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Here is a concise list of financial institutions with low interest rate for education loan that you may explore while availing study loans for your higher studies. Some banks release a list of courses in educational institutes they have a tie-up with, which you can explore and choose from.
Let us look at some bank loans that provide low interest rates or schemes according to the updated rates, with variables being processing fees or providing concessions in specific cases, based on financial institutions.
Merit scholarships, gender-based discounts
Feature
Interest Rate Range (%)
Processing Fee
Concessions
Baroda
Baroda Vidya- 12.50%, Baroda Gyan-11.40% - 13.05%, Baroda Scholar- 9.70% - 11.70%, Baroda Loan- 8.15% - 9.95%
Nil
Female applicants: 0.50% concession
State Bank of India
Ranges from 8.5% - 11.75%
Up to Rs. 10,000 (Foreign Studies), Nil (Others)
Girl applicants: 0.50% concession
ICICI Bank
9.5% to 14.24%
Up to 2%
I-smart loans (Canada) have lower rates
Central Bank of India
Cent Vidyarthi 8.30% - 11.50%, Cent Skill Loan- 11.15% - 11.20%, Cent IIMs- 8.30%, Cent Education Loan- 8.30% - 11.25%
NA
NA
Bank of India
Star Education Loan (India)- 8.35% - 11.05%, (Abroad) 9.95% - 11.60%, Star Vidya Loan- 9.25% onwards, Star Progressive Education Loan: 9.95%
Nil
Up to 1% concession (Female & Professional Courses)
Punjab National Bank
PNB- Saraswati Loan-11.00% - 12.75%, Kaushal Loan-10.25% - 12.25%, Pratibha 8.20% - 11.90%, Udaan 9.25% - 12.75%, Honhaar-11.25% - 12.75%
Up to 1% (Foreign Studies)
Girl applicants & Students with disabilities: Concession available
Avanse
8.25% - 11.50%
Varies
Merit scholarships, gender-based discounts
IDFC First Bank
8.35% - 11.25%
Varies
Merit scholarships, gender-based discounts
Auxilo Finserve
8.50% - 11.75%
Varies
Merit scholarships, gender-based discounts
Incred Finance
8.75% - 12.00%
Varies
Merit scholarships, gender-based discounts
Going through a cumbersome loan application process for students can be avoided by choosing lenders who favor the convenience of the students. One such lender is Qck Loans, which helps you avail the best low-interest rate for education loans. We have collated the points for this blog so that you and your parents can make informed decisions balancing your dreams and financial responsibilities at the same time.
Whether you are looking for loans to support your preadmission exam funding, traveling expenses or the education loan itself, Qck Loans has got you covered.
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