What is the average interest rate on education loan?

Compare Education Loan Interest Rates 2021

Banks Interest Rates Processing Fees
Bank of Baroda 6.85% to 9.00% p.a. 1% of loan amount
IDBI Bank 6.75% to 8.75% p.a. Contact the bank
Syndicate Bank 6.90% to 8.90% p.a. Nil
Bank of India 9.7% to 10.5% p.a. Nil

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Furthermore, can I get education loan without interest?

It is not possible to get an education loan at 0 interest. Banks have their highest percentage of Non-Performing Assets (NPAs) from the product of education loan itself. And so, there also is much scrutiny for student loans from the lender’s side.

Likewise, people ask, how do I repay my education loan? How to Pay Education Loan Early?

  1. Begin Early. One of the primary considerations while looking for an education loan is repayment calculation. …
  2. Create Income. You can start a part-time job and save a lot of money before the repayment period. …
  3. Save More. …
  4. Choose a Relatively Shorter Loan Tenure. …
  5. Consider Balance Transfer.

Consequently, is it difficult to get education loan?

Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs. 2 lakhs and Rs.

What is the minimum percentage required for education loan?

Student Loan Eligibility

Age 18 to 35 Years
Source of Income Parents or Guardians
College or University Recognised in India or Abroad with Confirmed Admission Status
Collateral or Guarantor Depends on the loan amount or income
Lowest Interest Rate 8.40%

Which bank provide education loan easily?

Compare Top Education Loan Offers 2021

Name of Bank Interest Rate (p.a.) Loan Amount
Axis 13.70% to 15.20% Up to 75 Lakh
Bank of Baroda 7.85% to 9.85% Up to 4 Lakh and above
HDFC 9.55% to 13.25% Max Apr
Tata Capital 10.99% onwards Up to 30 Lakh

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