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Using a student loan to pay for higher education is challenging. You must pick a product that not only covers your expenses but also does not burn a hole in your wallet. After all, an education loan is a ten-year financial commitment, so you should pick a package that will allow you to pay for your bachelor's degree while saving money.
Bank | Loan amount limit | Processing Fees | Loan tenure | Moratorium period | Margin Money |
State Bank Of India | In India - up to 20 Lakhs For education outside India - up to INR 1.5 crore | INR 10,000 + GST | Maximum 15 years | Course period + 6 months | 10% |
Bank of Baroda | For India - Up to INR 60 Lakhs For education abroad - Up to INR 80 lakhs | INR 10,000 + GST | Maximum 15 years | Course period + 12 months | Above INR 4 lakhs - 10% |
Canara Bank | Up to INR 40 lakhs | Nil | 15 years maximum | Course duration plus 12 months | 5 to 15% |
Bank of India | For India - INR 10 lakhs For education abroad - INR 20 lakhs | For India - NIL For education abroad - INR 5000 | 15 years max | Course duration plus 12 months | 15% |
Central Bank of India | No upper limit | Loans up to INR 10 lakhs - INR 500 A loan above INR 10 lakhs - INR 1000 | 10 - 15 years | Course period + 6 or 12 months | 15% |
Indian Overseas Bank | For studies in India - INR 30 lakhs For abroad studies - INR 40 lakhs | Nil | 15 years | Course period + 12 months | 5% to 15% |
IDBI Bank | 20 lakhs | In India - Nil For education abroad - INR 5000 (refundable) | Up to 15 years | Course duration plus 6 months | 10 to 15% |
Karur Vysya Bank | For India - 10 lakhs For education abroad - 20 lakhs | Nil | Up to 7 years | Course period + 6 or 12 months | up to 15% |
United Bank of India | For India - 10 lakhs For education abroad - 20 lakhs | Nil | 10 - 15 years | Course period + 6 or 12 months | up to 15% |
Union Bank of India | No upper limit | Nil | 15 years | Course period + 12 months | 15% |
Indian Bank | For India - INR 15 lakhs For education abroad - INR 25 lakhs | - | 10 to 15 years | Course duration | 5 to 15 percent |
UCO Bank | In India - 10 lakhs For education abroad - 20 lakhs | Nil | Up to 15 Years | Course duration plus 1 year | India - 5% Abroad - 15% |
Punjab National Bank | INR 40 lakhs to INR 60 lakhs | 1% of the loan amount | 15 years | Course period + 12 months | 15% |
Oriental Bank of Commerce | For premium colleges - INR 20 lakhs For others - INR 10 lakhs | - | Up to 15 Years | Course period + 12 months | 15% |
Andhra Bank | INR 20 lakhs | - | 5-7 years | Course period + 12 months | up to 15% |
Some public banks provide loans in merger with other banks, see below the mergers.
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 |
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Updated on Dec 12 ,2022
Updated on Dec 12 ,2022
Updated on Apr 05 ,2022