The cost of higher education has surged in India and abroad, and it has become necessary for individuals to acquire education loans to pursue their careers. Fortunately, several banks in India offer study loans for both national and international universities. The loan amount usually depends on the tuition fee of the university you are applying to, and it is paid on a yearly or half-yearly basis in their favor.
Before acquiring the loan, you need to find the best banks offering education loans at affordable rates to make your overall borrowing cost low. The article below will help you research India’s best banks for education loans in 2022.
Top banks for education loans in India in 2022
It is crucial to choose a bank wisely before applying for education loans. You can choose a bank based on various factors like ease of access to funds, the convenience of application, and the interest rates offered. Here are the best banks to apply for education loan.
- IDFC FIRST Bank Education Loans
IDFC FIRST Bank is a trusted name for education loans for both Indian and international universities. Use the education loan EMI calculator, too, and also you can get up to ₹75 lakh in loans that too collateral-free. You don’t have to offer security to acquire an education loan. The bank offers education loans with attractive and competitive interest rates and is one of the bests in the industry, which can help fund over 18,000 courses across 3200 universities globally.
- HDFC Bank Education Loan
HDFC Bank is another preferred bank if you wish to opt for an education loan for universities across the globe. The bank offers collateral-free loans of up to ₹45 lakhs, while there is no upper limit for the borrowing amount. The bank also offers preferential interest rates based on the loan amount. You can use the loans for over 2100 universities and 950 courses across 35+ countries.
- SBI Education Loan
SBI is one of the largest public sector banks in India and offers a range of education loans for Indian and foreign universities. You can acquire a loan amount of up to ₹1.5 crores for foreign universities and repay it in convenient installments of 15 years. The bank offers competitive interest rates on your loan and provides funds for all major universities across the continent.
- ICICI Bank Education Loan
ICICI Bank is one of India’s largest private sector banks. It provides educational loans of up to 2 crores based on the university you are applying to. You can also acquire unsecured loans of up to ₹50 lakh. The bank offers education loan interest rates starting at 9.25% per annum. You can apply to all major universities in India and abroad using the amount. The bank does not apply any margin on the loan amount for premier institutes.
- Canara Bank Education Loan
Canara Bank is also a leading financial institution offering various banking products, including educational loans. It offers a loan of up to 1 crore for Indian and international universities. The funds also cover living expenses, passage money, and tuition fees. The bank offers competitive interest rates on education loan and has a hassle-free loan application process.
Choosing the right bank to suit your fund requirement makes it easier for you to meet your finances. The list above will help you find the most suitable bank for education loans in India in 2022.
