Student Education Loan Guide 2024
Everything you need to know about education loans in India. Compare rates, eligibility, and get instant EMI calculations.
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Understanding Education Loans
Education loans help students pursue higher education by providing financial assistance for tuition fees, living expenses, and other educational costs.
Why Choose Education Loans?
Education loans offer flexible repayment options, competitive interest rates, and comprehensive coverage for all educational expenses.
Low Interest Rates
Starting from 6.5% per annum with flexible repayment options.
6.5% - 12%High Loan Amount
Get loans up to ₹2 crores for domestic and international education.
Up to ₹2CrFlexible Tenure
Repayment period up to 20 years with moratorium period.
Up to 20 YearsQuick Processing
Fast approval and disbursement within 7-15 working days.
7-15 DaysOnline Application
Apply online with minimal documentation and track your application.
100% OnlineNo Collateral
Loans up to ₹7.5 lakhs without any collateral or security.
Up to ₹7.5LEducation Loan Eligibility
Check if you meet the basic eligibility criteria for education loans.
Required Documents
Complete list of documents required for education loan application.
Academic Documents
Educational certificates and admission related documents
-
Mark sheets of 10th, 12th, and graduation
-
Admission letter from institution
-
Fee structure from institution
-
Academic certificates
-
Entrance exam scorecards
Financial Documents
Income and financial stability proof
-
Income proof of co-applicant
-
Bank statements (6 months)
-
ITR returns (2 years)
-
Salary certificate
-
Property documents (if applicable)
Identity & Address Proof
Personal identification documents
-
PAN card
-
Aadhaar card
-
Passport (if applicable)
-
Voter ID
-
Driving license
Application Process
Simple step-by-step process to apply for education loan.
Research & Compare
1-2 days
Research different banks and compare interest rates, terms, and conditions.
- Compare interest rates
- Check processing fees
- Review repayment terms
- Check prepayment charges
Document Preparation
2-3 days
Gather all required documents and ensure they are properly attested.
- Collect academic documents
- Prepare financial documents
- Get identity proofs
- Attest documents if required
Application Submission
1 day
Submit your application online or visit the bank branch.
- Fill application form
- Submit documents
- Pay processing fee
- Get application number
Verification & Approval
7-15 days
Bank verifies documents and processes your application.
- Document verification
- Credit check
- Property valuation (if applicable)
- Final approval
Loan Disbursement
1-2 days
Loan amount is disbursed directly to the institution.
- Sign loan agreement
- Complete formalities
- Direct payment to institution
- Start repayment after moratorium
Frequently Asked Questions
Common questions about education loans answered.
The maximum loan amount varies by bank and course. For domestic courses, you can get up to ₹20 lakhs, and for international courses, up to ₹2 crores. The amount depends on the course fees and your repayment capacity.
Interest rates typically range from 6.5% to 12% per annum. The rate depends on factors like loan amount, course type, institution reputation, and your credit profile. Government schemes may offer lower rates.
For loans up to ₹7.5 lakhs, no collateral is required. For higher amounts, banks may require collateral like property, fixed deposits, or third-party guarantees.
The moratorium period is the time during which you don't need to pay EMIs. It usually covers the course duration plus 6-12 months after course completion or getting a job, whichever is earlier.
Yes, most banks allow prepayment of education loans. Some banks may charge a prepayment penalty, while others offer penalty-free prepayment. Check with your bank for specific terms.
If you face financial difficulties, contact your bank immediately. Banks offer various solutions like extending the moratorium period, reducing EMI amounts, or restructuring the loan to help borrowers.
Compare Education Loans by Bank
Compare interest rates, loan amounts, and features across all major banks
Bank Comparison Table
Compare education loan features across all major banks
|
Bank Name
|
Interest Rate
|
Loan Amount
|
Processing Fee
|
Repayment Period
|
Features
|
Action
|
|---|---|---|---|---|---|---|
|
AB
ABHYUDAYA COOPERATIVE BANK LIMITED
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
AB
ABU DHABI COMMERCIAL BANK
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
AD
ADITYA BIRLA IDEA PAYMENTS BANK
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
AH
AHMEDABAD MERCANTILE COOPERATIVE BANK
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
AI
AIRTEL PAYMENTS BANK LIMITED
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
AK
AKOLA JANATA COMMERCIAL COOPERATIVE BANK
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
AL
ALLAHABAD BANK
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
AL
ALMORA URBAN COOPERATIVE BANK LIMITED
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
AN
ANDHRA BANK
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
AN
ANDHRA PRAGATHI GRAMEENA BANK
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
AP
APNA SAHAKARI BANK LIMITED
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
AU
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
AU
AU SMALL FINANCE BANK LIMITED
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
AX
AXIS BANK
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
BA
BANDHAN BANK LIMITED
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
BA
BANK INTERNASIONAL INDONESIA
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
BA
BANK OF AMERICA
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
BA
BANK OF BAHARAIN AND KUWAIT BSC
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
BA
BANK OF BARODA
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
BA
BANK OF CEYLON
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
BA
BANK OF INDIA
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
BA
BANK OF MAHARASHTRA
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
BA
BANK OF TOKYO MITSUBISHI LIMITED
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
BA
BARCLAYS BANK
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
BA
BASSEIN CATHOLIC COOPERATIVE BANK LIMITED
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
BH
BHARAT COOPERATIVE BANK MUMBAI LIMITED
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
B
B N P PARIBAS
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
CA
CANARA BANK
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
CA
CAPITAL SMALL FINANCE BANK LIMITED
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
|
CA
CATHOLIC SYRIAN BANK LIMITED
Detailed Page
|
7% - 12%
Per Annum
|
₹50,000 - ₹10,000,000
Max Amount
|
1% of loan amount
Processing Fee
|
Up to 15 years
Flexible Tenure
|
Online
|
View Details |
ABHYUDAYA COOPERATIVE BANK LIMITED
Detailed Page Available
ABU DHABI COMMERCIAL BANK
Detailed Page Available
ADITYA BIRLA IDEA PAYMENTS BANK
Detailed Page Available
AHMEDABAD MERCANTILE COOPERATIVE BANK
Detailed Page Available
AIRTEL PAYMENTS BANK LIMITED
Detailed Page Available
AKOLA JANATA COMMERCIAL COOPERATIVE BANK
Detailed Page Available
ALLAHABAD BANK
Detailed Page Available
ALMORA URBAN COOPERATIVE BANK LIMITED
Detailed Page Available
ANDHRA BANK
Detailed Page Available
ANDHRA PRAGATHI GRAMEENA BANK
Detailed Page Available
APNA SAHAKARI BANK LIMITED
Detailed Page Available
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
Detailed Page Available
AU SMALL FINANCE BANK LIMITED
Detailed Page Available
AXIS BANK
Detailed Page Available
BANDHAN BANK LIMITED
Detailed Page Available
BANK INTERNASIONAL INDONESIA
Detailed Page Available
BANK OF AMERICA
Detailed Page Available
BANK OF BAHARAIN AND KUWAIT BSC
Detailed Page Available
BANK OF BARODA
Detailed Page Available
BANK OF CEYLON
Detailed Page Available
BANK OF INDIA
Detailed Page Available
BANK OF MAHARASHTRA
Detailed Page Available
BANK OF TOKYO MITSUBISHI LIMITED
Detailed Page Available
BARCLAYS BANK
Detailed Page Available
BASSEIN CATHOLIC COOPERATIVE BANK LIMITED
Detailed Page Available
BHARAT COOPERATIVE BANK MUMBAI LIMITED
Detailed Page Available
B N P PARIBAS
Detailed Page Available
CANARA BANK
Detailed Page Available
CAPITAL SMALL FINANCE BANK LIMITED
Detailed Page Available
CATHOLIC SYRIAN BANK LIMITED
Detailed Page Available
Lowest Interest Rates
Government banks offer the lowest interest rates starting from 6.5% per annum.
Quick Processing
Private banks offer faster processing with approval within 7-15 working days.
Online Application
Most banks now offer 100% online application process with minimal documentation.
Ready to Apply for Education Loan?
Start your educational journey with the right financial support. Compare options and apply for the best education loan today.