Education and Career Forum

Sir, I want to apply for an education loan of 7 lakh in Federal Bank so, please compare interest rate, processing fees and accessibility with other banks?

Sure, here is a comparison of Federal Bank's education loan features with some other popular banks:

]Interest Rates:

• Federal Bank: The interest rates start from 7.45% per annum for loan amount up to Rs. 50 lakhs for studies in India and 8.45% for studies abroad.
• State Bank of India (SBI): The interest rates range from 7.45% to 9.05% for loan amount up to Rs. 1.5 crore for studies in India and abroad.
• HDFC Bank: The interest rates start from 8% for loan amount up to Rs. 20 lakhs and up to 10% for loan amount up to Rs. 75 lakhs.

Processing Fees:

• Federal Bank: The processing fee is 1% of the loan amount, subject to a minimum of Rs. 10,000 and maximum of Rs. 50,000.
• State Bank of India (SBI): The processing fee is up to 0.50% of the loan amount with a minimum of Rs. 10,000 and maximum of Rs. 20,000.
• HDFC Bank: The processing fee ranges from 1.50% to 2.50% of the loan amount.

Accessibility:

• Federal Bank: Federal Bank has a wide network of branches across India, making it easily accessible for borrowers.
• State Bank of India (SBI): SBI has the largest network of branches in India, making it easily accessible for borrowers.
• HDFC Bank: HDFC Bank also has a wide network of branches across India, making it easily accessible for borrowers.

It is important to note that the interest rates and processing fees may vary based on factors such as loan amount, repayment tenure, and credit score of the borrower. Therefore, it is recommended to check the latest rates and fees from each bank before applying for an education loan.