Top 10 Educational Loan Providers in India | Interest Rate, Features | 2024

If you are looking for Educational loan Information in India for pursuing your Higher studies you are here at the right place. There are some good educational loan options in India with low Interest rates including State Bank of India, HDFC, and Canara Bank provide huge amounts of educational loans for Pursuing your dreams with very low interest.

In the dynamic landscape of higher education, financial support plays a pivotal role in shaping the dreams of aspiring students. As we stride into 2024, a multitude of financial institutions in India are offering educational loans, each with unique features designed to cater to the diverse needs of students. This comprehensive guide explores the top 10 educational loan providers in India, shedding light on their distinctive features and prevailing interest costs.

10 Educational Loan Providers in India

State Bank of India (SBI) Educational Loan

  • Features: SBI stands as a formidable player in the banking sector and extends a helping hand to students with affordable education loans. What sets SBI apart is its flexibility in repayment options and low interest rates. Additionally, they provide a moratorium period that spans the course duration and one year thereafter, offering breathing space to graduates.
  • Interest Cost: Competitive interest rates starting from 6.90% per annum make SBI an attractive choice for students seeking financial assistance.
  • Loan Scheme and Interest rate
  • Apply Online

HDFC Credila Educational Loan

  • Features: HDFC Credila positions itself as a specialized lender dedicated to education loans. With a focus on quick approvals and doorstep services, HDFC Credila distinguishes itself by providing customized solutions that cater to a wide range of courses and institutions globally. The ease of access and comprehensive coverage make it a go-to choice for many students.
  • Interest Cost: Interest rates starting at 8.00% per annum ensure that financial assistance doesn’t come at an exorbitant cost.
  • Apply Online

Axis Bank Educational Loan

  • Features: Axis Bank’s education loans are characterized by minimal documentation requirements, swift processing, and the option for co-borrowers. This lender caters to the needs of students pursuing both domestic and international studies. The bank’s commitment to efficiency and inclusivity makes it a preferred choice for many.
  • Interest Cost: Competitive rates beginning at 7.75% per annum strike a balance between accessibility and affordability.
  • Apply Online

Punjab National Bank (PNB) Educational Loan

  • Features: Punjab National Bank (PNB) stands out for its attractive interest rates and relaxed collateral requirements. PNB supports students in their pursuit of education both within the country and abroad. The bank’s commitment to financial inclusivity makes it a reliable partner for aspiring scholars.
  • Interest Cost: Starting from 7.30% per annum, PNB ensures that financial support is within reach for a broad spectrum of students.
  • PNB Educational Loan Scheme

Canara Bank Educational Loan

  • Features: Canara Bank’s education loans are known for their low processing fees and flexible repayment terms. Catering to a diverse range of academic disciplines, Canara Bank ensures that financial barriers don’t hinder the pursuit of knowledge. The bank’s commitment to affordable education financing is evident in its offerings.
  • Interest Cost: Attractive interest rates beginning from 7.30% per annum make Canara Bank a compelling choice for students seeking financial aid.
  • Canara Bank Educational Loan Scheme

ICICI Bank Educational Loan

  • Features: ICICI Bank’s education loans cover a broad spectrum of courses and institutions, both within the country and abroad. The bank stands out for its pre-approved loans for select institutions, reducing the processing time and providing students with timely financial support. Flexible repayment plans further enhance the appeal of ICICI Bank’s offerings.
  • Interest Cost: Competitive rates starting at 7.30% per annum ensure that ICICI Bank remains a viable option for students seeking affordable financial solutions.
  • ICICI Bank Educational Loan: Apply Online

Bank of Baroda Educational Loan

  • Features: Bank of Baroda offers education loans with minimal paperwork, quick processing, and a unique feature of no prepayment charges. This ensures that students can manage their loans efficiently without incurring additional costs. Bank of Baroda supports students in their academic endeavours both within the country and overseas.
  • Interest Cost: Starting from 6.85% per annum, Bank of Baroda’s interest rates contribute to the overall appeal of its education loan offerings.

Union Bank of India Educational Loan

  • Features: Union Bank of India provides education loans with low interest rates and facilitates loan disbursement directly to the educational institution. This streamlined process ensures that students can focus on their studies without being burdened by administrative hassles. The bank’s support extends to a variety of courses and degrees.
  • Interest Cost: Competitive rates starting from 7.30% per annum make Union Bank of India a reliable partner in the educational journey of many students.

IDBI Bank Educational Loan

  • Features: IDBI Bank’s education loans feature quick approvals, doorstep services, and the absence of prepayment penalties. This customer-centric approach ensures that students can manage their loans with flexibility and convenience. IDBI Bank supports students pursuing diverse academic pursuits, contributing to the growth of the knowledge economy.
  • Interest Cost: Starting from 7.50% per annum, IDBI Bank’s interest rates strike a balance between affordability and financial sustainability.

Indian Overseas Bank (IOB) Educational Loan

  • Features: Indian Overseas Bank (IOB) provides education loans with extended repayment periods and nominal processing charges. The bank’s commitment to financial accessibility is reflected in its support for students across the country. The simplicity of the loan process makes it an attractive option for many aspiring scholars.
  • Interest Cost: Attractive rates starting from 7.30% per annum ensure that IOB’s education loans remain within reach for a broad spectrum of students.


As students embark on their educational journey, choosing the right educational loan is a crucial decision. The top 10 educational loan providers in India, with their unique features and competitive interest rates, strive to make higher education accessible to students from all walks of life. It is imperative for aspiring scholars to carefully evaluate these options, considering their individual needs and financial circumstances. The array of choices presented by these financial institutions ensures that students can navigate the future with confidence and focus on realizing their academic aspirations

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