In a fast growing economy , Education of its citizen play a crucial role. Our Country's Nationalized and Private Banks are offering the facility to avail Educational Loan for pursuing Higher Education Courses in India and Abroad. Educational Loans plays a pivotal role in the Higher Education Sector and helps the future citizens to achieve their dream career. Most of the Banks offer a hassle free system for availing Educational Loans unlike other Loans as Government entertain them for the same. The Govt had opened a one channel system called Vidya Lakshmi through which a student can apply and complete the formalities for Educational Loans.
Interest Rates
According to the Policies and strategies of Banks, Educational loans are provided at an interest rate ranging from 7.30% to 16% per annum.
| Bank Name | Interest Rate | Maximum Loan Amount |
| PNB | 7.30% onwards | Up to 15 Lakhs |
| SBI | 7.97% p.a. - 10.05% p.a. | Above Rs. 20 Lakh |
| Axis Bank | 13.70% to 15.20% | Up to 7.5 Lakh |
| Bank of Baroda | 8.25% to 10%* | Up to 4 Lakh and above |
| Union Bank of India | 6.90% onwards | Need based Finance |
| Bank of India | 9.10% onwards | For courses in India: Up to Rs.10 lakh For courses abroad: Up to Rs.20 lakh |
| ICICI Bank | Starting at 10.75 %* per annum | Up to Rs 50 lakhs for domestic courses Up to Rs 1 crore for international courses |
| Federal Bank | 10.05% onwards | For courses in India: Up to Rs.10 lakh For courses abroad: Up to Rs.20 lakh |
Collateral: Security
Collateral-free loans up to Rs.7.5 lakh from leading lenders
Collateral-free loans up to Rs.20 lakh for select courses/institutions from select lenders
Acceptable collateral: Residential or commercial property or plot, fixed deposits, insurance
Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. This portal has been developed under the guidance of Department of Financial Services, (Ministry of Finance) , Department of Higher Education (Ministry of Education) and Indian Banks Association (IBA).The portal has been developed and being maintained by NSDL e-Governance Infrastructure Limited. Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. The portal also provides linkages to National Scholarship Portal.
About NSDL e-Gov
NSDL e-Governance Infrastructure Limited (NSDL e-Gov) was originally setup as a Depository in 1995 and has over the years used its inherent strengths, project management capabilities & technology expertise to deliver state of the art e-Governance solutions which has helped Governments to identify and clear bottlenecks, promote transparency, reduce service delivery costs and deliver public services efficiently. The solutions have efficiently made use of information and communication technologies as a tool for delivering public services and benefits to society at large.
