Best Education Loans 2024!

When it comes to paying for higher education, the costs can be overwhelming. But don't worry! Education loans are here to help students pursue their dreams without worrying about money. In 2024, many banks in India offer great education loan options. Let's take a closer look at the top choices available this year.

1. HDFC Education Loan

HDFC is a popular choice for students because of its student-friendly terms. They offer different loan options for studying in India or abroad.

Key Features:

• Loan Amount: Up to INR 20 lakhs for studies in India and up to INR 30 lakhs for studies abroad.
• Interest Rates: Starting from 9.55% per year.
• Repayment Period: Flexible, ranging from 5 to 15 years.
• Moratorium Period: Up to 1 year after finishing the course or 6 months after getting a job, whichever comes first.
• Processing Fee: 1% of the loan amount, capped at INR 10,000.

The HDFC student loan covers various expenses like tuition fees, accommodation, travel, and buying books and laptops. They also have special schemes with lower interest rates for students in top universities.

For more Info or application - HDFC Education Loans

2. SBI Education Loan

SBI, one of the biggest banks in India, offers a wide range of education loans that are known for being affordable and covering a lot of expenses.

Key Features:

• Loan Amount: Up to INR 10 lakhs for studies in India and up to INR 30 lakhs for studies abroad.
• Interest Rates: Starting from 8.65% per year, with special rates for female students.
• Repayment Period: Up to 15 years, giving enough time to pay back.
• Moratorium Period: 1 year after finishing the course or 6 months after getting a job, whichever comes first.
• Processing Fee: No fee for loans up to INR 20 lakhs.

SBI education loans cover many costs like tuition fees, travel, and more. They also have special schemes, like the Scholar Loan Scheme, for students in top institutions, offering lower interest rates and higher loan amounts without needing collateral.

For more Info or application - SBI Education Loans

3. Axis Bank Education Loan

Axis Bank is known for its quick and flexible education loans.

Key Features:

• Loan Amount: Up to INR 75 lakhs for studies abroad and INR 40 lakhs for studies in India.
• Interest Rates: Starting from 9.70% per year.
• Repayment Period: Up to 15 years.
• Moratorium Period: Course duration plus 6 months or 1 year after finishing, whichever comes first.
• Processing Fee: Up to 1% of the loan amount.

Axis Bank education loans cover a wide range of expenses like tuition fees, travel, and accommodation. They also offer special benefits for students who get into top-ranked institutions.

For more Info or application - Axis Bank Education Loans

4. ICICI Bank Education Loan

ICICI Bank offers many education loan options for both India and abroad, making it a popular choice among students.

Key Features:

• Loan Amount: Up to INR 50 lakhs for studies in India and up to INR 1 crore for studies abroad.
• Interest Rates: Starting from 9.25% per year.
• Repayment Period: Up to 10 years.
• Moratorium Period: Course period plus 6 months to 1 year.
• Processing Fee: 1% of the loan amount.

ICICI Bank’s education loans cover tuition fees, travel expenses, and other study-related costs. They also have an easy online application process and quick disbursement.

For more Info or application - ICICI Education Loans

5. Bank of Baroda Education Loan

Bank of Baroda offers attractive education loan options with competitive interest rates and longer repayment periods.

Key Features:

• Loan Amount: Up to INR 80 lakhs for studies abroad and INR 20 lakhs for studies in India.
• Interest Rates: Starting from 8.85% per year.
• Repayment Period: Up to 15 years.
• Moratorium Period: Course duration plus 1 year or 6 months after employment.
• Processing Fee: No fee for loans up to INR 4 lakhs.

Bank of Baroda’s education loans cover many expenses like course fees and examination fees. They also offer lower interest rates for female students.

For more Info or application - Bank Of Baroda Education Loans

Conclusion

Choosing the right education loan is important for managing the financial demands of higher education. HDFC, SBI, Axis Bank, ICICI Bank, and Bank of Baroda offer great options, each with its own benefits. Whether you need a large loan for studying abroad or want low interest rates, these banks have something for everyone. Consider your needs and financial situation to pick the best education loan in India for 2024. With the right help, you can make your academic dreams come true without worrying about money. Stay informed and make a smart decision to get the best financial assistance for your educational journey.

Get a Personal Loan that fits your needs. Apply for loans from Rs 1000 to Rs 15 Lakhs with competitive rates.

Check Your Eligibility Now

Find the Perfect Credit Card for your spending habits. Explore top credit cards and maximize your rewards.

See your matches.

Author - Ayush Naik

Ayush Naik is an expert in personal finance with an MBA in Finance. With over five years of experience working alongside stock market traders, Ayush has a deep understanding of market dynamics and investment strategies. His practical insights and analytical skills have helped many individuals navigate the complexities of financial planning and investment. Ayush’s professional background and commitment to educating others make him a valuable contributor to our personal finance blog.