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Applying for an education loan but unsure about the right product? Read this detailed comparison of Public bank education loan products.
Financing higher education with an education loan is daunting. Not only do you have to search for a product that covers your expenses, but you also have to search for one that doesn’t blow a hole through your pocket. After all, an education loan is a financial responsibility for at least a decade and you should select a product that will help you finance your education while saving your money.
We, at GyanDhan, will make this whole process easy for you. Below is a detailed comparison of education loans offered by various public sector banks. Refer to this before you settle on a lender.
Let’s get into it -
Check Your Education Loan Eligibility
Every public sector bank in India offers an education loan to study in India. Though, not every bank has a loan product for education abroad. Some of the top banks that offer education loans to study in India and abroad are as follows -
We will be comparing the education loan products of some of the top public banks from the above-mentioned list to find the best bank with the best loan product.
To find the best bank, one must compare the features and aspects of an education loan. This table below would make the comparison easier -
Name of the bank | Loan amount limit | Interest rate | Processing Fees | Loan tenure | Moratorium period | Margin Money |
---|---|---|---|---|---|---|
State Bank Of India |
For India - Upto INR 20 Lakhs |
For India - 9.55% |
INR 10,000 + GST |
Maximum 15 years |
Course period + 6 months |
10% |
Bank of Baroda |
For India - Upto INR 60 Lakhs |
For India - 8.85% (Men); 8.35% (Women) |
INR 10,000 + GST |
Maximum 15 years |
Course period + 12 months |
Above INR 4 lakhs - 10% |
Canara Bank |
Upto INR 40 lakhs |
6.90% - 8.90% |
Nil |
Maximum 15 years |
Course period + 12 months |
5% to 15% |
Bank of India |
For India - INR 10 lakhs |
8.85% - 9.85% |
For India - NIL |
Maximum 15 years |
Course period + 12 months |
15% |
Central Bank of India |
No upper limit |
9.0% (Men); 8.50% (Women) |
Loans upto INR 10 lakhs - INR 500 |
10 - 15 years |
Course period + 6 or 12 months |
15% |
Indian Overseas Bank |
For studies in India - INR 30 lakhs |
10.05% |
Nil |
15 years |
Course period + 12 months |
5% to 15% |
IDBI Bank |
INR 20 lakhs |
8.65% - 9.15% |
For India - NIL |
10 - 15 years |
Course period + 6 months |
upto 15% |
Karur Vysya Bank |
For India - INR 10 lakhs |
10.75% to 11.75% |
Nil |
Upto 7 years |
Course period + 6 or 12 months |
upto 15% |
United Bank of India |
For India - INR 10 lakhs |
10.65% - 11.40% |
Nil |
10 - 15 years |
Course period + 6 or 12 months |
upto 15% |
Union Bank of India |
No upper limit |
Up to Rs.7.50 lakhs: 12.25% |
Nil |
15 years |
Course period + 12 months |
15% |
Indian Bank |
For India - INR 15 lakhs |
12.50% |
- |
10 - 15 years |
Course period |
5% to 15% |
UCO Bank |
For India - INR 10 lakhs |
Up to Rs.7.50 lakhs: 11.20% |
Nil |
Up to 15 Years |
Course period + 1 year |
For India - 5% |
Punjab National Bank |
INR 40 lakhs to INR 60 lakhs |
8.80% to 9.55% |
1% of the loan amount |
15 years |
Course period + 12 months |
15% |
Oriental Bank of Commerce |
For premium colleges - INR 20 lakhs |
7.30% - 9.30% |
- |
Up to 15 Years |
Course period + 12 months |
15% |
Andhra Bank |
INR 20 lakhs |
11.15% to 11.45% |
- |
5-7 years |
Course period + 12 months |
upto 15% |
Some public banks were further merged with the above-mentioned banks. For example -
Name of the bank | Merged with |
---|---|
Oriental Bank of Commerce |
Punjab National Bank |
Vijaya Bank |
Bank of Baroda |
Syndicate Bank |
Canara Bank |
Dena Bank |
Bank of Baroda |
Allahabad Bank |
Indian Bank |
Corporation Bank |
Union Bank of India |
Check Your Education Loan Eligibility
Every aspect of an education loan should be considered while comparing different loan products. Each factor has its significance.
Apart from this, enquire about the terms and conditions of the loan product before you apply.
Choosing the right loan product is imperative for students as it can help save money. Simply contact GyanDhan to get a fair opinion and review of the loan product.
GyanDhan has streamlined the process of education loans and made it easier to apply and track the application. We have studied the products in detail and therefore, know the nitty-gritty of every loan scheme. Our executive will go through your needs and requirements to recommend the product that is right for you and helps you save money.
The process to get an education loan through GyanDhan -
You might ask what we charge for our services? Nothing. It's free of cost. Though, we wouldn’t mind an honest google review as payment.
Sometimes, the middleman is what you need to get something done easily and quickly. GyanDhan is that middleman, who offers all the services free of cost. Get in touch with us today!
Read Also:
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