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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
Before leaning on a particular lender for your education loan with low interest rate, understand how to calculate EMI for different loan amount and institutions and come up with approximate figures so that you are well prepared before availing a loan for studying. While calculating EMI, you use the formula:
EMI = [P x R x (1+R) ^N]/[(1+R)^N-1]
Where, P is Principal Amount, or the loan disbursed, R is the rate of interest and N is the Number of years or months of total repayment with interest You can follow this method or use the EMI calculator to calculate your amount for an education loan with low interest rate. By knowing the details of EMI to be paid, you can research the lowest amount that you will have to pay by comparing the lenders who offer different education loan schemes.
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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