Compare Education Loan in India - Top Offers & Reviews 2020

To lead a complete and successful life, nothing is as important as quality education. However, education in India, at least the generally perceived 'quality education' imparted by the much-admired and prominent educational institutions, is absolutely costly and not easily available to everyone - particularly to those who deserve it based on merit alone. Thus, education loans are absolutely important.

ICICI Bank Education Loan

ICICI Bank | Education Loan

About ICICI Bank: ICICI Bank Limited is an Indian multinational banking and financial services company headquartered in Mumbai, Maharashtra with its registered office in Vadodara, Gujarat. As of 2018, ICICI Bank is the second largest bank in India in terms of assets a...

Detail: Insurance premium for the students who avail the student loan

Annual Percentage Rate (APR): 11.5 %

Tata Capital Education Loan

Tata Capital | Education Loan

About Tata Capital: Tata Capital Limited is a financial and investment service provider in India. It is based in Mumbai and has more than 100 branches across the country. The company offers consumer loans, wealth management, commercial finance, and infrastructure financ...

Detail: The fees/charges indicated above are subject to revision at Tata Capital’s discretion from time to time.

Annual Percentage Rate (APR): 11.25%

RBL Bank Education Loan

RBL Bank | Education Loan

About RBL Bank: RBL Bank, formerly known as Ratnakar Bank, is an Indian private sector bank headquartered in Mumbai and founded in 1943. It offers services across six verticals: corporate and institutional banking, commercial banking, branch and business banking, re...

Detail: You get the benefit of easier documentation if you have a Current / Savings Account with RBL Bank.

Annual Percentage Rate (APR): 14.15 %

Bank of Baroda Education Loan

Bank of Baroda | Education Loan

About Bank of Baroda: Bank of Baroda is an Indian Multinational, public sector Banking and financial services company. It is the third largest public sector bank in India. with a business mix of close to US$225 billion. Based on 2019 data, it is ranked 1145 on Forbes Glob...

Detail: upto 35 years for non-employed personnels

Annual Percentage Rate (APR): 10.50% - 11.55%

Avanse Finance Education Loan

Avanse Finance | Education Loan

About Avanse Finance: Avanse is a new age education finance company. We are an Associate Company of Dewan Housing Finance Ltd. (DHFL), a leading player in the housing finance sphere. Avanse is a Non Banking Finance Company (NBFC) and is regulated by the Reserve Bank of In...

Detail: Interest rates on Education Loans are floating, and vary with the changes in MCLR

Annual Percentage Rate (APR): 11.50 %

Kotak Mahindra Bank Education Loan

Kotak Mahindra Bank | Education Loan

About Kotak Mahindra Bank: Kotak Mahindra Bank is an Indian private sector bank headquartered in Mumbai, Maharashtra, India. In February 2003, the Reserve Bank of India issued a banking licence to Kotak Mahindra Finance Ltd., the group's flagship company....

Detail: A joint applicant or a co-borrower or a guarantor is required along with the student to apply for a Kotak Mahindra education loan.

Annual Percentage Rate (APR): 11.5 % to 24 %

Federal Bank Education Loan

Federal Bank | Education Loan

About Federal Bank: Federal Bank is a Private Sector, scheduled commercial bank in India, headquartered in Aluva, Kochi. The Bank also has its Representative Offices abroad at Abu Dhabi and Dubai....

Detail: Interest rates on Education Loans are floating, and vary with the changes in MCLR.

Annual Percentage Rate (APR): 10.90% - 15.30%

Loan Eligibility

Age - 18/21 years - 60/65 years
Employment Type - Salaried/Self-Employed
Minimum Net Income (monthly) - ₹15,000
Work Experience - Salaried for at least 6/12 months or Self-Employed for at least 3 years
Tenure: (Min) 3 to (Max) 60 months
Interest Rate ranging from 10.75% to 25% depending on customer’s credit and risk profile

Representative Example

With a representative 10.75% APR based on borrowing ₹ 10 lacs and repaying over 60 months with 60 monthly repayments, the monthly repayments will be ₹ 21,618 which can be paid within a tenure of 12-60 months.

*Please note the processing fee can vary from 1.5% - 6%. The figures provided are indicative and subject to change from time.

EMI Calculator

The simple and handy loan EMI calculator lets you easily calculate EMIs. All you need to do is enter the loan amount, interest rate and loan tenure, and you will know the convenient and easy EMIs basis the inputs entered.

Sample Loan Calculation:

Loan amount: INR 4,00,000
Interest Rate: 15% p.a.
Loan Duration: 3 years
Total Interest = INR 99,176
Processing fees (PF) + GST= 4000 + 720 = INR 4,720

In Hand Amount: Loan Amount - Total Deductibles = 4,00,000 - 4,720 = INR 3,95,280
Total repayable Amount: INR 4,99,176
Monthly EMI Repayable: INR 13,866
*Deductibles are deducted upfront during the loan disbursal.