Banks Providing Low Education Loan Rates
Choosing An Education Loan
They are a big financial decision - and can stay with us for a good 5-6 years of our working lives. So they need to be chosen with care!
What To Consider
Before applying, you need to do your homework. Look at whether the course is right for you, the cost, job opportunities upon completion, rate of interest and repayment method.
Banks also typically ask for a guarantor in case the borrower defaults on the loan amount. For students, this person is usually their parent/guardian.
Banks Providing The Best Education Loans
So which bank should you opt for? Here are some public sector banks that offer the best rates on education loans.
Bank Of Baroda
BOB offers education loans at the rate of 6.75%.
Union Banks education loans come in at 6.80%.
Education loans from the Central Bank are offered at the rate of interest of 6.85%.
Bank Of India
Bank Of India charges a rate of 6.85%.
State Bank Of India
India’s largest lender SBI hands out education loans at an interest rate of 6.85%.
Make The Right Choice
After taking into account the interest rate, duration of repayment and other terms and conditions, choose a loan that fits your pocket and covers the needs of your course.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.