Interest Rates | Education Loan for Bachelors

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.

1 Types of Interest Rates in Education Loan

The interest rate for student loans is set by the bank. Some banks provide a fixed rate of interest for the life of the loan. Others have interest rates based on the one-year Marginal Cost of Funds Lending Rate (MCLR). This may be changed at regular intervals, changing the interest rate on the educational loan.

2 Factors that Impact the EMI on a Education Loan

The amount of your Equated Monthly Installment (EMI) on your education loan is determined by a number of variables. These are the factors:

The loan's interest rate

Amount of the loan

Repayment period

How to Work Out Your Education Loan EMI

The formula for calculating your educational loan EMI would be as follows:

[P x R x (1+R)N]/[(1+R)N-1] EMI Amount

P stands for principal amount.

R is the interest rate.

N is the number of years it will take to repay the loan (this is calculated in months)

An online EMI calculator can also provide you with a thorough amortization chart of your EMI. For this, you might utilize a free online education EMI calculator. Simply fill in the needed loan amount, the current interest rate, and the payback period of your choosing in the appropriate boxes. You may either type the numbers into the fields or adjust the values with the slider (depending on the calculator). The amortization chart will be promptly detailed, together with information about your total principal amount and total interest to be paid, once you have entered the right data.