Education and Career Forum

I am willing to study B.Tech course so, I wanted to apply for an education loan of 6 lakh at any government bank. Please compare the education loan scheme with other banks?

There are many government banks in India that offer education loans for students who wish to pursue higher studies in India or abroad. Here is a comparison of the education loan schemes of a few government banks for a loan amount of 6 lakhs:

State Bank of India: The interest rate for an education loan up to Rs. 7.5 lakhs is 7.50% p.a. The repayment tenure is up to 15 years. There is no processing fee for loans up to Rs. 50,000. For loans above Rs. 50,000, the processing fee is 1% of the loan amount.

Punjab National Bank: The interest rate for an education loan up to Rs. 7.5 lakhs is 7.30% p.a. The repayment tenure is up to 15 years. There is no processing fee for loans up to Rs. 50,000. For loans above Rs. 50,000, the processing fee is 1.80% of the loan amount.

Canara Bank: The interest rate for an education loan up to Rs. 7.5 lakhs is 7.60% p.a. The repayment tenure is up to 15 years. There is no processing fee for loans up to Rs. 10 lakhs. For loans above Rs. 10 lakhs, the processing fee is 0.15% of the loan amount.

Bank of Baroda: The interest rate for an education loan up to Rs. 7.5 lakhs is 6.85% p.a. The repayment tenure is up to 15 years. There is no processing fee for loans up to Rs. 50,000. For loans above Rs. 50,000, the processing fee is 1% of the loan amount.

Union Bank of India: The interest rate for an education loan up to Rs. 7.5 lakhs is 7.40% p.a. The repayment tenure is up to 15 years. There is no processing fee for loans up to Rs. 50,000. For loans above Rs. 50,000, the processing fee is 0.50% of the loan amount.

It is important to note that the interest rates and processing fees may vary based on the bank's policies and the applicant's eligibility criteria. It is recommended that you carefully compare the terms and conditions of the education loan schemes offered by various government banks before applying for a loan.