Securing the right education loan is crucial for students planning to pursue higher education in India or abroad. With a wide range of banks and NBFCs offering customized loan options, understanding interest rates, eligibility criteria, and repayment terms can feel complex.
Here, we have listed down the best education loan options in India, outlining top lenders, essential features, and practical tips to help you make an informed decision
Key Benefits of Choosing an Education Loan for Your Studies:
Get upto 100% Education Fees Financed with Propelld. Simplified Processing Dedicated Support.
Within the next five years the following entities will lead as education loan providers in India
1. State Bank of India (SBI)
2. Punjab National Bank (PNB)
The Udaan Scheme by PNB provides ideal support for students who want to study abroad.
3. Bank of Baroda (BoB)
Through its Baroda Scholar Scheme Bank of B.O.B supports students attending global institutions accredited by the appropriate authorities.
4. ICICI Bank
The loan amount for international studies offered by ICICI Bank reaches up to ₹1 crore.
5. HDFC Credila
Education finance operations at HDFC Bank fall under the subsidiary control of Credila.
Approval Based on Your 12th Marks. No Co Applicant Required. Check Your Eligibility.
When evaluating the best education loan in India, prioritize these factors:
To apply for an education loan, applicants must meet the following general criteria (may vary slightly by bank or financial institution)
Minimal Documentation. Higher Chances of Approval. Easy Online Processes. Check Your Eligibility.
Your selection of the best education loan in India requires you to match your academic targets with affordable financial options. Your ability to choose future-focused investments rests upon term comparisons together with eligibility definition and payment arrangement planning.
Start early and make use of scholarships in addition to choosing lenders who provide transparent terms so you can pursue your education without financial worries.
Get upto 100% Education Fees Financed with Propelld. Simplified Processing Dedicated Support
Indian students with confirmed admission to a recognized institute.
Graduate, postgraduate, professional, technical, and vocational courses.
Indian citizenship, admission confirmation, and a co-applicant with income.
Up to ₹10 lakhs for India and ₹20–25 lakhs or more for abroad studies.
Typically between 8% and 14%, varying by bank and scheme.
Not for loans up to ₹7.5 lakhs; above that, collateral is usually needed.
Generally between 5 to 15 years after the moratorium period.
The grace period before repayment, usually course duration + 6–12 months.
Yes, interest is deductible under Section 80E for up to 8 years.
Banks like SBI, HDFC, ICICI, Axis, and NBFCs like Avanse and Credila.
Yes, such as the Vidya Lakshmi Portal and CSIS subsidy scheme.
Yes, most banks allow prepayment without any penalty.
It harms your credit score and may lead to legal or recovery action.
Generally no, unless it's a reputed online program from a recognized institute.