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.
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.
