Student Loan or Education is a loan that is provided to students pursuing higher studies either in inland or overseas. Since the cost of education has gone very high, not everyone capable of spending the cost of education out of pocket. This is where banks help by financing for your child’s education in the form of Education Loan. Today we have provided you information about top 7 banks in India that provide best education loans for students. So, here are the Top 7 Student Education Loan Providers in India.
1. State Bank of India
State Bank of India provides five types of loans for students.
(a) Scholar Loan: Under this scholar loan scheme loan is provided to students who are pursuing higher studies in India in top ranked institutions i.e. IITs, IIMs, NITs and all other Premier Educational Institutions. The maximum loan amount sanctioned under this scheme is ₹40,00,000/-. In depth information can be found here.
(b) Global Ed-Vantage: This is otherwise known as Overseas Education Loan. This loan is provided to students who are willing to / pursuing their full-time regular studies in any of the colleges or universities in foreign countries. The minimum loan you can get under this scheme is ₹20,000/- and the maximum amount sanctioned can be upto ₹1,50,00,000/-. In depth information can be found here.
(c) Student Loan: This loan is given to Indian citizens who are continuing their studies either in India or abroad. If a student studying in India can get upto ₹10,00,000/- loan amount and if studying in foreign country then ₹20,00,000/-. However, if a student wants loan amount more than this amount, within India students can get higher amount based on case-to-case basis where as for students studying abroad can be considered under SBI Global Ed-Vantage Scheme. In depth information can be found here.
(d) Skill Loan: The skill loan is provided to Indian students whose admission is secured for vocational education and training for skill development program in India. The minimum loan amount sanctioned under this scheme is ₹5,000 and maximum is ₹1,50,000/-. In depth information can be found here.
(e) Take-over of Education Loans: Under this scheme you can transfer your existing education loan from other banks to State Bank of India. SBI promises to get you secured and the EMI is going to be lower than the existing loan EMI. The maximum amount can be ₹1,50,00,000/-. In depth information can be found here.
2. Bank of Baroda
There are total eight types of loans offered by Bank of Baroda for students.
(a) Baroda Vidya (Education from Nursery to XII): Loan under this scheme is given to Indian students who are staying in India. Those students who have secured admission in a recognized school / High School / Jr. College (including CBSE / ICSE / State Board) for any of the courses in Stage I : Nursery to V th STD, Stage II : VI th to VIII STD, Stage III : IX th to XII th STD and Evening courses in State or Central Govt approved institutions. The loan will be provided in the name of father or mother. Maximum loan amount sanctioned can be upto ₹4,00,000/-. In depth information can be found here.
(b) Baroda Gyan (Higher Study in India): Indian students who have secured admission in recognized institution for approved courses by UGC / Govt. / AICTE through Entrance Test / Merit Based selection process after completion of HSC (10 plus 2 or equivalent) or continuing their studies in these courses i.e. Graduation courses : BA, B.Com, B.Sc. etc., Post Graduation courses : Masters & Phd., Professional courses like: Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Architecture, Computer etc., Management courses include Hotel Mgt., Hospitality Mgt., Event Mgt., Mass Communication etc offered by reputed institutions having assured employment prospects, Computer certifficate courses of reputed institutes accredited to Dept. of Electronics or insittutes affiliated to an approved university, Courses like ICWA, CA, CFA etc., Courses conducted by IIM, IIT, IISc, XLRI. NIFT etc., Regular Degree / Diploma courses like Aeronautical, Pilot training, Shipping etc., approved by Director General of Civil Aviation / Shipping, Courses offered in India by reputed Foreign Universities, Evening courses of approved institutes, Other courses leading to diploma / degree etc. conducted by colleges / universities approved by UGC / Govt./ AICTE / AIBMS / ICMR etc., Teachers Training Course / Nursing Course / BEd will be eligible for education loan provided the training institutions are approved either by the Central Government or by State Government and such courses should lead to Degree or Diploma Courses and not to Certificate Course. Branches can consider the request for education loan under our “Baroda Gyan Scheme” for the above courses. The fees to be considered for purpose should be the fees structure as approved by the State Government or Government approved Regulatory Body for merit seats in Government Colleges / Private Self Financing Colleges, Cooperative and Colleges run by Universities, as the case may be. Amount can be sanctioned under this scheme is upto ₹4,00,000/-. In depth information can be found here.
(c) Baroda Scholar (for study abroad): An Indian student who have secured admission to professional / technical courses Abroad through Entrance Test / Merit Based Selection process and undergoing these courses Graduation: For job oriented professional / technical courses offered by reputed universities, Post Graduation: MCA, MBA, MS. etc., Courses conducted by CIMA-London, CPA in USA etc., Regular Degree/ Diploma courses like Aeronautical, Pilot training, Shipping etc, provided these are recognized by local Aviation / Shipping authority and Director General of Civil Aviation/ shipping in India or the competent regulatory bodies in India / abroad for the purpose of employment in India / abroad. Amount can be sanctioned under this scheme is upto ₹4,00,000/-. In depth information can be found here.
(d) Baroda Education Loan to students of premier Institutions: Any Indian student who secured admission to professional / technical courses Abroad through Entrance Test / Merit Based Selection process. Eligible if any of the full time regular Courses conducted by the Premier Educational Institutions in the list from this link: List of the institutions (List-AA, A, B & List-C). The amount sanctioned under this scheme has no margin. In depth information can be found here.
(e) Skill Loan Scheme: This loan is given to only Indian students. The loan amount ranges from Rs. 5,000 to Rs. 1,50,000. Courses run by these Training Institutes i.e. Industrial Training Institutes (ITIs), Polytechnics or in a school recognized by central or State education Boards or in a college affiliated to recognized university, training partners affiliated to National Skill Development Corporation (NSDC)/Sector Skill Councils, State Skill Mission, State Skill Corporation, preferably leading to a certificate / diploma / degree issued by such organization as per National Skill Qualification Framework (NSQF) is eligible for a Skilling Loan. In depth information can be found here.
(f) Government of India Interest Subsidy Schemes for Education Loan: Under this scheme a student can apply for an education loan and get an education loan subsidy by checking his eligibility under these subsidy schemes which are published from time to time by Govt of India. Some of the notable schemes are Central Scheme of Interest Subsidy for Education Loan for economically weaker sections to pursue technical/professional courses in India, Padho Pardesh Scheme of Interest Subsidy for Education Loans Scheme for students of minority communities to study abroad and Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Educational Loans for Other Backward Classes (OBCs) and Economically Backward Classes (EBCs) to pursue education abroad. In depth information can be found here.
(g) Baroda Education Loan for EDP being offered by Premier Institutions in India: Indian student secured admission in professional / technical courses in India conducted by Premier Institutions as listed in List AA,A,B & C who should be gainfully employed and would continue to be in gainful employment during study are eligible for Executive Development Programmes (Part Time /Weekend /Online/ programmes) being offered by Premier Institutions as listed under List AA,A,B & C of Premier Institutions in India) (Including the programmes offered using the technology platform of Hughes Global Education, Times Pro etc.). In depth information can be found here.
(h) Baroda Education Loans for EDP being offered by Premier Institutions abroad: Indian student who secured admission in The Executive Development Programmes (Part Time /Online programmes/ Distant Learning programmes) being offered by Premier Institutions abroad and gainfully employed and would continue to be in gainful employment during study is eligible for loan for courses of Executive Development Programmes(Part Time /Online programmes/Distance Learning) being offered by Premier Institutions abroad, as listed under List of Premier Institutions. (Including the programmes offered using the technology platform of Times Pro/Hughes Global Education or any other partners). In depth information can be found here.
3. HDFC Bank
There are basically three types of educational loan provided by HDFC Bank. These are:
(a) Education Loan for Indian Education: This loan otherwise known as Vidya Laxmi Loan. This loan is given for students doing study within India only. The maximum loan amount given is ₹10,00,000/-. Moreover, HDFC bank facilitates door-to-door loan service for this purpose and the loan amount is disbursed very fast. While availaing loan upto ₹4,00,000/- there is no need of security too. In depth information can be found here.
(b) Central Government Interest Subsidy Scheme: Under this scheme if a student has taken a loan under the Govt IBA Scheme from any other bank, it can be taken over by HDFE Bank with subsidy. Full interest subsidy is available for the period of moratorium. This loan is applicable for only those individuals can avail this scheme whose annual gross income from all the sources, including parental income is a maximum of ₹ 4,50,000/-. In depth information can be found here.
(c) Education Loan for Foreign Education: This loan offers 100% of loan amount you require to pursue your education abroad and more than ₹20,00,000/- amount can be sanctioned on case to case basis. A wide rang of courses and countries covered as upto 950 courses across 36 countries. This loan is available to Indian students only. In depth information can be found here.
More Banks To Be listed. Please Visit Back To Know More …
4. ICICI Bank
5. Axis Bank
6. Union Bank
7. Kotak Mahindra Bank
The details will be updated soon for these banks.