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


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

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 Courses11.25% (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 Quota13.75% (BR+3.50%)
Education Loans for students studying in Premier Education Institutes10.25% (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 AmountInterest Rate
Education Loan to Indian School of Business studentIrrespective of loan11.75% ( Fixed)
IBA4 lakh and aboveBase Rate + 2.25 = 12.50%
Education Loan to the students of Premier Central Institutions such as IIMs, IITs etc.Irrespective of loan11.75% ( Fixed)
IBAUp to 4 lakhBase Rate + 1.80 = 12.05%
Management Quota (Non IBA)Irrespective of loanBase 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

BankInterest Rate
United Bank of India10.75% p.a. to 10.80% p.a.
Bank of Maharashtra10.15 p.a. to 10.65% p.a.
Indian Overseas Bank8.60% p.a. to 11.40% p.a.
Canara Bank8.50% p.a. to 11.50% p.a.
Punjab National Bank8.25 p.a. – 10.75% p.a.
Bank of Baroda8.50% p.a. to 11.05% p.a.
Dena Bank8.25% p.a. to 10.25% p.a.
Central Bank of India9.80% p.a. to 10.30% p.a.
State Bank of India8.30% p.a. to 10.70% p.a.

Some other Financial Institutions names and interest rates as follows

NameInterest Rate
HDFC Bank11.97% p.a.
ICICI Bank11.00% p.a. and above
Axis Bank10.5% – 12.5% (Till 31 March 2018)
Credilla11.75% – 12.50% p.a.
Avanse Financial Services12.75% p.a.
IDBI Bank8.40% 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 NameDuration
Standard repayment120 months which is10 years
Graduated repaymentUp to 10 years (up to 30 years for consolidation loans)
Extended repaymentUp to 25 years
Income-Driven Repayment PlansYou 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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