Education and Career Forum

Sir, I want to get admission in MBA Human Resource Management at ICFAI Foundation for Higher Education, Hyderabad. Can SBI and BOI grant me education loan? Interest rate and collateral required for it?

Yes, both SBI and BOI can grant education loan for MBA Human Resource Management at ICFAI Foundation for Higher Education, Hyderabad, subject to meeting their eligibility criteria.

The interest rate for education loans can vary depending on the bank and the loan amount. As of now, SBI offers education loans for studies in India with interest rates ranging from 6.30% to 8.80% (depending on the loan amount) and for studies abroad with interest rates ranging from 7.30% to 9.80%. BOI offers education loans for studies in India with interest rates ranging from 6.75% to 9.25% (depending on the loan amount) and for studies abroad with interest rates ranging from 7.50% to 9.50%.

The collateral required for an education loan can also vary depending on the loan amount and the bank's policies. Typically, banks ask for collateral security for loans above a certain amount, usually Rs. 7.5 lakhs. The collateral can be in the form of property, fixed deposit, LIC policy, or any other asset acceptable to the bank.

You will need to check with the respective banks for their specific interest rates, collateral requirements, and other terms and conditions for education loans.