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Haryana continues to be a hub for students aspiring to pursue higher education, both within India and abroad. With rising education costs, finding a suitable education loan in Haryana has become important for many families.
This guide covers leading education loan providers in Haryana, their interest rates (as of 2025-26, subject to change — verify with the lender), eligibility criteria, and the application process.
Key Takeaways:
- SBI, PNB, Canara Bank, HDFC, and ICICI are among prominent education loan providers for Haryana students.
- Public banks may offer lower base rates; actual rates depend on lender, scheme, and applicant profile.
- You will need proof of admission, academic records, and income proof from your co-applicant.
- Apply by choosing a lender, submitting documents, and getting the loan disbursed to your institution.
Top Education Loan Providers in Haryana
When it comes to securing an education loan in Haryana, students have a variety of options ranging from public sector banks to private banks and non-banking financial companies (NBFCs). Each institution has its own loan schemes, eligibility criteria, and loan amounts.
Certain banks are prominent in Haryana due to their extensive reach, strong local presence, and competitive offerings.
Public Sector Banks:
1. State Bank of India (SBI) offers the Global Ed-Vantage scheme for studies abroad with indicative interest rates starting at 9.15% p.a. (rates subject to change; verify with SBI).
2. Punjab National Bank (PNB) provides the Saraswati and Udaan schemes with indicative interest rates ranging from 8.20% to 11.25% p.a. (verify with PNB for current rates).
3. Canara Bank offers the Vidya Sagar and Vidya Turant schemes with indicative rates of 9.25% to 11.35% p.a. (verify with Canara Bank for current rates).
Private Sector Banks:
1. HDFC Bank offers education loans with indicative interest rates starting from 10.50% p.a. (verify with HDFC for current rates).
2. ICICI Bank provides loans with indicative rates ranging from 10.25% to 14.00% p.a. (verify with ICICI for current rates).
3. Axis Bank features loans with indicative interest rates starting at 10.25% p.a. (verify with Axis for current rates).
Non-Banking Financial Companies (NBFCs):
1. Poonawalla Fincorp offers loans up to ₹1 crore with indicative interest rates starting at 11.25% p.a.
2. Avanse Financial Services provides loans up to ₹1.25 crore with flexible repayment options.
Affordable Education Loan in Haryana: Notable Options
When comparing education loans, the interest rate is a key factor. Public sector banks generally offer lower base interest rates compared to private banks and NBFCs, though actual rates depend on the applicant profile and lender scheme.
For example:
1. SBI's PM Vidyalaxmi Scheme (currently active as of 2025-26) offers interest rates starting as low as 7.15% p.a. for select institutions and courses — verify current eligibility with SBI.
2. PNB's Pratibha Scheme offers indicative interest rates between 8.20% to 10.50%, making it a competitive option for students seeking lower-interest loans — verify current rates with PNB.
The overall affordability of an education loan depends not only on the interest rate but also on repayment flexibility, processing fees, and the loan amount. Assess the total cost over the repayment tenure to determine the right fit.
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Education Loan Interest Rates in Haryana
The interest rates on education loans in Haryana vary by lender and loan amount. Rates below are indicative as of 2025-26 and subject to change — always verify with the respective lender before applying.
Lender |
Indicative Interest Rate |
Loan Amount (for Abroad) |
Collateral Required |
7.15% - 9.15% p.a. |
Up to ₹3 crore |
Yes (Above ₹7.5 lakh) |
|
8.20% - 10.50% p.a. |
Up to ₹10 lakh (India) |
Yes (Above ₹10 lakh) |
|
9.25% - 11.35% p.a. |
Up to ₹20 lakh (Abroad) |
Yes |
|
10.50% - 12.00% p.a. |
Up to ₹40 lakh |
Yes (for higher amounts) |
|
10.25% - 14.00% p.a. |
Up to ₹1 crore |
Yes (for higher amounts) |
|
11.25% - 14.50% p.a. |
Up to ₹1.25 crore |
Yes (Above ₹10 lakh) |
Education Loan Documents Required in Haryana
When applying for an education loan in Haryana, having the correct documentation in place is essential. Generally, you will need to submit the following:
For Students:
1. Proof of admission or offer letter from the educational institution.
2. Academic transcripts and certificates.
3. Schedule of expenses for the course.
4. Passport-sized photographs.
For Co-Applicant (usually parents):
1. Identity proof (Aadhaar, PAN, Passport).
2. Address proof (Utility bills, Passport).
3. Income proof (Salary slips, Income Tax Returns).
4. Bank statements for the last 6 months.
5. Employment or business proof.
Ensure that all documents are up to date and adequately certified before submission to avoid delays.
Planning to take a loan for higher studies? Ensure you are familiar with the co-applicant rules first. Our guide on 'Who Can Be a Co-Applicant for an Education Loan' breaks down the eligibility and documents required.
Education Loan Process in Haryana: A Step-by-Step Guide
The typical steps to apply for an education loan are:
1. Identify suitable banks or NBFCs offering education loans.
2. Review the eligibility criteria of the chosen lender.
3. Gather all necessary documents as mentioned above.
4. Submit the application form along with the documents.
5. The lender will process the application, which may include a personal discussion and verification.
6. Upon approval, a sanction letter will be issued detailing the loan amount, interest rate, and repayment terms.
7. The loan amount is disbursed directly to the educational institution or the student's account, as per the agreement.
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How to Increase Your Chances of Getting Approved for an Education Loan?
Several strategies can help you improve your loan application. Whether finding the best-suited lender or ensuring that your documents are in order, each small step can make a significant difference in the outcome of your loan application.
Here are some key insights and tips that can help:
1. Start early. Remote areas may have slower banking operations.
2. Choose a co-applicant carefully. If your parent has a good credit history, your chances of getting a loan improve.
3. Negotiate collateral/margin requirements. For smaller loan amounts, many banks waive collateral or margin money.
4. Check for concessional rates. Some banks offer lower interest rates to female students — verify current eligibility with the lender.
5. Stay compliant. Replicate documents (mark sheets, attendance certificates) when needed to ensure no loan suspension.
6. Use online tools. Many banks and platforms like Propelld provide EMI calculators to simulate the repayment burden.
7. Be aware of additional costs such as processing fees, documentation charges, or penal interest for late payment.
Choosing an education loan in Haryana involves considering factors like interest rates, loan amount, repayment terms, and the lender's track record. It is important to compare various options and select the one that best aligns with your educational and financial goals.
Propelld offers personalised education loans with fast digital approvals, study loans of up to ₹50 lakhs, and zero-collateral options.
Take the first step towards your future — Apply with Propelld today!
