Education and Career Forum

Sir, I want to study MS course from USA so, I need education loan for it. Please tell me which bank is providing education loan in minimum interest rate and flexible way? Discuss about repayment and collateral?

I suggest you to take education loan from SBI because this is more relaible than other. But it is depend upon you to choose which Bank's education loan.

Interest rate of SBI education loan:-

Up to Rs. 4 lakhs - 3.50% above base rate
Above Rs. 4 lakhs and up to Rs. 7.5 lakhs - 3.75% above base rate
Above Rs. 7.50 lakhs - 1.75% above base rate
Base rate is fixed at 9.85%

Other banks education loan interest rates are:-

Bank of Baroda - 9.90% to 12.40%
United Bank of India - 9.90% to 13.50%
Central Bank of India - 11.45% - 11.95%
Bank of Maharashtra - 11.25% - 12.50%
Canara Bank -11.60% - 13.60%
Dena Bank - 11.25 %
Indian Overseas Bank - 11.45 - 12.95%
Punjab National Bank - 10.00% - 13.00%
Axis Bank - 15.00% - 16.50%
HDFC Bank - 12% - 13%

Documents required to get education loan from any bank are:-
Letter of admission
Duly filled and signed loan application form
2 recent passport size photographs
Statement of cost of study
PAN Card, AADHAR card of student and parent/guardian
Proof of identity and proof of residence
IT returns or IT assessment order of previous two years of the co-borrower
Statement of assets and liabilities of parent/guardian
Proof of income of parent/guardian

Most of the top PSU banks offer the best rates and also the benefit of various central subsidy scheme, if you are eligible for it. Although, difference is not much between government and private banks because rates depend on RBI rates.

Hence, just go for the best bank available in your area. Repayment tenure is decided according to your choice and collateral is required, if loan amount is big.