedkar Scheme, and others offer interest subsidies or easy terms for eligible students.
Yes, almost all lenders require a parent/guardian/spouse as co-borrower for an education loan.
