Education and Career Forum

I am willing to apply for an education loan of 6 lakh to study degree course so, I need to know which bank is best for it in between Dena Bank and Federal Bank? What is the interest rate and requirements for it?

Between Dena Bank and Federal Bank, Federal Bank may be a better choice for an education loan as it has a wider network and a better reputation in the market. However, it is recommended that you compare the interest rates, processing fees, and other terms and conditions of both the banks before making a decision.

Here are the basic requirements and interest rates for education loans from Dena Bank and Federal Bank:

Dena Bank Education Loan:

• The applicant should be an Indian national and should have secured admission in a recognized college or university in India or abroad.
• The applicant or the co-applicant should have a stable source of income to repay the loan.
• The loan amount can be up to Rs. 20 lakhs for studies in India and up to Rs. 50 lakhs for studies abroad.
• The interest rate ranges from 7.25% to 10.75% depending on the loan amount and the creditworthiness of the applicant.
• The processing fee is 1% of the loan amount.

Federal Bank Education Loan:

• The applicant should be an Indian national and should have secured admission in a recognized college or university in India or abroad.
• The loan amount can be up to Rs. 20 lakhs for studies in India and up to Rs. 40 lakhs for studies abroad.
• The interest rate ranges from 7.45% to 11.25% depending on the loan amount and the creditworthiness of the applicant.
• The processing fee is up to 1% of the loan amount.

Note that the interest rate and other terms and conditions may vary depending on various factors such as the loan amount, repayment tenure, and creditworthiness of the applicant. It is advisable to contact the respective bank's branch or customer care for more details and to clarify any doubts before applying for an education loan.