As the number of opportunities is increasing for the students in India as well as abroad, the importance of money for higher education is clearly visible. Any educational that is providing the best possible services in the market often charge hefty amount from the students. In front of the facilities they are providing, the deal looks alright. However, it happens on many occasions that the student has the potential but does not have the money to for the fees. In such cases, banks come to the rescue. Almost all the banks in India provide educational loans. The process is simpler in some but much harder in many others. The following list of top banks for educational loans will help you in deciding the initial steps.
State Bank of India : The state-run bank provides one of the best options for student loans. You can apply for the amount maximum up to 30 lakhs with collateral security up to 7.5 lakhs only. The loan covers tuition fees, Examination, Laboratory and Library fees, caution deposit, the cost of books and equipment, travel costs (in the case of studying abroad) and other necessary expenses. The rate of interest on a student loan from SBI is 2 percent and you can schedule the installments for up to 15 years.
Axis Bank : You can apply for education loan for technical, professional and career oriented courses. The bank offers up to 20 lakhs that cover hostel fees, tuition fees, book costs, etc. The minimum loan amount available is Rs.50,000/-. For a loan amount below Rs.4,00,000/- margin money is not required. For amount above 4 lakhs, 15 percent of the total amount sanctioned has to be brought in by the borrower. The rate of interest is 16.5 percent to 17.5 percent.
HDFC Bank : HDFC offers education loan for 950 different courses in 36 countries. You can apply for 100 percent of the educational requirement. The bank does not ask for any margin money for the loan amount. You can apply for up to 20 lakhs as education loan. Indian residents between the ages of 16-35 are eligible for the loans. The bank charged 1.5% of the loan amount as processing fees.
State Bank of India : The state-run bank provides one of the best options for student loans. You can apply for the amount maximum up to 30 lakhs with collateral security up to 7.5 lakhs only. The loan covers tuition fees, Examination, Laboratory and Library fees, caution deposit, the cost of books and equipment, travel costs (in the case of studying abroad) and other necessary expenses. The rate of interest on a student loan from SBI is 2 percent and you can schedule the installments for up to 15 years.
Axis Bank : You can apply for education loan for technical, professional and career oriented courses. The bank offers up to 20 lakhs that cover hostel fees, tuition fees, book costs, etc. The minimum loan amount available is Rs.50,000/-. For a loan amount below Rs.4,00,000/- margin money is not required. For amount above 4 lakhs, 15 percent of the total amount sanctioned has to be brought in by the borrower. The rate of interest is 16.5 percent to 17.5 percent.
HDFC Bank : HDFC offers education loan for 950 different courses in 36 countries. You can apply for 100 percent of the educational requirement. The bank does not ask for any margin money for the loan amount. You can apply for up to 20 lakhs as education loan. Indian residents between the ages of 16-35 are eligible for the loans. The bank charged 1.5% of the loan amount as processing fees.