Top 20 Banks for Education Loans in India Latest List 2023

Top 20 Banks for education loans in India is about those organisations that students desiring quality education can approach for financial help.

These Top 20 Banks for education loans in India help lot of eligible students every year to continue their education.

The principle governing these Top 20 Banks for education loans in India is that finance should not be a constraint for a right student who wants to shine in his life by enrolling in higher learning.

Students willing to avail loans have to confirm their admission in the educational institution before approaching these Top 20 Banks for education loans in India.

Be it a seat in a prestigious educational institution abroad or anywhere in the country, students can confirm their admission and then knock the doors of these Top 10 Banks for education loans in India with right admission documents.

The motive behind providing the list of Top 20 Banks for education loans in India is to help students make a right choice.

Collegechalo provides below the list of Top 20 Banks for education loans in India for the sake of students:

1. State Bank of India

This nationalized bank needs no introduction and is right said the big brother of all other banks in India.

This is said to be one of the Top 20 Banks for education loans in India.

The bank which is also popularly known as SBI is said to be one of the organisations that lend educational loans at lower interest rate with a purpose of encouraging students to avail loans to continue their studies.

Be it studying abroad or in a prestigious institution like IIT or IIM, one can definitely knock the door of this one among the Top 20 Banks for education loans in India.

The details for education loans in this bank is available on ‘https://sbi.co.in/web/personal-banking/loans/education-loans’

2. Union Bank of India

This bank is popularly known as UBI in India and is one among the leading public sector banks of this country.

This is the right bank to approach for education loans.

Students have to confirm their admission in a reputed college in India or outside and knock the doors of this one among the Top 20 Banks for education loans in India.

The courses for which education loans can be obtained are graduation/post graduation/diploman courses from well-known institutions in India.

UBI also provides loans for students who secured PhD seats in institutions across India.

Educational loans can also be considered for eligible students in case they approach the bank in the subsequent years of the course provided the student has not availed loan for initial years from any other bank or financial institution.

There is no restriction on maximum amount of loan that can be sanctioned under the education loan scheme.

The website for more details is ‘https://www.unionbankofindia.co.in/english/education-loan.aspx’

3. Axis Bank

This is among the most popular private banks in India that is always willing to lend a helping hand to students in need.

The minimum amount of loan that can be obtained in from this one among the 10 best banks for education loans in India is for Rs 50,000.

The loan covers tuition fees, hostel charges, cost of books and others.

The maximum amount can be determined taking into account the requirements of the applicant and also the total cost of the education involved.

If the loan amount provided is below Rs 10 lakhs, sources say, there is no process fee involved.

Also there is no margin on education loans that are upto Rs 4 lakhs. Education loan above Rs 4 lakhs for studies in India has only 4 percent margin.

The website to know more about education loans of this one among the 10 best banks for education loans in India is ‘https://www.axisbank.com/retail/loans/education-loan/features-benefits’

4. HDFC Bank

This is also one among the leading private banks in India and is known for providing loans for study in India or abroad.

All students have to do is just provide the required documents related to admission and fees at this one among the Top 20 Banks for education loans in India and the amount is directly disbursed to the college.

Students can avail upto Rs 20 lakhs as education loan. Loan amounts upto Rs 7 lakh can be availed without any collateral.

However, loans exceeding Rs 7 lakhs need providing a collateral. The website to know more about the education loan from this bank is ‘https://www.hdfcbank.com/personal/borrow/popular-loans/educational-loan/educational-loan-for-indian-education’

5. IDBI Bank

This is also among the reputed banking organizations in India that offers educational loans to students who strongly desire to continue their academics.

Be it learning in India or abroad, IDBI Bank is the one that offers financial support to deserving students.

For loans upto Rs 4 lakhs one need not provide security and joint borrowers would be parents.

If the loan amount is between Rs 4 to 7 lakhs, then there should be a third party guarantee and parents will be the joint borrowers.

Examination fee, library fee, laboratory expenses, hostel expenses will be covered under this scheme and the loan will be directly disbursed to the educational institution.

This one among the Top 20 Banks for education loans in India can be approached to avail loans to study non vocational courses, specialised courses and much more.

For more information, students can visit the website ‘https://www.idbibank.in/education-loan.asp’

6. Punjab National Bank

This one among the Top 20 Banks for education loans in India has no upper limit when it comes to offering education loans.

There are lot of schemes under which Punjab National Bank also known as PNB provides education loans.

Their scheme PNB Saraswati is for financial support to meritorious students for pursuing higher education in India.

PNB Pratibha is a scheme for students who wish to study courses in premier institutes.

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Students who wish to study outside India can take help of PNB Udaan scheme of this one among the Top 20 Banks for education loans in India.

There is something in store from this bank for students who wish to pursue vocational education and training in form of PNB Kaushal.

The website to have more information on education loans of this bank are ‘https://www.pnbindia.in/education.html’

7. ICICI Bank

One need not look any further if its ICICI Bank which is known to have friendly approach to students who wish to study.

Be it for studying in this country or on the shores of a foreign nation, one can turn towards this one among the 20 best banks for education loans in India.

The loan upto Rs 50 lakhs is provided to students willing to study in India, for those who want to fly abroad for learning can get a loan upto Rs 1 crore.

Whatever may be the course, undergraduate or post graduate, applicants can visit the nearest bank and fill the form and get what they want.

Needless to say, this is also one among the Top 20 Banks for education loans in India.

The website to know more about education loans of this bank is ‘https://www.icicibank.com/Personal-Banking/loans/education-loan/education-loan.page’

8. South Indian Bank

South Indian Bank also known as SIB has created tailor made solutions to cater to various education needs.

One of the popular education loan scheme is SIB Vitjnan Pradhan Scheme to help students pursue studies in both inland and abroad.

Students who are interested in learning a particular skill can take help of Skill Loan scheme of this one among the Top 20 Banks for education loans in India.

The creamy layer of the talented youth can go for SIB Excellence to pursue professional courses in prestigious institutions in India and abroad.

There are many other schemes to provide students with what they need. Students can select the right scheme and avail loan under it.

The information about education loan is available at ‘https://www.southindianbank.com/content/personal-banking/education-loan/85’

9. Canara Bank

This one among the leading public sector banks is said to provide need based finance to the students.

Loan this one among the Top 20 Banks for education loans in India offers covers course fee, hostel charges, library/laboratory expenses and many others.

Students may submit their loan applications either at the bank branches near to the residence of parents or bank branches near to the educational institution where they are studying.

There is no margin on loans upto Rs 4 lakhs offered by this one among the 20 best banks for education loans in India.

Repayment of the loan will be in equated monthly Installments up to a maximum of 15 years excluding the moratorium period (course period plus one year).

The website to have information about education loans from this one among the Top 10 Banks for education loans in India is ‘https://www.canarabank.com/User_page.aspx?othlink=335’

10. Bank of Baroda

This one among the Top 20 Banks for education loans in India offers finance for school education and also higher education in India and abroad.

Be it an admission into class nursery to 12th standard or study in inland higher education or higher learning abroad, this one among Top 20 Banks for education loans in India has schemes for all.

There is no margin for loans upto Rs 4 lakhs for higher studies in this country.

There is no margin for a loan upto Rs 4 lakhs for studies abroad. The bank offers loans to students of premier education institutions also.

Loan application to this one among the Top 20 Banks for education loans in India can be made through Vidya Lakshmi portal also.

Vidya Lakshmi is a first of its kind portal for students seeking education loan. This portal has been developed under the guidance of Department of Financial Services (Ministry of Finance), Department of Higher Education (Ministry of Education) and Indian Banks Association (IBA).

The portal has been developed and being maintained by NSDL e-Governance Infrastructure Limited.
Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal.

The more information about education loans from this one among the Top 20 Banks for education loans in India can be obtained from the website ‘https://www.bankofbaroda.in/education-loan.htm’

11. Kotak Mahindra Bank

The next bank in our list of top 20 banks for education loans in India is the Kotak Mahindra bank. The interest rate of the bank is upto 16%. For taking up a course in India, the amount of Rs 10 lakhs can be granted for loan amount. For courses in abroad, an amount of Rs 20 lakhs can be granted. 

Check out their website at https://www.kotak.com/en/personal-banking/loans/education-loan.html

12. Federal Bank 

Another bank in the list of top 20 banks for education loans in India is the Federal Bank. The interest rate of the bank is 10.05%. In India, the course loan amount can be granted for Rs 10 lakhs and for abroad Rs 20 lakhs can be granted. 

Check out their website at https://www.federalbank.co.in/special-vidya-loan

13. Tata Capital 

We had to include the Tata Capital in our list of top 20 banks for education loans in India or one of the top 20 financial institutions in India for granting education loans. The interest rate of Tata Capital is 10.99% onwards. They can grant a loan of upto Rs 30 lakhs. The processing fee is upto Up to 2.75% of loan amount plus the tax amount. 

Check out their website at https://www.tatacapital.com/personal-loan/education-loan/eligibility-and-documents.html

14. Avanse Education Loan 

Avanse education loan is the next financial institution in our list of top 20 Banks for education loans in India. The maximum loan amount has no upper base cap for this one. The mimimim amount is Rs 50k for a course in India. 

Avanse is an RBI regulated NBFC that is focused on providing education loans in the country. They can provide loan amount upto 100%. 

Check out their website at https://www.avanse.com/education-loan/

15. South Indian Bank Education Loan 

The maximum loan amount that this bank can provide is Rs 1.5 crores for global education. This makes them one of the top 20 Banks for education loans in India. Any kind of foreign loan education be it in UG, PG, or doctoral levels can be granted through this bank. The duration is of more than a year. 

The rate of interest is 10.05% – 10.80%. 

Check out their website at https://www.southindianbank.com/content/personal-banking/education-loan/85

16. Corporation Bank 

Corporation bank is another bank in our list of top 20 Banks for education loans in India. Their education loan interest rate in India is 8.80%. The education loan interest rate abroad is 8.80%. It is the same for both. Union bank is the successor of this bank. Their education loan process is very easy with minimal documentation and attractive schemes. 

For a loan upto Rs 7.5 lacs, the ROI provided by them is 10.95%

17. Central Bank of India 

CBI is another bank in our list of top 20 Banks for education loans in India. Their education loan interest rate in India and abroad both is 8.50%. The students should have to be an Indian National and he must have filled the form of any institute to get the education loan. 

Check out their website at https://www.centralbankofindia.co.in/en/loan-index

18. Indian Bank 

Next bank in our list of top 20 banks for education loans in India is the Indian bank. 7.15% is their rate of interest for education loan in India and abroad. Indian Bank is an Indian nationalised financial services and banking company. The Ministry of Finance and the Government of India had established this bank in 1907. 

The loan margin provided by them is Rs 4 lakhs. 

Check out their website at https://www.indianbank.net.in/jsp/startIBPreview.jsp

19. Karnataka Bank LTD 

Karnataka Bank is one of the best banks in the country. They are one of the leading banks in India that safely makes it to our list of top 20 banks for education loans in India. The rate of interest loan in India is 9.85% and the rate of interests for abroad is 9.98%.

The bank has a scheme interest subsidy that is provided to the students having an annual family income of Rs 4.5 lakhs or less than that, a loan of upto Rs 7.5 akhs. 

Check out their website at https://karnatakabank.com/personal/loans/vidya-nidhi

20. Oriental Bank of Commerce 

The last bank in our list of top 20 banks for education loans in India is the Oriental Bank of commerce of OBC as it is popularly called. One of the best banks to provide education loan is OBC. They offer interest loan of upto 7.05% for the courses in India and for the courses in abroad, they have an interest rate of 10.65%. In 2020, this bank merged with the Punjab National bank. 

Conclusion

The above ones are the Top 20 Banks for education loans in India, students and their parents willing to avail their services must remember certain points.

Some of these Top 20 Banks for education loans in India may have preset conditions for providing education loans.

Students and their parents are advised to visit the official websites of these Top 10 Banks for education loans in India and make themselves completely aware of the terms and conditions before availing loans.

A few of these Top 20 Banks for education loans in India may require the loan applicants to provide collateral before seeking loan.

On the other hand, students must also know the interest levied on the education loans and loan repayment process before deciding to go for an education loan.

Many of these 20 best banks for education loan in India also have an Easy Monthly Instalment (EMI) calculators on their websites.

Students can make use of them and understand the process before availing the loan.

Having a complete understanding about education loans will not give way to unwanted complications at a later point of time.