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In today’s changing world, the prices of everything are increasing. People are also having to spend lakhs of rupees for basic and essential things like education and health. Education is becoming more expensive in both big cities and small towns. Children’s school fees are running into lakhs. Higher education is a different matter altogether. Engineering and other graduate courses have also become very expensive. The fees of private colleges are increasing day by day.
In such a situation, many people depend on study loans from banks to fund their children’s education. If you are considering taking an education loan for yourself or your family members, you should know the education loan interest rates of private and public banks of the country. This will help you choose the right bank and avoid any hassles. With this you can also avoid financial loss.
Interest rates of different banks
The country’s largest public sector bank, State Bank of India (SBI) offers loans to students at interest rates ranging from 7.15 percent to 10.15 percent. Meanwhile, HDFC Bank, the largest private sector bank, offers education loans at interest rates ranging from 9% to 10.25%. However, the interest rates for both banks depend on the course you take and the loan amount. Banks also consider many other factors. Admission to a good and reputed college can help ease access to education loans faster. Punjab National Bank (PNB) also offers education loans to students. Interest rates start at around 8.55%. Similarly, Bank of Baroda (BOB) offers loans to its customers at interest rates ranging from 7.10% to 9.95%. Canara Bank education loan interest rates range from 7.10% to 10.35%.
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