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Bandhan Bank Education Loan: Interest Rates and Eligibility

Bandhan Bank Education Loan: Interest Rates and Eligibility

Securing funds for college or university, whether in India or internationally, can be costly, presenting a challenge in financing higher education. The Bandhan Bank education loan, in this regard, provides a financial solution to support your academic aspirations. 

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Let’s explore everything about Bandhan Bank education loans, covering its features, eligibility criteria, document requirements, and much more.

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‍Do Read this blog to know: 

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  1. Bandhan Bank offers easy education loans for courses in India and abroad. Know more benefits and eligibility criteria. 
  1. The interest rates vary across job profiles. There is a micro variant called Sushiksha loan. Read to know more. 
  1. The process to apply and transfer is pretty simple with just a few documents and a few steps. We have listed down the steps of online and offline applications. 

Read Time: 8 Mins | Vaishali Pandey

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Table of Contents

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Bandhan Bank Education Loan: Overview‍

Bandhan Bank Education Loan is designed to support students in funding their higher education, both in India and abroad. It helps cover tuition fees, accommodation costs, and other academic expenses while offering flexible repayment options and competitive interest rates.

Below are the key details of the loan:

Feature Description
Loan Amount Up to INR 10,000
Interest Rate 13.45% p.a.
Repayment Period Up to 1 year
Processing Fee NIL
Moratorium Period Course duration + 1 year
Co-Applicants Parents, in-laws, spouses, and siblings
Eligible Expenses Tuition fees, examination fees, transport, medical expenses, books, apparatus, and incidental costs
Collateral Immovable property and cash instruments (subject to minimum value)
Other Conditions Interest accrued during the moratorium period is added to the repayment and principal amount. The primary account must process at least one customer-induced transaction per month.

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Bandhan Bank Education Loan Interest Rates

Bandhan Bank provides competitive rates for both personal loans for education and Sushiksha loans, customised to meet the diverse financial needs of students. 

Here are the starting interest rates offered by Bandhan Bank for education loans based on the employment type and loan tenure.

Employment Type Loan Tenure Interest Rate (Starting from)
Salaried Individuals Up to 3 years 11.55% p.a
Salaried Individuals More than 3 years 9.47% p.a
Self-employed Professional/ Non-Professional Up to 3 years 12.55% p.a
Self-employed Professional/ Non-Professional More than 3 years 10.10% p.a

Sushiksha Loan Interest Rate

The table below summarises the current interest rate and processing fee for the Sushiksha Loan offered by Bandhan Bank.

Loan Type Current Interest Rate Processing Fee
Sushiksha Loan 13.45% p.a Nil

Also Read: How do Education Loans Work in India - Complete Guide

Bank Rejected Your Loan? Try Propelld – Quick, Hassle-Free Education Loans!

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Calculate Your Education Loan EMI

Calculate your monthly EMI, total interest and total repayment amount - based on loan amount, rate of interest, and tenure of the loan

₹ 10,00,000
10%
36 months
₹ 32,267
Monthly EMI
₹ 1,61,612
Total Interest
₹ 11,61,612
Total payable

Want to grab a low interest rate?

Check these boxes
  • Loan up to Rs. 50 Lakhs for 10 Years
  • Loan up to Rs. 50 Lakhs for 10 Years
  • Loan up to Rs. 50 Lakhs for 10 Years
  • Loan up to Rs. 50 Lakhs for 10 Years

What is Susiksha Education Loan by Bandhan Bank? 

The Susiksha Education Loan by Bandhan Bank is designed to support students in pursuing higher education. It is exclusively for existing micro banking customers. 

Here are its other features: 

  • Quicker loan approval and disbursement
  • Loan amount:  ₹1,000 – ₹10,000 
  • Loan tenure: Up to 1 year  
  • Convenient doorstep banking:  biometric authentication and loan disbursement 
  • Simple and minimal documentation

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Bandhan Bank Education Loan Benefits

The various benefits of Bandhan Bank education loan include the following.

  • Bandhan Bank Education Loan offers a competitive interest rate starting from 9.47% p.a., making it affordable for students.
  • It provides a flexible repayment tenure of up to 60 months, ensuring convenient loan management.
  • Borrowers can make partial payments to reduce their financial burden and repay the loan faster.
  • Loans of INR 10 lakh or more have no foreclosure charges, allowing early repayment without extra fees.

Also Read: Education Loan Benefits 2024 : India and Aboard

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Bandhan Bank Education Loan Eligibility Criteria

Here’s a structured overview of the eligibility criteria for applying for an education loan with Bandhan Bank:

Criteria Details
Indian Citizenship Must be an Indian citizen.
Proof of Admission Required to submit proof of admission into a recognised university in India or abroad.
Educational Qualifications Must have completed 10+2 or an equivalent program, demonstrating readiness for higher education.
Co-applicant A co-applicant (parent, spouse, or guardian) is typically required to co-sign the loan agreement.
Course Eligibility Covers undergraduate, graduate, vocational, and technical education courses domestically and internationally.
Financial Assessment The bank assesses the financial capabilities of the student and co-applicant to ensure comfortable repayment.

Specific Criteria for Salaried Individuals, Self-Employed Professionals, and Non-Professionals

Category Age Eligibility Transaction Requirements
Salaried Individuals Minimum: 21 years; Maximum: 60 years at maturity Minimum 1 customer-induced transaction in salary account on a monthly basis.
Self-Employed Professionals Minimum: 23 years; Maximum: 65 years at maturity Minimum 1 debit and 2 credit transactions monthly, or 12 credit transactions annually.
Self-Employed Non-Professionals Minimum: 23 years; Maximum: 65 years at maturity Minimum 1 debit and 2 credit transactions monthly, or 12 credit transactions annually.

Sushiksha Loan Eligibility Criteria

Criteria Details
Existing Bandhan Bank Micro Loan Customer Must have an existing primary micro loan with Bandhan Bank at the time of Sushiksha Loan disbursement.
Age Eligibility Minimum: 18 years at the time of disbursement; Maximum: 65 years at loan maturity.
Approval Based on Student Potential. Got Great Grades in 12th? Do Check your Eligibility.

Bandhan Bank Education Loan Documents Required

Here are the essential documents required to apply for Bandhan Bank Education Loan:

Document Type Applicant Co-applicant
Admission letter from the educational institution ✅ ❌
Address proof (Utility bills, Aadhaar Card) ✅ ✅
Identity proof (Aadhaar Card, PAN Card) ✅ ❌
Identity proof (Aadhaar Card, Passport, Voter ID) ❌ ✅
One recent photograph ✅ ✅
Residence proof (Aadhaar Card, Passport) ✅ ✅
Academic records (10th, 12th certificates, degree certificates if applicable) ✅ ❌
Scheduled expenses for the course ✅ ❌
Income proof (if applicable) ✅ ✅
Assets and liabilities statement ❌ ✅
Recent salary slips and bank statements (past three months) – for salaried individuals ❌ ✅
Tax Returns (ITR) with computation and business account statement (last 12 months) – for self-employed individuals ❌ ✅
Seems Like a Lot of Documentation? Check out Education Loans with Minimal Documentation. 

Bandhan Bank Education Loan Calculator

Bandhan Bank education loan calculator helps you estimate the monthly EMIs you will need to pay towards your loan, allowing you to make informed financial decisions. 

Some of the crucial factors affecting Bandhan Bank's education loans are as follows. 

  1. The principal is the initial loan amount disbursed, directly affecting EMIs—higher principal means higher EMIs.
  2. The rate of interest determines borrowing costs, with higher rates leading to higher EMIs and lower rates reducing them.
  3. Loan tenure is the repayment duration, where a longer tenure lowers EMIs and a shorter tenure increases them.

You can also use our EMI calculator for a seamless experience.

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Got Good Marks in 12th & Graduation? Get Low Interest Education Loan Approval for MBA

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How To Apply For Bandhan Bank Education Loan?

You can apply either online or offline. Below, we have detailed out the procedure for both types of applications.

Online Application

  • Visit the Bandhan Bank official website.
  • Check out the education loan section.
  • Select the type of education loan.
  • Fill out the application form with the required details.
  • Upload necessary documents.
  • Submit the application for processing.

Offline Application

  • Visit the nearest Bandhan Bank branch.
  • Request an education loan application form.
  • Fill out the form with the required information.
  • Attach the necessary documents.
  • Submit the application to the bank representative.

Also Read: How to Apply for Education Loan in India- Complete Process

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Bandhan Bank Education Loan for Abroad

Bandhan Bank offers education loans for students pursuing higher studies abroad, covering tuition fees, living expenses, travel costs, and other academic essentials. With competitive interest rates, flexible repayment options, and high loan amounts, it helps students finance their international education without financial stress.

Applicants must be Indian citizens with confirmed admission to a recognized university abroad and a co-applicant with a stable income. 

Check out other important details: 

  • Maximum Loan Amount: Up to ₹25 lakh
  • Interest Rate: Starts from 10.25% per annum
  • Repayment Tenure: Up to 60 months, including a moratorium covering the course duration plus one year
  • Expenses Covered: Tuition fees, Travel expenses, Health insurance (if applicable), Caution deposits, Books, equipment, instruments, and uniforms, Miscellaneous course-related expenses

While Bandhan Bank Education Loan look appealing, you might want to have a comparative analysis as to why Propelld can be a better choice: 

Already Paid the Fees and Now out of Cash? Get the Amount in Your Account. Refinance!

Why Choose Us?

Choosing the right education loan is tough with so many options. But what makes us different? Here’s a clear, honest comparison to help you decide with confidence.

USP Propelld Others
Loan Processing Time As low as 2 days Much Higher
Collateral Requirement No Needed for Loan above 7.5 Lacs
Online Process 100% Not Completely
Relatives as Co-applicants Acceptable Not Acceptable
Benefits on Student Potential Easy Approval and ROI Benefits No
Documents Requirements As low as 4 documents Quite Tedious
Self Employed Documentation Easy, Special Underwriting. Alternate choices for documentation Strict documentation with requirement for ITR and other income proofs
Approval Chances High, because of numerous factors considered Low, because of strict adherence to limited factors

Vaishali Pandey
A Content Marketer who talks about Money. A banker turned finance writer with a diverse background encompassing various roles in the finance industry
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Education is an investment that has the highest returns. Education has the highest capability to uplift us economically. We believe financing should never be a barrier for anyone to access education. We aim to transform education financing with tailored, accessible and hassle free solutions that prioritise academic potential over strict eligibility and paperwork.

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FAQ About Bandhan Bank Education Loan

How many years of ITR are required for an education loan?

Usually 2–3 years of ITR from the co-applicant or guarantor are needed.

Can I get an INR 10L education loan from Bandhan Bank?

Yes, subject to eligibility and documentation.

What is the EMI for an INR 2L loan?

Approx. ₹17,675/month for 1 year at 10.99% interest.

Is Bandhan Bank a safe bank?

Yes, it is regulated by the RBI and follows standard banking norms.

What is the Bandhan Bank education loan interest rate?

Salaried:Up to 3 years – from 11.55% p.a.More than 3 years – from 9.47% p.a.Self-employed:Up to 3 years – from 12.55% p.a.More than 3 years – from 10.10% p.a.

What are the steps to apply for the Bandhan Bank education loan?

Fill application form → Submit documents → Await approval and disbursement.

Is Bandhan Bank education loan collateral-free?

Yes, especially personal loans for education do not require collateral.

Why should you calculate Bandhan Bank's education loan beforehand?

It helps plan finances smartly and ensures you don’t overcommit on EMIs.

What are the advantages of a Bandhan Bank education loan calculator?

Speed, convenience, and the ability to quickly compare EMI scenarios.

How long does the bank take to communicate its decision on the loan?

Typically within 15 days after receiving a complete application.

Is Bandhan Bank education loan eligible for tax deduction?

Yes, under Section 80E of the Income Tax Act for up to 8 years or until full interest repayment.

What are the advantages of knowing the Bandhan Bank education loan in advance?

It helps in better financial planning and repayment management.

Is Bandhan Bank a government bank?

No, it is a private sector bank headquartered in Kolkata.

Does HDFC own Bandhan Bank?

HDFC Ltd previously held around 10% stake, but after the HDFC merger, the stake moved to HDFC Bank.

What is the loan limit of Bandhan Bank?

Personal Loan for Education: ₹50,000 to ₹15,00,000Sushiksha Loan: ₹1,000 to ₹10,00,000

Can I get an education loan from Bandhan Bank?

Yes, Bandhan Bank offers education loans for higher studies in India and abroad.

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