Public Sector Banks Education Loan Products: A Detailed Comparison | GyanDhan

1
Name of the bank Loan amount limit Interest rate Processing Fees Loan tenure Moratorium period Margin Money State Bank Of India For India - Upto INR 20 Lakhs For abroad - Upto INR 1.5 crore For India - 9.55% For abroad - 8.8% (Men); 8.3% (Women) INR 10,000 + GST Maximum 15 years Course period + 6 months 10% Bank of Baroda For India - Upto INR 60 Lakhs For abroad - Upto INR 80 lakhs For India - 8.85% (Men); 8.35% (Women) For abroad - 7.75% (Men); 8.25% (Women) INR 10,000 + GST Maximum 15 years Course period + 12 months Above INR 4 lakhs - 10% Canara Bank Upto INR 40 lakhs 6.90% - 8.90% Nil Maximum 15 years Course period + 12 months 5% to 15% Bank of India For India - INR 10 lakhs For abroad - INR 20 lakhs 8.85% - 9.85% For India - NIL For abroad - INR 5000 Maximum 15 years Course period + 12 months 15% Central Bank of India No upper limit 9.0% (Men); 8.50% (Women)  Loans upto INR 10 lakhs - INR 500 Loan above INR 10 lakhs - INR 1000 10 - 15 years Course period + 6 or 12 months 15% Indian Overseas Bank For studies in India - INR 30 lakhs For abroad studies - INR 40 lakhs 10.05% Nil 15 years Course period + 12 months 5% to 15% IDBI Bank INR 20 lakhs 8.65% - 9.15% For India - NIL For abroad - INR 5000 (refundable) 10 - 15 years Course period + 6 months upto 15% Karur Vysya Bank For India - INR 10 lakhs For abroad - INR 20 lakhs 10.75% to 11.75% Nil Upto 7 years Course period + 6 or 12 months upto 15% United Bank of India For India - INR 10 lakhs For abroad - INR 20 lakhs 10.65% - 11.40% Nil 10 - 15 years Course period + 6 or 12 months upto 15% Union Bank of India No upper limit Up to Rs.7.50 lakhs: 12.25% Above Rs.7.50 lakhs: 12.00% Nil 15 years Course period + 12 months 15% Indian Bank For India - INR 15 lakhs For abroad - INR 25 lakhs 12.50% - 10 - 15 years Course period 5% to 15% UCO Bank For India - INR 10 lakhs For abroad - INR 20 lakhs Up to Rs.7.50 lakhs: 11.20% Above Rs.7.50 lakhs: 12.20% Nil Up to 15 Years Course period + 1 year For India - 5% For abroad - 15% Punjab National Bank INR 40 lakhs to INR 60 lakhs 8.80% to 9.55% 1% of the loan amount 15 years Course period + 12 months 15% Oriental Bank of Commerce For premium colleges - INR 20 lakhs For others - INR 10 lakhs 7.30% - 9.30% - Up to 15 Years Course period + 12 months 15% Andhra Bank INR 20 lakhs 11.15% to 11.45% - 5-7 years Course period + 12 months upto 15%
This is a companion discussion topic for the original entry at https://www.gyandhan.com/blogs/public-sector-bank-education-loan
2

Hi Gyandhan Team,

I have a question regarding Canara bank education loan. I want to apply for education loan for my studies abroad in Canada through Canara bank, but I have heard some counsellors telling Canara doesn’t disburse amount for GIC. They only reimburse it after visa if needed. Is this true?

3
4

Hi @Shreyas_Shetty

The consultants are right. Third-party fund transfer is allowed. However, it will be a difficult and lengthy process, and the student has to give prior authorization to the bank.

Banks that provide GIC and meet the eligibility criteria are -
[Student Direct Stream: Who can apply - Canada.ca - Find more financial institutions here.]

  • HSBC Bank of Canada
  • Scotiabank
  • SBI Canada Bank
  • ICICI Bank Canada
  • Royal Bank of Canada

It would be easier to go through them. Again, I would suggest researching if the bank has enough branches in Canada. For example, ICICI Bank has limited branches in Canada.

Useful links -

I hope this answer helps you. For any further questions or doubts, do post on this thread and I will get back to you. All the best!