If you want to continue your education but are unable to pay for it on your own because of financial constraints, an education loan is undoubtedly a blessing. In order to pay for their higher education, many people eventually dispose of family possessions, including gold. You can keep these priceless possessions while continuing your education with the help of an education loan.
Collateral may or may not be required for higher education loans. To pay for various courses, you can take out a number of education loans from the best lenders in the country. Regardless of the type of student loan you choose, you must have a dependable repayment plan in place. Let’s take a look at the top Indian banks with the best interest rates for students.
Education Loan from Punjab National Bank:
PNB offers loans with a maximum tenure of 15 years of collateral for students with need-based loans, or NIL for loans of Rs 7.5 lakh. Up to Rs 7.5 lakh, there is no need for a security loan.
Education Loan from the State Bank of India:
There are a variety of SBI education loan programs to choose from in terms of supported courses. Jusqu’à Rs. 7.5 lakh without the need for collateral or a guarantee from a third party. After the course has ended, you have one year to pay it back.
Loans up to Rs. 10,000 can be repaid within 15 years and 12 months of the course’s completion. 20 lakh. From then on, the interest rate is 8.30%.
Education Loan from Axis Bank:
Axis Bank offers Education Loans with a starting amount of Rs for studies abroad and in India. 50,000 at interest rates that are competitive. With an Axis Bank education loan, you can take advantage of a number of benefits like easy documentation, quick loan disbursement, a tax credit under section 80(E), a longer repayment period, and other benefits. The repo rate for education loans of less than Rs. 4 lakh is 6.25 percent. Rs. 4 lakhs and up 7.25% is 7.5 lakhs.
Education Loan from the Bank of Baroda:
For loans up to Rs. 50,000, the Bank of Baroda offers a wide range of education loans for which no collateral is required. 4 lakh. The Income Tax Act’s Section 80E interest can also be used to get tax breaks. Ten to fifteen years is the maximum tenure. Up to Rs 7.5 lakh, there is no security. There are no fees for the documentation or processing. The interest rate is 8.85 percent or higher.
