{"id":11424,"date":"2025-08-05T20:26:51","date_gmt":"2025-08-05T14:56:51","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=11424"},"modified":"2025-08-06T09:56:57","modified_gmt":"2025-08-06T04:26:57","slug":"education-loan-interest-rates-of-different-banks-and-nbfcs","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/","title":{"rendered":"Comparing Education Loan Interest Rates of Different Banks and NBFCs"},"content":{"rendered":"\n<p><strong>Education Loan Interest Rates of Different Banks and NBFCs:<\/strong> An education loan is one of the best ways to fund your study abroad dream easily. In India, the banks disbursed education loans of more than INR 17,700 crore in 2022-23. However, while taking an education loan, it is very important to research and compare various banks and NBFCs and find the best-suited scheme for the loan.<\/p>\n\n\n\n<p>In India, a lot of private and government banks, NBFCs, etc, provide education loans to study abroad under various schemes. For example, SBI Global Ed-vantage education loan, PNB Udaan Education Loan etc, provide study abroad loans up to INR 1.5 crore. Let\u2019s check and compare the interest rates of major banks and financial institutions in India.<\/p>\n\n\n\n<div class=\"wp-block-yoast-seo-table-of-contents yoast-table-of-contents\"><h2 id=\"table-of-contents\">Table of contents<\/h2><ul><li><a href=\"#h-education-loan-interest-rate-top-public-sector-banks\" data-level=\"2\">Education Loan Interest Rate: Top Public Sector Banks<\/a><\/li><li><a href=\"#h-education-loan-interest-rate-top-private-sector-banks\" data-level=\"2\">Education Loan Interest Rate: Top Private Sector Banks<\/a><\/li><li><a href=\"#h-education-loan-interest-rate-top-nbfcs\" data-level=\"2\">Education Loan Interest Rate: Top NBFCs<\/a><\/li><li><a href=\"#h-tips-to-consider-while-taking-an-education-loan\" data-level=\"2\">Tips to Consider While Taking an Education Loan<\/a><\/li><li><a href=\"#h-faqs\" data-level=\"2\">FAQs<\/a><\/li><\/ul><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-education-loan-interest-rate-top-public-sector-banks\"><span id=\"education-loan-interest-rate-top-public-sector-banks\">Education Loan Interest Rate: Top Public Sector Banks<\/span><\/h2>\n\n\n\n<p>Government banks in India provide education loans to study abroad as per the IBA Model Education Loan Scheme. You can get up to INR 1.5 crore or more based on your requirements. You should always keep researching the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/banks-offering-lowest-interest-rate-on-education-loans\/\"><strong>banks providing the lowest interest rate on education loans<\/strong><\/a> so that you can get the best offer. Some of the top public sector banks in India providing education loans are the State Bank of India (SBI), Bank of Baroda (BOB), Union Bank of India (UBI), Bank of India (BOI), Punjab National Bank (PNB), etc. Check the interest rates of these banks:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Name of the Bank<\/strong><\/td><td><strong>Rate of Interest<\/strong><\/td><td><strong>Type of Interest Rate<\/strong><\/td><\/tr><tr><td>State Bank of India<\/td><td>7.15% &#8211; 10.15%<\/td><td>Floating<\/td><\/tr><tr><td>Bank of Baroda<\/td><td>9.70% (for premier institutions)<br>11.15% (for other institutions)<br>10.20% (for loans above INR 7.5 lakh)<\/td><td>Floating (interest rate might differ if you choose fixed interest rate)<\/td><\/tr><tr><td>Union Bank of India<\/td><td>EBLR + 0.50% (for collateral-free loans up to INR 40 lakh<br>EBLR + 0.25% (for secured loans where collateral offered is 50% value of the loan amount<br>EBLR (for a collateral value equal to 100% of the loan amount)<\/td><td>Floating<\/td><\/tr><tr><td>Bank of India<\/td><td>For loans of INR 7.5 lakh and above: 1 Year RBLR +1.70%<br>For loans above INR 7.5 lakh: 1 Year RBLR +2.50%<\/td><td>Fixed\/Floating (as per the requirements)<\/td><\/tr><tr><td>Punjab National Bank<\/td><td>Loan irrespective of amount (where minimum 100% collateral security is provided): RLLR+BSP+1.25% (Presently 10.50%)<br>Loans up to INR 7.5 lakhs and above: RLLR+BSP+2.00%<\/td><td>Floating<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-education-loan-interest-rate-top-private-sector-banks\"><span id=\"education-loan-interest-rate-top-private-sector-banks\">Education Loan Interest Rate: Top Private Sector Banks<\/span><\/h2>\n\n\n\n<p>Some private banks in India are also renowned for providing education loans to study abroad. Students can get up to INR 2 crore from private banks in India at affordable interest rates. Some of the top private banks providing education loans in India are HDFC Bank, ICICI Bank, Axis Bank, Yes Bank, IDFC First Bank, etc. Check the interest rates on education loans by private banks below:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Name of the Bank<\/strong><\/td><td><strong>Rate of Interest<\/strong><\/td><td><strong>Type of Interest Rate<\/strong><\/td><\/tr><tr><td>HDFC Bank<\/td><td>12.50%<\/td><td>Floating<\/td><\/tr><tr><td>ICICI Bank<\/td><td>Starting from [REPO + 3.75% (Spread)]<\/td><td>Floating\/Fixed (as per the requirements)<\/td><\/tr><tr><td>Axis Bank<\/td><td>Starting from 9.99%- 11.00% i.e. REPO+ 3.75% (Spread) onwards<\/td><td>Floating\/Fixed (as per the requirements)<\/td><\/tr><tr><td>Yes Bank<\/td><td>Starting from 11.99%- 13.00%<\/td><td>Floating\/Fixed (as per the requirements)<\/td><\/tr><tr><td>IDFC First Bank<\/td><td>Starting from 9.00%- 13.25%<\/td><td>Floating\/Fixed (as per the requirements)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Confused between public and private banks? Check this blog and know which is best among <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-from-public-bank-or-private-bank\/\"><strong>public banks or private banks for an education loan<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-education-loan-interest-rate-top-nbfcs\"><span id=\"education-loan-interest-rate-top-nbfcs\">Education Loan Interest Rate: Top NBFCs<\/span><\/h2>\n\n\n\n<p>NBFCs are quite famous these days, especially when it comes to study-abroad education loans. One of the most important benefits of education loans from NBFCs in India is that they provide higher amounts without any collateral. Some of the popular NBFCs providing study-abroad education loans in India are Avanse, MPower, Credila, Prodigy, Auxilo, etc. Check the interest rate offered by all these NBFCs:<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table><tbody><tr><td><strong>Name of the NBFC<\/strong><\/td><td><strong>Rate of Interest<\/strong><\/td><td><strong>Type of Interest Rate<\/strong><\/td><\/tr><tr><td>Avanse Financial Services<\/td><td>14.55% per annum<\/td><td>Floating\/Fixed (as per the requirements)<\/td><\/tr><tr><td>MPower Finance<\/td><td>Starting from 9.99% p.a. (11.16% APR)<\/td><td>Fixed<\/td><\/tr><tr><td>Credila<\/td><td>Starting from 9.75% p.a.<\/td><td>&#8211;<\/td><\/tr><tr><td>Prodigy<\/td><td>Starts from 11.00% &#8211; 13.50%<\/td><td>Floating\/Fixed (as per the requirements)<\/td><\/tr><tr><td>Auxilo Finserv<\/td><td>12.70% p.a -14.00% p.a.<\/td><td>Floating<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tips-to-consider-while-taking-an-education-loan\"><span id=\"tips-to-consider-while-taking-an-education-loan\">Tips to Consider While Taking an Education Loan<\/span><\/h2>\n\n\n\n<p>Loans are good only when you have a proper repayment plan in mind. Sometimes it becomes very difficult to manage the loan repayment due to increasing rates and inflation. The effect of inflation on education loans can be seen at certain intervals. Hence, you must keep the following tips in mind while taking an education loan to study abroad:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Most of the government bank provides education loans to study abroad at a floating rate of interest, which is subject to change every quarter. In those cases, you should opt for an <a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-refinancing\/\"><strong>education loan refinance<\/strong><\/a> and look for a cheaper option<\/li>\n\n\n\n<li>The interest rate on collateral-free education loans is always higher than a secure education loan. Hence, always try to get a secured loan so that you can save money on the interest rate<\/li>\n\n\n\n<li>Always compare various lenders like private banks, government banks, NBFCs, etc, on various parameters like interest rate, repayment period, previous track record, terms of collateral, moratorium period, etc<\/li>\n<\/ul>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Planning to study in Germany? Check out the top banks providing <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-for-germany\/\"><strong>education loans for Germany<\/strong><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-faqs\"><span id=\"faqs\">FAQs<\/span><\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1712645598401\"><strong class=\"schema-faq-question\">How do I decide which bank to choose for my education loan?<\/strong> <p class=\"schema-faq-answer\">When comparing education loan options, you need to consider factors such as interest rates, type of interest (fixed or floating), repayment period, collateral requirements, and the bank&#8217;s track record. Evaluate these aspects based on your financial situation and preferences to make an informed decision.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1712645606145\"><strong class=\"schema-faq-question\">What is the SBI Education Loan interest rate?<\/strong> <p class=\"schema-faq-answer\">SBI provides education loans to study abroad at 11.15% p.a. Floating. The bank provides a rebate of 0.5% in the interest rate to female students.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1712645613981\"><strong class=\"schema-faq-question\">Are interest rates fixed or variable for education loans from public sector banks?<\/strong> <p class=\"schema-faq-answer\">Interest rates for education loans from public sector banks are mostly floating, meaning they can fluctuate based on market conditions every quarter. However, some banks may offer fixed rates as well, so it&#8217;s essential to clarify this with the bank while applying for the loan.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1712645621265\"><strong class=\"schema-faq-question\">How does the interest rate offered by NBFCs compare to that of banks?<\/strong> <p class=\"schema-faq-answer\">NBFCs tend to offer slightly higher interest rates compared to banks. However, NBFCs may provide loans without collateral and offer more flexible terms, which can be beneficial for some borrowers. It&#8217;s important to compare the interest rates against other terms and conditions offered by both banks and NBFCs.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1712645629542\"><strong class=\"schema-faq-question\">Can I refinance my education loan to get a better interest rate?<\/strong> <p class=\"schema-faq-answer\">Yes, you can consider refinancing your education loan if you find a bank or lender offering a lower interest rate. This option is particularly relevant for loans with floating interest rates, as you may be able to secure a better rate if market conditions change or if you find a more favourable loan option.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1712645637586\"><strong class=\"schema-faq-question\">What should I prioritize when comparing education loan options?<\/strong> <p class=\"schema-faq-answer\">While comparing education loan options, prioritize factors such as interest rates, repayment flexibility, tenure, and the overall cost of borrowing. Also consider the reputation and reliability of the lender, as well as any additional fees or charges associated with the loan. Evaluating these factors comprehensively will help you make an informed decision.<\/p> <\/div> <\/div>\n\n\n\n<p>This was all about the comparison among some of the best banks and financial institutions for education loan interest rates. Check out all the terms and conditions before applying for an education loan.<\/p>\n\n\n\n<p>To know more about <a href=\"https:\/\/fly.finance\/blog\/education-loan\/\"><strong>education loans<\/strong><\/a>, the best <a href=\"https:\/\/fly.finance\/blog\/student-account\/\"><strong>bank accounts for students<\/strong><\/a>, forex and banking experience for global students or <a href=\"https:\/\/fly.finance\/blog\/money-transfer\/\"><strong>international money transfers<\/strong><\/a>, reach out to our experts at 1800572126 to help ease your study abroad experience.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background\"><tbody><tr><td><strong>Related Blogs<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/central-bank-education-loan-processing-time\/\"><strong>Central Bank Education Loan Processing Time<\/strong><\/a><\/td><\/tr><tr><td><a 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c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-facebook  wp-block-social-link\"><a href=\"https:\/\/www.facebook.com\/Flydotfinance\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Facebook<\/span><\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Education Loan Interest Rates of Different Banks and NBFCs: An education loan is one of the best ways to fund your study abroad dream easily. In India, the banks disbursed education loans of more than INR 17,700 crore in 2022-23. However, while taking an education loan, it is very important to research and compare various &#8230; <a title=\"Comparing Education Loan Interest Rates of Different Banks and NBFCs\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/\" aria-label=\"Read more about Comparing Education Loan Interest Rates of Different Banks and NBFCs\">Read more<\/a><\/p>\n","protected":false},"author":24,"featured_media":11429,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-11424","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-education-loan"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Comparing Education Loan Interest Rates of Different Banks and NBFCs<\/title>\n<meta name=\"description\" content=\"Check here all the details on comparing education loan interest rates of different banks and NBFCs. 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With expertise in crafting informative blogs on study abroad and finance, Shekhar helps readers navigate the complexities of education and financial planning. Most of his writings blend the practicality of finance and the beauty of language, making a meaningful impact in both spheres. Beyond his professional pursuits, he finds solace in the writing Shayari.","sameAs":["https:\/\/in.linkedin.com\/in\/thahankmoody","https:\/\/www.tumblr.com\/blog\/dhanlabh"],"url":"https:\/\/fly.finance\/blog\/author\/shekhar\/"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/#faq-question-1712645598401","position":1,"url":"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/#faq-question-1712645598401","name":"How do I decide which bank to choose for my education loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"When comparing education loan options, you need to consider factors such as interest rates, type of interest (fixed or floating), repayment period, collateral requirements, and the bank's track record. Evaluate these aspects based on your financial situation and preferences to make an informed decision.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/#faq-question-1712645606145","position":2,"url":"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/#faq-question-1712645606145","name":"What is the SBI Education Loan interest rate?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"SBI provides education loans to study abroad at 11.15% p.a. Floating. The bank provides a rebate of 0.5% in the interest rate to female students.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/#faq-question-1712645613981","position":3,"url":"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/#faq-question-1712645613981","name":"Are interest rates fixed or variable for education loans from public sector banks?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Interest rates for education loans from public sector banks are mostly floating, meaning they can fluctuate based on market conditions every quarter. However, some banks may offer fixed rates as well, so it's essential to clarify this with the bank while applying for the loan.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/#faq-question-1712645621265","position":4,"url":"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/#faq-question-1712645621265","name":"How does the interest rate offered by NBFCs compare to that of banks?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"NBFCs tend to offer slightly higher interest rates compared to banks. However, NBFCs may provide loans without collateral and offer more flexible terms, which can be beneficial for some borrowers. It's important to compare the interest rates against other terms and conditions offered by both banks and NBFCs.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/#faq-question-1712645629542","position":5,"url":"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/#faq-question-1712645629542","name":"Can I refinance my education loan to get a better interest rate?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, you can consider refinancing your education loan if you find a bank or lender offering a lower interest rate. This option is particularly relevant for loans with floating interest rates, as you may be able to secure a better rate if market conditions change or if you find a more favourable loan option.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/#faq-question-1712645637586","position":6,"url":"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/#faq-question-1712645637586","name":"What should I prioritize when comparing education loan options?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"While comparing education loan options, prioritize factors such as interest rates, repayment flexibility, tenure, and the overall cost of borrowing. Also consider the reputation and reliability of the lender, as well as any additional fees or charges associated with the loan. Evaluating these factors comprehensively will help you make an informed decision.","inLanguage":"en-US"},"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/11424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/comments?post=11424"}],"version-history":[{"count":8,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/11424\/revisions"}],"predecessor-version":[{"id":21177,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/posts\/11424\/revisions\/21177"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media\/11429"}],"wp:attachment":[{"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/media?parent=11424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/categories?post=11424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fly.finance\/blog\/wp-json\/wp\/v2\/tags?post=11424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}