Student Loan – Interest Rates, Duration, Rules, Requirements and etc.

Student Loan is very much useful to students pay for post-secondary education and the other fees, such as tuition, books and supplies, and living expenses. In this posting, you can find the details about student loan bank names interest rates, Features, List of banks providing education loan, Duration, Repayment, Rules, and requirements of student loans and etc.

Student LoanFeatures of  Student Education Loan

  • Easy Loan approval
  • Processing fees
  • Moratorium Period
  • Margin
  • Quantum of Loan
  • Security Collateral
  • Repayment Tenure
  • Type of educational course
  • Tax Benefits
  • Insurance
  • Pre-payment charges
  • Other fees and charges

TOP 10 STUDENT EDUCATION LOANS IN INDIA

United Bank of India

Loan Amount – Interest Rate

Up to 4 lakhs – 10.25% + 2%

4 lakhs – 7.5 lakhs – 10.25% + 2.75%

Above 7.5 lakhs – 10.25% + 2%

IDBI Bank’s Student Loan

TYPE INTEREST RATE
Loan amount not qualifying as Priority Sector Lending (PSL) 12.25% (BR+2.00%)
Education Loan under Financial Inclusion program (FIP) 11.75% (BR+1.50%)
Vocational Courses 11.25% (BR+1.00%)
Loan qualifying as Priority Sector Lending (PSL) 11.25% (BR+1.00%)
Education Loan for other students who secured admission under Management Quota 13.75% (BR+3.50%)
Education Loans for students studying in Premier Education Institutes 10.25% (BR+0.00%)

State Bank of India’s Student Loan

Loan Amount – Interest Rate

Up to 4 lakhs – 13.5%

4 lakhs – 7.5 lakhs – 13.75%

Above 7.5 lakhs – 11.75%

Canara Bank’s Education Loan for Students

Loan Amount – Interest Rate

Up to 4 lakhs – BR+1.5%

4 lakhs – 7.5 lakhs -BR+2%

Above 7.5 lakhs -BR+1.5%

Non-priority category – BR+1.5%

Vocational education and training – BR+1.5%

PNB Sara Swati – Punjab National Bank’s Student Loan

Loan Amount – Interest Rate

Up to 4 lakhs – 10.25% + 3%

4 lakhs – 7.5 lakhs – 14.25%

Above 7.5 lakhs – 12.25%

Dena Vidyalaxmi Education Loan

  • For loans above Rs. 4 lacs, 1% p.a. interest concession for girl students including as applicable in Dena Shakti.
  • For loans above Rs. 4 lacs, 1% p.a. interest concession for IIM / IIT / ISB (Indian School of Business, Hyderabad) students.

Bank Of Baroda’s Student Loan

Loans up to 4.00 lakhs      Base Rate + 2.50%

Loans above Rs.4.00 lacs and up to Rs 7.50 lacs        Base Rate + 2.50%

Loans above Rs.7.50 lacs  Base Rate + 1.75%

Baroda Education Loan for Vocational Education & Training         Base Rate + 2.00%

Bank Of India’s Student Education Loan

Loan Amount – Interest Rate

Up to 7.5 lakhs – 13.20%

Above 7.5 lakhs -12.70%

Vijaya Bank’s Student Loan

Category       Loan Amount Interest Rate
Education Loan to Indian School of Business student Irrespective of loan 11.75% ( Fixed)
IBA 4 lakh and above Base Rate + 2.25 = 12.50%
Education Loan to the students of Premier Central Institutions such as IIMs, IITs etc. Irrespective of loan 11.75% ( Fixed)
IBA Up to 4 lakh Base Rate + 1.80 = 12.05%
Management Quota (Non IBA) Irrespective of loan Base Rate + 2.55 = 12.80%

List of Banks offering Student Loan

  • ICICI Bank
  • IDBI Bank HDFC Bank
  • Canara Bank
  • SBBJ
  • State Bank of India
  • United Bank
  • Indian Overseas Bank
  • Dena Bank
  • Axis Bank
  • Credilla
  • UCO Bank
  • Union Bank
  • Bank of Baroda
  • Syndicate Bank
  • Canara Bank
  • Bank of Maharashtra
  • Punjab National Bank
  • Avanse Financial Services
  • Central Bank

Let us see some list of Banks and Interest Rates as follows

Bank Interest Rate
United Bank of India 10.75% p.a. to 10.80% p.a.
Bank of Maharashtra 10.15 p.a. to 10.65% p.a.
Indian Overseas Bank 8.60% p.a. to 11.40% p.a.
Canara Bank 8.50% p.a. to 11.50% p.a.
Punjab National Bank 8.25 p.a. – 10.75% p.a.
Bank of Baroda 8.50% p.a. to 11.05% p.a.
Dena Bank 8.25% p.a. to 10.25% p.a.
Central Bank of India 9.80% p.a. to 10.30% p.a.
State Bank of India 8.30% p.a. to 10.70% p.a.

Some other Financial Institutions names and interest rates as follows

Name Interest Rate
HDFC Bank 11.97% p.a.
ICICI Bank 11.00% p.a. and above
Axis Bank 10.5% – 12.5% (Till 31 March 2018)
Credilla 11.75% – 12.50% p.a.
Avanse Financial Services 12.75% p.a.
IDBI Bank 8.40% p.a. – 10% p.a.

Student Loan Duration

Generally speaking, many private student loans give you 120 months (10 years) to repay. However, some private student loan terms have you repay over 25 years. Check the terms and conditions of your loan, or contact your servicer for more details to find out how long it will take you to repay your private student loans.

Payment Name Duration
Standard repayment 120 months which is10 years
Graduated repayment Up to 10 years (up to 30 years for consolidation loans)
Extended repayment Up to 25 years
Income-Driven Repayment Plans You may be eligible for loan forgiveness after 20 or 25 years of qualifying payments, or even as few as 10 years, if you work in public service.

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