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Raghuvamshi Kanukruthi
Apr 29, 2024

Find the best Education Loan in West Bengal: Learn about eligibility, competitive interest rates, and top loan options for your studies!

Education Loan in West Bengal: Student Credit Card Scheme

West Bengal, a state known for its intellectual brilliance, is home to several famous educational institutions. Together, these have always promoted aspirants and students to pursue higher education in premier institutes. However, the rising cost of expenses related to education recently has encouraged many students to seek support in an education loan in West Bengal.

If you are wondering whether you can get an education loan in West Bengal, the answer is yes. Students and aspirants from West Bengal can obtain education loans of up to ₹10 lakhs at 4% simple interest per year. Today, we will explore the eligibility, interest rates, features, and process of how to apply for an education loan in West Bengal, along with West Bengal student credit card scheme details. 

Features of Education Loan in West Bengal

There are numerous banks in West Bengal that provide students and aspirants with education loans. You can get a student loan from State Cooperative Bank, as well as from other affiliated Central and District Cooperative Banks, Public and Private Sector Banks, and cooperative banks. The student loans granted by these banks have the following features:

Parameters Features
Loan Amount Up to Rs 2 Cr
Interest Rate Starting from 8.30%
Processing Fee Rs 10,000 + GST or 1-2% of the loan amount (Depends on the bank)
Moratorium Depends on the bank

Best Banks for Education Loan in West Bengal

From private banks to government loans, students from West Bengal have numerous options when it comes to taking an education loan. All these banks, institutes, and lenders offer their own sets of benefits and follow specific criteria. However, the question of 'which bank is best for education loan in West Bengal?' can only be answered based on their features and benefits.

Get Education Loan for Any College in India. 100% Fees Financed- Propelld Education Loan

Best Bank for Education Loan in West Bengal for Studies in India

Bank Name Scheme Name Loan amount - Collateral Required Processing fee
State Bank of India SBI Global Ed-Vantage Scheme for India Up to 1.5 Cr ₹10,000 + GST
Axis Bank Axis Bank education loan for India No upper limit for secured
Up to ₹40 lacs unsecured
1-2% of loan amount
ICICI Bank ICICI Bank education loan for India No upper limit for secured
Up to ₹50 lacs unsecured
2% of the loan amount
Bank of Baroda Baroda Scholars for India Up to ₹1.5 Cr ₹10,000 + GST
Karur Vysya Bank KVB education loan for India Up to ₹1.5 Cr 1-2% of loan amount
Union Bank of India Special education loan scheme for India Up to ₹2 Cr 1-2% of loan amount
IDFC First Bank IDFC First Bank education loan for India Need-based with collateral
Up to ₹50 lacs unsecured
1-2% of the loan amount


‍Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility.

Best Bank for Education Loan in West Bengal for Studies in Abroad

Bank Name Scheme Name Loan amount - Collateral Required Processing fee
State Bank of India SBI Global Ed-Vantage Scheme for abroad Up to ₹1.5 Cr ₹10,000 + GST
Axis Bank Axis Bank education loan for abroad No upper limit for secured
Up to ₹40 lacs unsecured
1-2% of loan amount
ICICI Bank ICICI Bank education loan for abroad No upper limit for secured
Up to ₹50 lacs unsecured
2% of the loan amount
Bank of Baroda Baroda Scholars for abroad Up to ₹1.5 Cr ₹10,000 + GST
Karur Vysya Bank KVB education loan for abroad Up to ₹1.5 Cr 1-2% of loan amount
Union Bank of India Special education loan scheme for abroad Up to ₹2 Cr 1-2% of loan amount
IDFC First Bank IDFC First Bank education loan for abroad Need-based with collateral
Up to ₹50 lacs unsecured
1-2% of the loan amount

Get your Loan Disbursed 10 times Faster than Banks. Apply Now.

Education Loan Interest Rate in West Bengal

Depending on the loan amount, different banks and lenders offer varying interest rates on education loans in West Bengal. Students and aspirants must comprehend these interest rates before applying for a student loan. Here are the interest rates different banks in West Bengal offer:

Bank Name Interest Rate for Studies in India Interest Rate for Studies Abroad Interest Rate Concession
State Bank of India Starts from 8.30% Starts from 10.90% 0.60% Business strategy discount
0.50% - for female students
0.50% - Rinn Raksha
Axis Bank Starts from 11.5% Starts from 11.5% 0.5%-2%
ICICI Bank Starts from 10.5% to 11% Starts from 10.5% 0.5%-2%
Bank of Baroda Starts from 8.85% Starts from 10.60% 0.5%
Karur Vysya Bank Starts from 10% Starts from 10% 0.5%-2%
Union Bank of India Starts from 11.15% Starts from 11.15% 0.5% for female students
1% if the SI is paid in full
IDFC First Bank Starts from 8.5% to 10% Starts from 8.5% 0.5%-2%

Get an Instant Education Loan in West Bengal with Propelld

At Propelld, we understand the fear and frustration of loan application failure. That's why we offer unique financing solutions tailored to take that struggle away and offer you a successful access loan to fund your education. Propelld also offers you access to:

  • Extensive Lending Partners: We have tied up with numerous lending and banking partners who offer numerous loan benefits.
  • Income Share Agreement: You repay the loan only when you get a job after completing your course or education.
  • Digital Process: We follow a super easy education loan process for swift application and approval.

The ability to obtain an education loan in West Bengal can significantly impact the academic careers of those who aspire to pursue quality education. Before applying, compare the interest rates and terms of multiple lenders to determine the option that most closely matches your future objectives and current financial circumstances. If you want to improve your chances of getting a loan, let Propelld help you. We not only help you get an education loan successfully but also negotiate the terms on your behalf. 

West Bengal Student Credit Card Scheme Details

In order to provide West Bengal students with financial freedom to complete their education, the administration of that state launched the Student Credit Card Scheme. With the help of this program, students can pursue secondary, upper secondary, undergraduate, postgraduate, professional, and other degrees at any school, college, or university in India or abroad.

One of the scheme's advantages is that a student from West Bengal can borrow up to ₹10 lakhs at a basic interest rate of 4% annually from the State Cooperative Bank, as well as from other associated Central and District Cooperative Banks, Public and Private Sector Banks, and cooperative banks. 

Features of West Bengal Student Credit Card

It is a collateral security-free loan that comes with the following features:

Loan Details Details
Loan Amount Rs.10 lakh
Interest Rate 4.00% p.a
Concession 1%
Repayment Term 15 years (including moratorium)
Moratorium 1 year
Life Insurance Policy Applicable

Government of West Bengal Education Loan Scheme

Besides private and public banks, the West Bengal government itself offers an education loan scheme to help students pursue their dreams.

Parameters Details
Loan Amount Up to ₹10 lakhs for India
Up to ₹20 lakhs for abroad
Rate of Interest 4% per annum for boys
3.5% per annum for girls
Moratorium Period Course duration + 6 months
Repayment Duration 5 years after moratorium period

Eligibility Criteria for Education Loan in West Bengal

In West Bengal, students seeking educational loans are obligated to fulfill predetermined academic criteria that financial institutions and banks have established, which include:

  • Admission Letter: Applicants are generally admitted to a recognized educational institution in India or abroad that offers full-time courses approved by the appropriate authorities.  
  • Income and Credit Score: Although income requirements may differ among lenders, a reliable source of income and an excellent credit score are anticipated.
  • Age Restrictions: Both petitioners and co-applicants must be at least 18 years old and not older than 60. 
  • Nationality and Residence: Certain lenders may grant preferential treatment or supplementary benefits to individuals who are citizens of India or residents of West Bengal.

Approval Based on Your 12th Marks. No Co Applicant Required. Check Your Eligibility.

Documents Needed to Apply for an Education Loan in West Bengal

To apply for and avail an education loan in West Bengal, you must submit the following details and documents:

  1. Application form & Photograph: The first document that you need is a duly completed application form along with a photograph.
  2. Applicant and Co-applicant Documentssome text
    • Identity proof: PAN card, applicant’s passport, and Aadhar card.
    • Residence Proof: Telephone bill, Aadhaar card, electricity bill, voter ID card, ration card, and bank passbook statement.
    • Documents of Co-applicant: Bank statement (latest 6 months) if salaried and business transactions (last 1 year) if self-employed.
  3. Academic Documents: 10th marksheet, 12th marksheet, graduation certificate, entrance exam scorecard, proof of admission, and college fees breakdown.
  4. Co-applicants documents of income proofsome text
    • If Salaried: Form 16, office’s ID card, income tax returns, and 3 month’s salary slips. 
    • If Self-employed: Proof of business address, 3 year’s statement of profit and loss, and income tax returns (3 years).
  5. Academic Documents: 10th marksheet, 12th marksheet, graduation certificate, entrance exam scorecard, proof of admission, and college fees breakdown.
  6. Declaration Form: A statement from the co-applicant stating that they would be responsible for paying any additional costs not covered by the education loan.

Get upto 100% Education Fees Financed with Propelld. Simplified  Processing  Dedicated Support.

Education Loan in West Bengal: Eligibility & Interest Rates

Raghuvamshi Kanukruthi
April 29, 2024
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Shivam Bhardwaj
March 15th 2022

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Education Loan in West Bengal: Student Credit Card Scheme

West Bengal, a state known for its intellectual brilliance, is home to several famous educational institutions. Together, these have always promoted aspirants and students to pursue higher education in premier institutes. However, the rising cost of expenses related to education recently has encouraged many students to seek support in an education loan in West Bengal.

If you are wondering whether you can get an education loan in West Bengal, the answer is yes. Students and aspirants from West Bengal can obtain education loans of up to ₹10 lakhs at 4% simple interest per year. Today, we will explore the eligibility, interest rates, features, and process of how to apply for an education loan in West Bengal, along with West Bengal student credit card scheme details. 

Features of Education Loan in West Bengal

There are numerous banks in West Bengal that provide students and aspirants with education loans. You can get a student loan from State Cooperative Bank, as well as from other affiliated Central and District Cooperative Banks, Public and Private Sector Banks, and cooperative banks. The student loans granted by these banks have the following features:

Parameters Features
Loan Amount Up to Rs 2 Cr
Interest Rate Starting from 8.30%
Processing Fee Rs 10,000 + GST or 1-2% of the loan amount (Depends on the bank)
Moratorium Depends on the bank

Best Banks for Education Loan in West Bengal

From private banks to government loans, students from West Bengal have numerous options when it comes to taking an education loan. All these banks, institutes, and lenders offer their own sets of benefits and follow specific criteria. However, the question of 'which bank is best for education loan in West Bengal?' can only be answered based on their features and benefits.

Get Education Loan for Any College in India. 100% Fees Financed- Propelld Education Loan

Best Bank for Education Loan in West Bengal for Studies in India

Bank Name Scheme Name Loan amount - Collateral Required Processing fee
State Bank of India SBI Global Ed-Vantage Scheme for India Up to 1.5 Cr ₹10,000 + GST
Axis Bank Axis Bank education loan for India No upper limit for secured
Up to ₹40 lacs unsecured
1-2% of loan amount
ICICI Bank ICICI Bank education loan for India No upper limit for secured
Up to ₹50 lacs unsecured
2% of the loan amount
Bank of Baroda Baroda Scholars for India Up to ₹1.5 Cr ₹10,000 + GST
Karur Vysya Bank KVB education loan for India Up to ₹1.5 Cr 1-2% of loan amount
Union Bank of India Special education loan scheme for India Up to ₹2 Cr 1-2% of loan amount
IDFC First Bank IDFC First Bank education loan for India Need-based with collateral
Up to ₹50 lacs unsecured
1-2% of the loan amount


‍Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility.

Best Bank for Education Loan in West Bengal for Studies in Abroad

Bank Name Scheme Name Loan amount - Collateral Required Processing fee
State Bank of India SBI Global Ed-Vantage Scheme for abroad Up to ₹1.5 Cr ₹10,000 + GST
Axis Bank Axis Bank education loan for abroad No upper limit for secured
Up to ₹40 lacs unsecured
1-2% of loan amount
ICICI Bank ICICI Bank education loan for abroad No upper limit for secured
Up to ₹50 lacs unsecured
2% of the loan amount
Bank of Baroda Baroda Scholars for abroad Up to ₹1.5 Cr ₹10,000 + GST
Karur Vysya Bank KVB education loan for abroad Up to ₹1.5 Cr 1-2% of loan amount
Union Bank of India Special education loan scheme for abroad Up to ₹2 Cr 1-2% of loan amount
IDFC First Bank IDFC First Bank education loan for abroad Need-based with collateral
Up to ₹50 lacs unsecured
1-2% of the loan amount

Get your Loan Disbursed 10 times Faster than Banks. Apply Now.

Education Loan Interest Rate in West Bengal

Depending on the loan amount, different banks and lenders offer varying interest rates on education loans in West Bengal. Students and aspirants must comprehend these interest rates before applying for a student loan. Here are the interest rates different banks in West Bengal offer:

Bank Name Interest Rate for Studies in India Interest Rate for Studies Abroad Interest Rate Concession
State Bank of India Starts from 8.30% Starts from 10.90% 0.60% Business strategy discount
0.50% - for female students
0.50% - Rinn Raksha
Axis Bank Starts from 11.5% Starts from 11.5% 0.5%-2%
ICICI Bank Starts from 10.5% to 11% Starts from 10.5% 0.5%-2%
Bank of Baroda Starts from 8.85% Starts from 10.60% 0.5%
Karur Vysya Bank Starts from 10% Starts from 10% 0.5%-2%
Union Bank of India Starts from 11.15% Starts from 11.15% 0.5% for female students
1% if the SI is paid in full
IDFC First Bank Starts from 8.5% to 10% Starts from 8.5% 0.5%-2%

Get an Instant Education Loan in West Bengal with Propelld

At Propelld, we understand the fear and frustration of loan application failure. That's why we offer unique financing solutions tailored to take that struggle away and offer you a successful access loan to fund your education. Propelld also offers you access to:

  • Extensive Lending Partners: We have tied up with numerous lending and banking partners who offer numerous loan benefits.
  • Income Share Agreement: You repay the loan only when you get a job after completing your course or education.
  • Digital Process: We follow a super easy education loan process for swift application and approval.

The ability to obtain an education loan in West Bengal can significantly impact the academic careers of those who aspire to pursue quality education. Before applying, compare the interest rates and terms of multiple lenders to determine the option that most closely matches your future objectives and current financial circumstances. If you want to improve your chances of getting a loan, let Propelld help you. We not only help you get an education loan successfully but also negotiate the terms on your behalf. 

West Bengal Student Credit Card Scheme Details

In order to provide West Bengal students with financial freedom to complete their education, the administration of that state launched the Student Credit Card Scheme. With the help of this program, students can pursue secondary, upper secondary, undergraduate, postgraduate, professional, and other degrees at any school, college, or university in India or abroad.

One of the scheme's advantages is that a student from West Bengal can borrow up to ₹10 lakhs at a basic interest rate of 4% annually from the State Cooperative Bank, as well as from other associated Central and District Cooperative Banks, Public and Private Sector Banks, and cooperative banks. 

Features of West Bengal Student Credit Card

It is a collateral security-free loan that comes with the following features:

Loan Details Details
Loan Amount Rs.10 lakh
Interest Rate 4.00% p.a
Concession 1%
Repayment Term 15 years (including moratorium)
Moratorium 1 year
Life Insurance Policy Applicable

Government of West Bengal Education Loan Scheme

Besides private and public banks, the West Bengal government itself offers an education loan scheme to help students pursue their dreams.

Parameters Details
Loan Amount Up to ₹10 lakhs for India
Up to ₹20 lakhs for abroad
Rate of Interest 4% per annum for boys
3.5% per annum for girls
Moratorium Period Course duration + 6 months
Repayment Duration 5 years after moratorium period

Eligibility Criteria for Education Loan in West Bengal

In West Bengal, students seeking educational loans are obligated to fulfill predetermined academic criteria that financial institutions and banks have established, which include:

  • Admission Letter: Applicants are generally admitted to a recognized educational institution in India or abroad that offers full-time courses approved by the appropriate authorities.  
  • Income and Credit Score: Although income requirements may differ among lenders, a reliable source of income and an excellent credit score are anticipated.
  • Age Restrictions: Both petitioners and co-applicants must be at least 18 years old and not older than 60. 
  • Nationality and Residence: Certain lenders may grant preferential treatment or supplementary benefits to individuals who are citizens of India or residents of West Bengal.

Approval Based on Your 12th Marks. No Co Applicant Required. Check Your Eligibility.

Documents Needed to Apply for an Education Loan in West Bengal

To apply for and avail an education loan in West Bengal, you must submit the following details and documents:

  1. Application form & Photograph: The first document that you need is a duly completed application form along with a photograph.
  2. Applicant and Co-applicant Documentssome text
    • Identity proof: PAN card, applicant’s passport, and Aadhar card.
    • Residence Proof: Telephone bill, Aadhaar card, electricity bill, voter ID card, ration card, and bank passbook statement.
    • Documents of Co-applicant: Bank statement (latest 6 months) if salaried and business transactions (last 1 year) if self-employed.
  3. Academic Documents: 10th marksheet, 12th marksheet, graduation certificate, entrance exam scorecard, proof of admission, and college fees breakdown.
  4. Co-applicants documents of income proofsome text
    • If Salaried: Form 16, office’s ID card, income tax returns, and 3 month’s salary slips. 
    • If Self-employed: Proof of business address, 3 year’s statement of profit and loss, and income tax returns (3 years).
  5. Academic Documents: 10th marksheet, 12th marksheet, graduation certificate, entrance exam scorecard, proof of admission, and college fees breakdown.
  6. Declaration Form: A statement from the co-applicant stating that they would be responsible for paying any additional costs not covered by the education loan.

Get upto 100% Education Fees Financed with Propelld. Simplified  Processing  Dedicated Support.

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Frequently Asked Questions

How do I get an education loan in West Bengal?

Students can apply for education loans through different schemes that West Bengal offers. The most popular and accessible is the West Bengal Student Credit Card scheme, which offers collateral-free loans of up to ₹10 lakhs.

Is collateral required for getting the education loan in Kolkata?

No. Unsecured loans in West Bengal are collateral and security-free. This allows you to pursue your dreams without financial worries.

What is the maximum term of education loans in Kolkata?

Education loans in West Bengal availed through numerous schemes offer a maximum tenure of 15 years after the moratorium period ends.

Which lenders in West Bengal offer education loans?

SBI, Axis, and ICICI Bank are a few of the biggest lenders in West Bengal that offer student loans. Other lenders include the Bank of Baroda, Union Bank of India, Karur Vysya Bank, and IDFC First Bank.

Who is eligible for a West Bengal education loan?

To be eligible for the Student Credit Card Scheme, you must be an Indian national who has lived in West Bengal for at least 10 years. You must also be forty years of age or younger and have enrolled in postsecondary education courses at reputable universities in India or abroad.

What is the maximum loan amount I can avail for an education loan in West Bengal? 

Loan amounts for education in West Bengal vary from ₹10 lakhs to ₹2 crores, while those for studying overseas might reach ₹30 lakhs or more.

Can I apply for an education loan without a co-applicant or guarantor? 

Some lenders may enable you to apply for an education loan without a co-applicant or guarantor as long as you match their income and credit standards.

What is the typical repayment tenure for education loans in West Bengal? 

In general, it varies from 5 to 15 years, with a moratorium period (a time during which you are not required to return the principal amount) that commonly lasts until the course is completed and a small period following.

What is the West Bengal Student Credit Card Scheme? 

The West Bengal Student Credit Card Scheme is a state government effort to give interest-free loans to students from economically disadvantaged backgrounds. This plan offers students a loan of up to ₹10 lakhs for further education in India or abroad.

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