As of 2025, Haryana continues to be a hub for students aspiring to pursue higher education, both within India and abroad. With the rising costs of education, securing the lowest interest education loan in Haryana has become paramount.
This comprehensive guide delves into the top education loan in Haryana, highlighting their offerings, interest rates, eligibility criteria, and the application process.
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.
However, certain banks are more 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 interest rates starting at 9.15% p.a.
2. Punjab National Bank (PNB) provides the Saraswati and Udaan schemes with interest rates ranging from 8.20% to 11.25% p.a.
3. Canara Bank offers the Vidya Sagar and Vidya Turant schemes with rates of 9.25% to 11.35% p.a.
Private Sector Banks:
1. HDFC Bank offers education loans with interest rates starting from 10.50% p.a.
2. ICICI Bank provides loans with rates ranging from 10.25% to 14.00% p.a.
3. Axis Bank features loans with interest rates starting at 10.25% p.a.
Non-Banking Financial Companies (NBFCs):
1. Poonawalla Fincorp offers loans up to ₹ one crore with 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: Popular Options
When it comes to affordable education loans, the key factor is the interest rate. Public sector banks generally offer lower interest rates compared to private banks and NBFCs, making them an attractive choice for students in Haryana.
For example:
1. SBI's PM Vidyalaxmi Scheme offers interest rates starting as low as 7.15% p.a. for select institutions and courses. This makes SBI an attractive option for many students looking for affordable education loans.
2. PNB's Pratibha Scheme is another affordable option, offering interest rates between 8.20% to 10.50%, making it highly competitive for students seeking low-interest loans.
The affordability of an education loan depends not only on the interest rate but also on repayment flexibility, processing fees, and the loan amount that suits the student's needs. Continually assess your eligibility and the loan's total cost over the repayment tenure to ensure it's truly affordable in the long run.
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Education Loan Interest Rates in Haryana
The interest rates on education loans in Haryana vary by lender and loan amount. Here's a quick summary of the rates:
Education Loan Documents Required in Haryana
When applying for an education loan in Haryana, having the correct documentation in place is essential for a smooth process. Generally, you'll 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 an instant 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. Utilise the student/girls concession. Some banks (MRB, SBI) give lower interest rates to female students.
5. Stay compliant. Replicate documents (mark sheets, attendance certs) when needed to ensure no loan suspension.
6. Use online tools. Many banks and platforms, like Propellld, provide EMI calculators to simulate the repayment burden.
7. Beware of hidden costs like processing fees, documentation charges, or penal interest for late payment.
Choosing the top education loan in Haryana involves considering factors like interest rates, loan amount, repayment terms, and the lender's reputation. It's essential to compare various options and select the one that best aligns with your educational and financial goals.
Propelld has you covered with personalised education loans that fit your unique needs. Propelld offers fast digital approvals, study loans of up to ₹50 lakhs, and the ease of zero-collateral requirements.
Take the first step towards your future—Apply with Propelld today!
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