An education loan is built around your academic journey — no income today, 2–4 years of study, and repayment once you start earning. Here's everything it covers and how to choose the right one.
Semester-wise tuition, library, lab and portal access fees.
On-campus hostel or off-campus rent up to a lender cap.
Course-required laptop, textbooks, stationery & equipment.
Economy airfare abroad plus monthly maintenance allowance.
Visa fees, overseas health insurance and refundable caution deposit.
For IITs, IIMs, NITs, BITS, top private universities, medical & law colleges. Loan amounts typically ₹50,000 to ₹50 lakh, with rates slightly lower than overseas loans since there's no forex risk.
For students admitted to foreign universities. A single year at a US/UK university can cost ₹25–70 lakh — these loans cover forex disbursement, higher amounts and visa-linked timelines.
Bank has a legal claim on the pledged asset. Accepted forms: immovable property (LTV 75–90%), bank FDs (up to 90–95% of value), LIC policies, mutual fund/NSC/KVP units (20–40% haircut), or a third-party guarantee.
Available up to ₹7.5 lakh at PSU banks (IBA norm) and up to ₹40 lakh at private banks/NBFCs. Select NBFCs like Auxilo and Avanse now offer fully unsecured loans up to ₹75 lakh for premium global universities.
SBI, Bank of Baroda, PNB, Canara, Union Bank & more.
HDFC, ICICI, Axis, Kotak Mahindra.
Avanse, HDFC Credila, Auxilo, InCred, Tata Capital.
| Bank / NBFC | Interest Rate (p.a.) | Max Loan (Abroad) | Collateral-Free Limit | Key USP |
|---|---|---|---|---|
| State Bank of India | 7.55% – 10.65% | ₹1.5 Cr | Up to ₹7.5 L | 0.5% concession for women; Scholar Loan for IIT/IIM |
| Bank of Baroda | 7.10% – 13.20% | ₹1.5 Cr | Up to ₹7.5 L | Baroda Scholar — lower rates for QS Top 200 |
| Union Bank of India | 7.00% – 11.50% | ₹1.5 Cr | Up to ₹7.5 L | Zero processing fee |
| HDFC Bank | 10.50% onwards | ₹50 L | Up to ₹40 L | Fastest private bank, fully digital |
| ICICI Bank | 10.25% – 13.75% | ₹3 Cr | Up to ₹40 L | Highest limit; living expense coverage |
| Axis Bank | 9.58% – 12.75% | ₹75 L | Up to ₹40 L | Quick 5-day approval; covers 100% of costs |
| Avanse Financial Services | 10.50% – 14.50% | ₹75 L+ | Up to ₹75 L | 3-day pre-approval; wide institution list |
| HDFC Credila | 10.50% – 14.00% | ₹1.5 Cr | Up to ₹40 L | Dedicated ed-loan NBFC; rate lock option |
Rates are indicative and subject to change with RBI repo rate movements. Apply through our platform to get quotes from multiple lenders side by side.
| Criterion | Public Sector Banks | Private Banks | NBFCs |
|---|---|---|---|
| Co-applicant | Mandatory — parent/guardian/spouse | Mandatory | Mandatory; extended family/employer accepted |
| CIBIL Score (co-applicant) | 700+ preferred | 750+ for best rates | 650+, some accept 600+ |
| Collateral (₹7.5L–₹40L) | Required | Not required at most banks | Not required |
| Repayment Tenure | Up to 15 years | Up to 14 years | Up to 12 years |
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