The entire top ten list of education loan financiers offering the cheapest loans is made up of government-owned banks. Punjab National Bank, Canara Bank and IDBI Bank offer interest rates of 6.9 percent for Rs 20-lakh education loan with a seven-year repayment term.
Beside above, can I take 2 education loans?
Well, the answer to the above question is – Yes, a student can be eligible for a second education loan. For this, they can either apply for a second education loan from the bank they already have taken their first loan from or they can apply to a different bank.
Also know, can we get interest free education loan? However, can education loans in India be actually interest-free? The answer is no. Or at least, technically, you cannot avail of an interest-free education loan unless you have availed some economic benefits or academic subsidies from either the government or your institution.
Considering this, which bank has lowest education interest rate?
Compare Top Education Loan Offers 2021
| Name of Bank | Interest Rate (p.a.) | Processing Fees |
|---|---|---|
| SBI | 6.85% to 8.65% | Rs.10,000 + tax |
| Axis | 13.70% to 15.20% | Nil to Rs.15,000 + tax |
| Bank of Baroda | 7.85% to 9.85% | 1% of loan amount up to Rs.10,000 |
| HDFC | 9.55% to 13.25% | Up to 1.5% of loan amount + tax |