Comparative Study of Educations Loans for Higher Studies in India

Education loans enable children to complete their higher education and secure their future. Most of the banks offer education loans at different rates of interest. However, the students who are in need for bank finance, gets confused. Consumer VOICE has made it simple for students and parents by comparing education loans of 9 public sector banks and 5 private sector banks.

Loans Compared: BOB- Baroda Gyan, SBI- Student Loan, CBI- Cent_Vidyarthi, OBC, PNB- Saraswati, Syndicate Bank- Syndvidya, BOI,         HDFC, IOB- Vidya Jyoti, Indian Bank, Axis Bank- Study Power, Karur Vysya, City Union- CUB Vidhya Vani, Federal Bank

Parameters Compared: Maximum Loan, Rate of Interest in %, Max. Repayment (in years), Life Insurance cover

Which are the lending institutions for education loans?

While commercial banks under RBI control offer Education Loans, some NBFCs also provide education loans through their sponsor like Credila, Avense etc.

What are the benefits of taking an education loan?

Education loans from banks give you the option for easy EMI for regular repayment.

How much loan can a student get for his or her education?

A student can get a maximum of loan of Rs 10 lakhs for higher studies in India and Rs 20 lakhs for higher studies in abroad.

What expenses are covered under education loan?

Tuition fees, exam fees, hostel fees are among the important aspects covered under education loan.

Which are the loans that has been compared in the study?

Consumer VOICE has compared education loans of 9 public sector banks and 5 private sector banks.

What are the findings of the study?

The detailed findings are available in July 2019 issue of “Consumer VOICE” print and digital magazine.