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Cheapest Education Loan in India

As the academic season approaches, thousands of students in India gear up for the exciting yet challenging journey of pursuing higher education. Whether it's enrolling in a prestigious university or pursuing a specialized course abroad, the financial aspect often becomes a significant concern. To ease this burden, students turn to education loans, and the quest for the cheapest options becomes paramount.

Studying abroad is an investment in your future, and securing the right funding is a crucial step. The cost of education abroad can soar, with a minimum requirement of 20-30 lakhs for various programs in foreign countries. Recognizing that not every student can fund their entire program independently, the search for affordable education loans becomes a common trajectory. At EduloanHub, we understand the challenges students face in arranging funds for tuition fees and living expenses abroad. Our mission is to simplify this process and connect students with the cheapest education loan options available in India.


Cheapest Education Loan Options: Public vs. Private Banks

Public Banks

  1. Lower Interest Rates
  2. Processing Fee Benefits
  3. Flexible Repayment Options
  4. Government-Backed Schemes

Private Banks

  1. Quick Processing
  2. Loan Amount and Flexibility
  3. Processing Fees
  4. Higher Interest Rates

The key to finding the cheapest education loan lies in understanding the differences between public and private banks. Here are some crucial parameters to consider:

Public Banks: The Reliable Option

Public banks, like State Bank of India (SBI), Bank of Baroda (BOB), Punjab National Bank(PNB) and others, often stand out as reliable and cost-effective options for education loans. Here's why:

Lower Interest Rates: Public banks generally offer lower interest rates compared to their private counterparts. Interest rates typically range from 8.5% to 11%, making the overall cost of borrowing more affordable for students.

Processing Fee Benefits: Many public banks have favorable processing fee structures. Some may even exempt processing fees for education loans up to a certain amount, providing immediate cost savings for students.

Flexible Repayment Options: Public banks often provide flexible repayment plans, considering the financial constraints students might face during their academic journey.

Government-Backed Schemes: Government-backed education loan schemes further enhance the appeal of public banks. These schemes may come with additional benefits, such as interest subsidies.

Private Lenders: Exploring Alternatives

While public banks are often the go-to choice, private lenders, including private banks and Non-Banking Financial Companies (NBFCs), also play a crucial role in providing education loans. Consider the following factors:

Loan Amount and Flexibility: Private lenders may offer more flexibility in loan amounts, especially for unsecured loans. However, this flexibility might come at the cost of higher interest rates.

Quick Processing: Private lenders are known for faster processing times. This can be advantageous for students who need quick approval and disbursement of funds.

Higher Interest Rates: Private lenders may have slightly higher interest rates compared to public banks. Interest rates typically range from 10% to 15%.

Processing Fees: Private lenders usually charge processing fees as a percentage of the sanctioned loan amount. This fee can vary but is often higher than what public banks charge.


Lowest interest rate education loan india - Best Loan Deals

Education loan interest rates are a crucial aspect of financing your study abroad journey. These rates, charged on the principal loan amount, can vary based on factors like loan type, creditworthiness, and lender policies. Understanding these rates is essential for making informed decisions about funding your higher education

Secured Loan Interest Rate
9.9% - 10.0%

Unsecured Loan Interest Rate
10.99% - 12.75%

Secured Loan Interest Rate
9.99%

Unsecured Loan Interest Rate
10.75% - 12.5%

Secured Loan Interest Rate
10.15% - 11.15%

Unsecured Loan Interest Rate
NA

Secured Loan Interest Rate
9.70% - 10.00%

Unsecured Loan Interest Rate
10.99% - 14.75%

Secured Loan Interest Rate
9.55% - 13.25%

Unsecured Loan Interest Rate
9.55% - 13.25%

Secured Loan Interest Rate
9.9% - 10.0%

Unsecured Loan Interest Rate
10.99% - 12.75%

Secured Loan Interest Rate
9.25% - 11.5%

Unsecured Loan Interest Rate
9.75%

Secured Loan Interest Rate
9.9% - 10.0%

Unsecured Loan Interest Rate
10.99% - 12.75%

Secured Loan Interest Rate
9.00% - 13.0%

Unsecured Loan Interest Rate
10.99% - 15.00%


How to Apply Cheapest Education Loan in India ?


  • Step 1: Fill the Student Loan Form or Request a Callback .

  • Step 2: Financial Consultant Interaction
  • Expect a call from our Financial Consultant who will guide you through an eligibility check. Provide necessary information to determine the best loan options for you.

    Our Financial Consultant will Explore and compare education loan options from various lenders, including Government banks, private banks, and NBFCs. Select the one aligning with your eligibility and preferences.

  • Step 3: Document Submission
  • Effortlessly submit your documents by either visiting the eduLoanHub or securely uploading online. Follow the checklist provided by your financial Consultant for a smooth process.

  • Step 4: Application Processing
  • Upon document submission, your application enters processing. Private banks provide a decision within 2-6 days, while Government banks may take 10-12 days.

  • Step 5: Sanction and Agreement Signing
  • Upon approval, sign the education loan agreement and collect your sanction letter. Our streamlined process ensures a hassle-free experience, helping you achieve your academic goals.


Frequently Asked Questions

Which banks in India offer the most Cheapest Education Loan in India ?

The State Bank of India, Bank of Baroda, Union Bank, ICICI Bank, and IDFC Bank are some of the best banks in India that provide low-cost education loans. These banks offer loans with competitive interest rates and flexible repayment options, making education more affordable for students.

How much can I borrow with the cheapest education loan in India ?

The maximum loan amount for the most affordable education loans in India varies between banks but is generally around Rs. 1.5-2 crore. However, certain banks may consider higher loan amounts based on factors such as the course, country of study, collateral value, and the applicant's creditworthiness.

What is the current interest rate for cheapest education loan in India ?

The interest rate for the most affordable education loans in India typically ranges from 8.5% to 13%, varying between banks. Factors influencing the interest rate include the loan amount, repayment duration, the borrower's credit score, type of course, and other considerations.

How long do I have to repay the cheapest education loan in India ?

The repayment period for the most affordable education loans in India usually falls within 5 to 15 years. Some banks may provide options for shorter or longer repayment periods, depending on the loan amount and the duration of the educational program.

What collateral is required for the affordable education loan in India ?

Collateral requirements for the most affordable education loans in India depend on the bank's policies and the loan amount. Certain banks may ask for collateral like property, fixed deposits, or insurance policies. However, there are banks that offer unsecured education loans without the need for any collateral. If you have further questions, feel free to request a callback from our financial officers, who will address your queries promptly.