🎓Compare Education Loans
Study in India or abroad — collateral-free up to ₹20L • Rates from 8.15% - 15%
Step 1: Employment Details
What is a Education Loan?
An education loan is a purpose-specific loan designed to cover the cost of higher education. The student is the primary borrower, with a parent/guardian as co-applicant. Most banks offer a moratorium period (course duration + 6-12 months) during which only interest or no payment is required.
An education loan funds your higher studies in India or abroad — covering tuition fees, living expenses, travel, and equipment. Loans up to ₹20 lakh are available without collateral, and interest starts at 8.15% p.a. Education loan interest is fully tax deductible under Section 80E.
Education Loan Interest Rates 2026 — Bank-wise Comparison
Compare the latest education loan interest rates across India's top banks and NBFCs. Rates updated March 2026.
| Bank / NBFC | Interest Rate (p.a.) | Max Amount | Processing Fee | Tenure |
|---|---|---|---|---|
| SBI | 8.15% - 11.15% | ₹1.5 Cr (abroad) | Nil | Up to 15 years |
| Bank of Baroda | 8.40% - 10.85% | ₹1 Cr | Nil | Up to 15 years |
| PNB | 8.45% - 10.65% | ₹80 Lakh | Nil | Up to 15 years |
| Canara Bank | 8.50% - 10.90% | ₹40 Lakh | Nil | Up to 15 years |
| IDFC First | 9.50% - 14.00% | ₹75 Lakh | 1-2% | Up to 12 years |
| Credila (HDFC) | 9.50% - 13.00% | ₹2 Cr | 1.5% | Up to 15 years |
* Rates are indicative and subject to change. Actual rate depends on CIBIL score, income, and bank policies.
Education Loan Eligibility Criteria
💼 For Salaried Individuals
- ✓Indian citizen with admission to a recognized institution
- ✓Age: 18-35 years
- ✓No minimum income requirement (co-applicant income considered)
- ✓Academic merit considered for approval
- ✓Co-applicant (parent/guardian) required
🏢 For Self-Employed
- ✓Same as salaried — no income distinction for students
- ✓Co-applicant must have stable income source
- ✓Collateral required for loans above ₹7.5-20 lakh (varies by bank)
- ✓Course must be in bank's approved list
Documents Required for Education Loan
- 📄Admission letter from the institution
- 📄Fee structure from the institution
- 📄Mark sheets of qualifying exams (10th, 12th, graduation)
- 📄KYC documents of student and co-applicant
- 📄Co-applicant income proof
- 📄Collateral documents (for loans above ₹7.5 lakh)
Tips to Get the Best Education Loan Deal
- Apply to government bank schemes (SBI Scholar, BOB Baroda Scholar) for the lowest rates
- Start paying interest during the moratorium to reduce total cost by 15-20%
- Section 80E deduction has no upper limit — claim full interest as tax deduction
- Apply 2-3 months before the course starts to ensure timely disbursal
Frequently Asked Questions — Education Loan
Education Loan by Bank
Compare education loan offers from specific banks with detailed features, pros & cons.