Educational loan in India is becoming a norm these days because of the rising fees a student has to pay to go for higher educational studies in the country and abroad as well. The amount to be invested is so large that it throws an unnecessary burden on a middle-class family. This is where people can take advantage of student loan in India. These loans are offered to students against their educational requirements at a lower rate than normal.
Banks Offering Cheapest Student Loan in India
Today, a number of PSUs and Private Banks offer student loan in India at various rates. You can compare the education loan interest rates of different banks before applying for one. Here are the 5 best banks which offer the cheapest of them all:
State Bank of India
The SBI was the first bank which started offering student loans way back in the 1990’s and till date provides you with the cheapest educational loan in India. The current student loan rate slab for the SBI is between 9.70% – 13.45% which depends upon the amount you intend to loan out and the number of years you wish to avail it for. SBI has always been a help to the students who require loans for completing their education and will continue to do so in the future also.
Bank of Baroda
Another among those PSUs which offer best education loans in India is Bank of Baroda. Founded over 100 years ago with the headquarters situated in Vadodara, Bank of Baroda has been a top name in the education loan industry for a long time now. Currently, the Bank provides student loans in a competitive rate slab of 9.90% to 12.40%.
Central Bank of India
If you are looking for a student loan in India, then Central Bank of India can be a great option for you. The education loan policy of the bank allows you to get the loan easily from the bank after completing necessary details and agreements in no time. CBI is currently offering student loans at an interest rate between the slab of 11.0% to 11.5% depending upon the amount you wish to take and the time of repayment.
Punjab National Bank
Punjab National Bank is one of the best run PSU banks in the country currently. Among a number of different schemes and loan options provided by the bank, the education loans are among the most popular because of the competitive loan pricing policy of the bank and the ease with which you can repay the loan amount. You can easily avail the student loan from the PNB in the interest slab of 10.0% – 13.0% by completing the formalities.
While the interest rates of the private sector banks might be slightly higher than those of the PSU banks, these banks provide a number of additional benefits for their customers availing the student loans. One such bank among them is the IDBI bank. Currently, it is offering the students who want loans for completing their higher education between the interest rate of 10.75% to 13.25% which is among the cheapest provided by any private sector bank.