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Education Loan for Masters

Updated on Nov 15, 2022
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Types of Interest Rates in Education Loan

The bank sets the interest rate for student loans; however, it can change at regular intervals. Some banks provide a fixed interest rate for the loan's life. Others have interest rates based on the one-year Marginal Cost of Funds Lending Rate (MCLR). Given below are the interest rates for various banks -

Bank

Interest Rates per annum

Punjab National Bank

6.75% to 9.50%

Central Bank of India

8.50% to 9.00%

Canara Bank

6.90% to 8.90% 

State Bank of India

6.85% to 8.65% 

Bank of Baroda

6.75% to 9.85%

IDBI Bank

6.75% to 8.75% 

Bank of India

8.95% to 9.75%

Tamilnad Mercantile Bank

10.45% to 11.45% 

HDFC

9.55% to 13.25% 

UCO Bank

4.00% to 10.20% 

Karnataka Bank

9.98% to 12.38%

Federal Bank

10.05% 

Karur Vysya Bank

10.60% to 11.60% 

Tata Capital

10.99% 

Jammu and Kashmir Bank

RLLR + 1.50% to RLLR + 3.50% p.a.

Axis Bank

13.70% to 15.20% 

Kotak Mahindra Bank

Up to 16% 

Avanse

12.65%

Bank of India 

8.95%

Bank of Maharashtra 

8.55%

Indian Bank 

7.15%

Indian Overseas Bank 


9.05%

Oriental Bank

10.65%

* In India, most banks charge no processing fees for courses. For further information, please contact the bank.

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