{"id":16253,"date":"2024-11-30T14:17:26","date_gmt":"2024-11-30T08:47:26","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=16253"},"modified":"2024-11-30T14:17:28","modified_gmt":"2024-11-30T08:47:28","slug":"which-bank-has-the-lowest-interest-rates-on-education-loan","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/","title":{"rendered":"Which Bank has the Lowest Interest Rates on Education Loans?"},"content":{"rendered":"\n<p>Several banks in India offer competitive education loan interest rates. As of now, the State Bank of India (SBI) and HDFC Bank are known for offering some of the lowest interest rates on education loans.&nbsp;<\/p>\n\n\n\n<p>Currently, SBI starts its rates from 8.15% p.a., while HDFC Bank offers rates beginning at 9.50% p.a. The exact interest rate may vary based on factors like the applicant&#8217;s credit score, collateral type, and the specific course.&nbsp;<\/p>\n\n\n\n<p>Let&#8217;s take a closer look at the education loan interest rates from some of the most popular banks 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-sbi-education-loan-interest-rates\" data-level=\"2\">SBI Education Loan Interest Rates<\/a><ul><li><a href=\"#h-sbi-student-loan-scheme\" data-level=\"3\">SBI Student Loan Scheme<\/a><\/li><li><a href=\"#h-sbi-scholar-loan-scheme\" data-level=\"3\">SBI Scholar Loan Scheme<\/a><\/li><li><a href=\"#h-sbi-skill-loan-scheme\" data-level=\"3\">SBI Skill Loan Scheme<\/a><\/li><li><a href=\"#h-sbi-global-ed-vantage-scheme\" data-level=\"3\">SBI Global Ed-Vantage Scheme<\/a><\/li><li><a href=\"#h-sbi-takeover-education-loan-scheme\" data-level=\"3\">SBI Takeover Education Loan Scheme<\/a><\/li><li><a href=\"#h-sbi-shaurya-education-loan-scheme\" data-level=\"3\">SBI Shaurya Education Loan Scheme<\/a><\/li><\/ul><\/li><li><a href=\"#h-hdfc-bank-education-loan-interest-rates\" data-level=\"2\">HDFC Bank Education Loan Interest Rates<\/a><ul><li><a href=\"#h-comparative-analysis-of-hdfc-bank-education-loan-interest-rates-july-2024-sept-2024\" data-level=\"3\">Comparative Analysis of HDFC Bank Education Loan Interest Rates (July 2024 &#8211; Sept 2024)<\/a><\/li><\/ul><\/li><li><a href=\"#h-other-banks-offering-lowest-interest-rates-on-education-loans\" data-level=\"2\">Other Banks Offering Lowest Interest Rates on Education Loans<\/a><\/li><li><a href=\"#h-how-can-i-get-the-lowest-interest-rates-on-education-loans\" data-level=\"2\">How Can I Get the Lowest Interest Rates on Education Loans?<\/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-sbi-education-loan-interest-rates\"><span id=\"sbi-education-loan-interest-rates\">SBI Education Loan Interest Rates<\/span><\/h2>\n\n\n\n<p>SBI offers various loan schemes with floating rates that have the lowest interest rates on education loans. These rates are linked to the External Benchmark Rate (EBR), currently set at 9.15%. The effective interest rate on certain loan schemes ranges from as low as 8.05% to 11.75%.<\/p>\n\n\n\n<p>The bank also offers discounts for female students and to those who avail of <a href=\"https:\/\/fly.finance\/blog\/education-loan\/sbi-rinn-raksha-for-education-loan\/\"><strong>SBI RiNn Raksha for education loans<\/strong><\/a> (a life insurance policy with SBI). Applicants who apply for SBI education loans above certain amounts and have an excellent CIBIL score are also eligible for interest rate concession.<\/p>\n\n\n\n<p>Let\u2019s check the details of the <a href=\"https:\/\/fly.finance\/blog\/education-loan\/sbi-education-loan-interest-rate\/\"><strong>SBI education loan interest rates<\/strong><\/a> on various schemes, including domestic and international studies, skill development, and defence personnel, with varying terms based on loan size and collateral.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Here are the <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/floating-interest-rates-in-education-loan\/\"><strong>floating interest rates in education loans<\/strong><\/a><strong> including meaning, advantages, calculator, examples and more.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sbi-student-loan-scheme\"><span id=\"sbi-student-loan-scheme\">SBI Student Loan Scheme<\/span><\/h3>\n\n\n\n<p>SBI\u2019s student loan scheme is for Indian Nationals pursuing higher education in India or abroad where admission has been secured. It covers expenses like tuition fees, books, travel, and living costs. The loan amount varies based on the course and the institution, with different eligibility criteria for collateralized and non-collateralized loans.<\/p>\n\n\n\n<p>Interest rates on this scheme start from 11.15% p.a. It considers EBR and CRP, which is the Credit Risk Premium charged by the bank. An additional 0.50% concession for SBI Rinn Raksha or any SBI policyholder also applies.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Loan Limit<\/strong><\/td><td><strong>EBR<\/strong><\/td><td><strong>CRP<\/strong><\/td><td><strong>Effective Interest Rate<\/strong><\/td><td><strong>Concessions<\/strong><\/td><\/tr><tr><td>Up to INR 7.5 Lakhs<\/td><td>9.15%<\/td><td>2.00%<\/td><td>11.15% p.a (Floating)<\/td><td>0.50% concession for female students<\/td><\/tr><tr><td>Above INR 7.5 Lakhs<\/td><td>9.15%<\/td><td>2.00%<\/td><td>11.15% p.a (Floating)<\/td><td>0.50% concession for female students<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sbi-scholar-loan-scheme\"><span id=\"sbi-scholar-loan-scheme\">SBI Scholar Loan Scheme<\/span><\/h3>\n\n\n\n<p>The <a href=\"https:\/\/fly.finance\/blog\/education-loan\/sbi-scholar-loan\/\"><strong>SBI Scholar Loan<\/strong><\/a> offers up to 100% financing for higher education at premier Indian institutions. It is available for specific courses at top universities within India, excluding overseas studies.<\/p>\n\n\n\n<p>The loan covers tuition fees, hostel costs, and other essential expenses. Interest rates are competitive, and eligibility depends on the institution and course. This scheme is ideal for students aiming to study in prestigious Indian institutions but lacking the necessary funds.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Institute Type<\/strong><\/td><td><strong>EBR<\/strong><\/td><td><strong>CRP<\/strong><\/td><td><strong>Interest Rate Discount\/Premium<\/strong><\/td><td><strong>Effective Interest Rate<\/strong><\/td><\/tr><tr><td><strong>AA<\/strong> (IITs)<\/td><td>9.15%<\/td><td>0.00%<\/td><td>-1.05% to -1.00%<\/td><td>Starts at 8.10% (Floating)<\/td><\/tr><tr><td>Other Institutes<\/td><td>9.15%<\/td><td>0.05%<\/td><td>-1.15% to -1.05%<\/td><td>Starts at 8.05% (Floating)<\/td><\/tr><tr><td><strong>A<\/strong> (IITs)<\/td><td>9.15%<\/td><td>0.00%<\/td><td>-1.00%<\/td><td>8.15% (Floating)<\/td><\/tr><tr><td>Other Institutes<\/td><td>9.15%<\/td><td>0.50%<\/td><td>-1.00%<\/td><td>8.65% (Floating)<\/td><\/tr><tr><td><strong>B<\/strong> (All NITs)<\/td><td>9.15%<\/td><td>0.50%<\/td><td>-1.00%<\/td><td>8.65% (Floating)<\/td><\/tr><tr><td>Other Institutes<\/td><td>9.15%<\/td><td>1.00%<\/td><td>-1.00%<\/td><td>9.15% (Floating)<\/td><\/tr><tr><td><strong>C<\/strong> (All NITs)<\/td><td>9.15%<\/td><td>0.50%<\/td><td>-1.00%<\/td><td>8.65% (Floating)<\/td><\/tr><tr><td>Other Institutes<\/td><td>9.15%<\/td><td>1.50%<\/td><td>-1.00%<\/td><td>9.65% (Floating)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sbi-skill-loan-scheme\"><span id=\"sbi-skill-loan-scheme\">SBI Skill Loan Scheme<\/span><\/h3>\n\n\n\n<p>SBI\u2019s skill loan scheme is a term loan granted to Indian Nationals for pursuing Skill development courses in India. The maximum loan is offered up to INR 1.5 lakhs at interest rates starting from 10.65% p.a.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Loan Limit<\/strong><\/td><td><strong>EBR<\/strong><\/td><td><strong>CRP<\/strong><\/td><td><strong>Effective Interest Rate<\/strong><\/td><td><strong>Concession<\/strong><\/td><\/tr><tr><td>Up to INR 1.5 Lakhs<\/td><td>9.15%<\/td><td>1.50%<\/td><td>10.65% p.a (Floating)<\/td><td>No further concession<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sbi-global-ed-vantage-scheme\"><span id=\"sbi-global-ed-vantage-scheme\">SBI Global Ed-Vantage Scheme<\/span><\/h3>\n\n\n\n<p>The <a href=\"https:\/\/fly.finance\/blog\/education-loan\/sbi-global-ed-vantage-education-loan\/\"><strong>SBI Global Ed-Vantage Scheme<\/strong><\/a> offers up to INR 1.5 crore for students pursuing higher education abroad at reputed universities. The loan comes with competitive interest rates and tax benefits under Section 80(E) for interest payments. An additional 0.50% applies to female students.<\/p>\n\n\n\n<p>It is designed for overseas studies in top courses and can be applied through the Vidya Lakshmi portal. The scheme provides financial support for tuition, living expenses, and more, with a focus on making international education accessible to Indian students.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Loan Limit<\/strong><\/td><td><strong>EBR<\/strong><\/td><td><strong>CRP<\/strong><\/td><td><strong>Effective Interest Rate<\/strong><\/td><td><strong>Concession<\/strong><\/td><\/tr><tr><td>INR 7.50 Lakh to INR 1.5 Cr<\/td><td>9.15%<\/td><td>2.00%<\/td><td>11.15% p.a (Floating)<\/td><td>0.50% for life insurance holders<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sbi-takeover-education-loan-scheme\"><span id=\"sbi-takeover-education-loan-scheme\">SBI Takeover Education Loan Scheme<\/span><\/h3>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Loan Limit<\/strong><\/td><td><strong>EBR<\/strong><\/td><td><strong>CRP<\/strong><\/td><td><strong>Effective Interest Rate<\/strong><\/td><td><strong>Concession<\/strong><\/td><\/tr><tr><td>INR 10 Lakh to INR 1.5 Cr<\/td><td>9.15%<\/td><td>2.00%<\/td><td>11.15% (Floating)<\/td><td>0.50% for life insurance holders<\/td><\/tr><tr><td><\/td><td><\/td><td><\/td><td><\/td><td>Additional 0.50% for female students<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sbi-shaurya-education-loan-scheme\"><span id=\"sbi-shaurya-education-loan-scheme\">SBI Shaurya Education Loan Scheme<\/span><\/h3>\n\n\n\n<p>The <a href=\"https:\/\/fly.finance\/blog\/education-loan\/sbi-shaurya-education-loan\/\"><strong>SBI Shaurya Education Loan<\/strong><\/a> is designed for the children of defence and Indian Coast Guard personnel. It offers financial assistance for higher education in both India and abroad, with loan amounts up to INR 1.5 crore.&nbsp;<\/p>\n\n\n\n<p>The interest rate starts at 11.15% p.a. The loan covers tuition, living expenses, and other study-related costs. It is available for a variety of eligible courses and provides concessions for girls and policyholders under SBI Rinn Raksha.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Loan Limit<\/strong><\/td><td><strong>EBR<\/strong><\/td><td><strong>CRP<\/strong><\/td><td><strong>Effective Interest Rate<\/strong><\/td><td><strong>Concession<\/strong><\/td><\/tr><tr><td>Up to INR 7.5 Lakhs<\/td><td>9.15%<\/td><td>2.00%<\/td><td>11.15% (Floating)<\/td><td>0.50% for girl students<\/td><\/tr><tr><td>INR 7.50 Lakh to INR 1.5 Cr (Secured)<\/td><td>9.15%<\/td><td>2.00%<\/td><td>11.15%(Floating)<\/td><td>0.50% for life insurance holders<\/td><\/tr><tr><td>INR 7.50 Lakh to INR 1.5 Cr (Unsecured)<\/td><td>9.15%<\/td><td>2.60%<\/td><td>11.75% (Floating)<\/td><td>0.50% for girl students<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-hdfc-bank-education-loan-interest-rates\"><span id=\"hdfc-bank-education-loan-interest-rates\">HDFC Bank Education Loan Interest Rates<\/span><\/h2>\n\n\n\n<p>HDFC Bank is another bank offering the lowest interest rates on education loans. It starts at 9.50% p.a. The interest rates are linked to the External Benchmark Lending Rate (EBLR). It may vary depending on the type of loan (secured or unsecured), the rating of the course\/institution, or the student&#8217;s profile.&nbsp;<\/p>\n\n\n\n<p>Usually, simple interest is charged on <a href=\"https:\/\/fly.finance\/blog\/education-loan\/student-loan-interest-rates\/\"><strong>student loan interest rates<\/strong><\/a> during the study period and moratorium, with the option to defer interest payment until the repayment begins. There are no processing fees for loans up to INR 7.5 lakhs, and legal\/incidental charges and stamp duties apply as per state regulations.<\/p>\n\n\n\n<p class=\"has-pale-ocean-gradient-background has-background\"><strong>Also Read: Discover the advantages of <\/strong><a href=\"https:\/\/fly.finance\/blog\/education-loan\/simple-interest-on-education-loan\/\"><strong>simple interest on an education loan<\/strong><\/a><strong>. Calculate interest easily and make informed decisions about repayment.<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-comparative-analysis-of-hdfc-bank-education-loan-interest-rates-july-2024-sept-2024\"><span id=\"comparative-analysis-of-hdfc-bank-education-loan-interest-rates-july-2024-sept-2024\">Comparative Analysis of HDFC Bank Education Loan Interest Rates (July 2024 &#8211; Sept 2024)<\/span><\/h3>\n\n\n\n<p>HDFCs APR (Annual Percentage Rate) has generally remained between 8.00% and 13.50%. It means that strategically planning for when interest rates are at their lowest can make a significant impact on repayment amounts.<\/p>\n\n\n\n<p><strong>Current Interest Rates (July 2024 &#8211; Sept 2024)- <\/strong>HDFC Bank offers interest rates for education loans ranging from 9.00% to 13.00%, with an average rate of 10.83% during this period.<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Rate Type<\/strong><\/td><td><strong>Min APR<\/strong><\/td><td><strong>Max APR<\/strong><\/td><td><strong>Avg APR<\/strong><\/td><\/tr><tr><td><strong>Interest Rate<\/strong><\/td><td>9.00%<\/td><td>13.00%<\/td><td>10.83%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Below is a comparative analysis of the <strong>APR<\/strong> for HDFC Bank&#8217;s education loans over the last few months-<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Month\/Year<\/strong><\/td><td><strong>Min APR<\/strong><\/td><td><strong>Max APR<\/strong><\/td><td><strong>Avg APR<\/strong><\/td><\/tr><tr><td><strong>July 2024 &#8211; Sept 2024<\/strong><\/td><td>9.00%<\/td><td>13.00%<\/td><td>10.83%<\/td><\/tr><tr><td><strong>April 2024 &#8211; June 2024<\/strong><\/td><td>8.75%<\/td><td>12.75%<\/td><td>10.25%<\/td><\/tr><tr><td><strong>Jan 2024 &#8211; March 2024<\/strong><\/td><td>9.25%<\/td><td>13.50%<\/td><td>11.00%<\/td><\/tr><tr><td><strong>Oct 2023 &#8211; Dec 2023<\/strong><\/td><td>8.50%<\/td><td>13.00%<\/td><td>10.50%<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-banks-offering-lowest-interest-rates-on-education-loans\"><span id=\"other-banks-offering-lowest-interest-rates-on-education-loans\">Other Banks Offering Lowest Interest Rates on Education Loans<\/span><\/h2>\n\n\n\n<p>Some of the leading banks offering the lowest rates apart from SBI and IDFC Bank include Bank of India, Bank of Maharashtra, IDBI Bank, Bank of Baroda, and many others. Their interest rates also start as low as 8.50% p.a.<\/p>\n\n\n\n<p>These banks provide various loan schemes with flexible terms, processing fees, and concessions, tailored to different educational needs, both for domestic and international studies. Check out the interest rates offered by these banks-<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Bank<\/strong><\/td><td><strong>Interest Rates<\/strong><\/td><\/tr><tr><td>Bank of India<\/td><td>11.05% p.a. to 11.85% p.a.<\/td><\/tr><tr><td>Bank of Maharashtra<\/td><td>8.10% p.a. to 11.30% p.a.<\/td><\/tr><tr><td>IDBI Bank<\/td><td>8.55% p.a. to 11.15% p.a.<\/td><\/tr><tr><td>Bank of Baroda<\/td><td>8.15% p.a. to 12.50% p.a.<\/td><\/tr><tr><td>Canara Bank<\/td><td>9.25% p.a.<\/td><\/tr><tr><td>Indian Overseas Bank<\/td><td>9.75% p.a. to 10.25% p.a.<\/td><\/tr><tr><td>ICICI Bank<\/td><td>10.25% p.a. onwards<\/td><\/tr><tr><td>Karnataka Bank<\/td><td>10.48% p.a. onwards<\/td><\/tr><tr><td>UCO Bank<\/td><td>11.30% p.a. to 11.70% p.a.<\/td><\/tr><tr><td>Axis Bank<\/td><td>13.70% p.a. to 15.20% p.a.<\/td><\/tr><tr><td>Federal Bank<\/td><td>12.55% p.a. onwards<\/td><\/tr><tr><td>Kotak Mahindra Bank<\/td><td>Up to 16% p.a.<\/td><\/tr><tr><td>Tamilnad Mercantile Bank<\/td><td>11.75% p.a. to 13.00% p.a.<\/td><\/tr><tr><td>Karur Vysya Bank<\/td><td>12.05% p.a. to 14.55% p.a.<\/td><\/tr><tr><td>IDFC FIRST Bank<\/td><td>9.50% p.a. onwards<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-can-i-get-the-lowest-interest-rates-on-education-loans\"><span id=\"how-can-i-get-the-lowest-interest-rates-on-education-loans\">How Can I Get the Lowest Interest Rates on Education Loans?<\/span><\/h2>\n\n\n\n<p>To secure the lowest interest rates on education loans, you should <a href=\"https:\/\/fly.finance\/blog\/education-loan\/education-loan-interest-rates-of-different-banks-and-nbfcs\/\"><strong>compare rates from multiple banks and financial institutions<\/strong><\/a>. Make sure to opt for loans from banks offering competitive rates for courses at top institutions. For example, Punjab National Bank (PNB) offers rates as low as 8.45% for specific courses at top colleges.<\/p>\n\n\n\n<p>Here are some ways you can apply for the lowest interest rates with the banks-<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Apply with a co-applicant. Having a co-borrower with a strong credit history and securing the loan with collateral can further reduce the rate.<\/li>\n\n\n\n<li>Maintain a good credit score. A higher credit score can help you negotiate better terms and lower interest rates with lenders.<\/li>\n\n\n\n<li>Apply for loans at the right time. Check out when banks offer special schemes or discounts that can help secure the best deal.<\/li>\n\n\n\n<li>Evaluate repayment terms. Longer repayment tenures may lead to higher overall interest payments despite lower EMIs, so choose a tenure that balances affordability with total cost.<\/li>\n<\/ul>\n\n\n\n<p>Alternatively, you can apply with <a href=\"https:\/\/fly.finance\/\"><strong>Fly Finance<\/strong><\/a>, an online education loan platform. As of October 15, 2024, Fly Finance&#8217;s interest rate for education loans abroad is 9.25% for amounts up to 1 crore. Your dedicated loan expert negotiates with the partnered lenders to make sure that you get the best interest rates possible.<\/p>\n\n\n\n<p>This was all about the banks offering the lowest interest rates on education loans. To learn more about <a href=\"https:\/\/fly.finance\/loans\"><strong>education loans<\/strong><\/a>, the best <a href=\"https:\/\/fly.finance\/international-bank-account\"><strong>bank accounts for students<\/strong><\/a>, <a href=\"https:\/\/fly.finance\/forex\"><strong>forex,<\/strong><\/a> banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.<\/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-1732955560526\"><strong class=\"schema-faq-question\">Which bank offers the lowest interest rate for female students?<\/strong> <p class=\"schema-faq-answer\">Central Bank of India provides competitive rates starting at 8.30% for female students, along with additional concessions.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1732955561541\"><strong class=\"schema-faq-question\">How do the interest rates for government banks compare to private banks?<\/strong> <p class=\"schema-faq-answer\">Government banks generally offer lower interest rates, typically ranging from 8.05% to 11.75%, compared to private banks that start around 8.75%.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1732955562071\"><strong class=\"schema-faq-question\">What are the processing fees for education loans at these banks?<\/strong> <p class=\"schema-faq-answer\">Processing fees vary by bank; typically, they range from 0.5% to 1% of the loan amount, with some banks waiving fees for specific schemes.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1732955562597\"><strong class=\"schema-faq-question\">Do any banks offer interest rate subsidies for meritorious students?<\/strong> <p class=\"schema-faq-answer\">Yes, several banks, including SBI and PNB, provide interest rate subsidies for meritorious students based on academic performance.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1732955631085\"><strong class=\"schema-faq-question\">What is the typical loan tenure for education loans?<\/strong> <p class=\"schema-faq-answer\">Most banks offer flexible tenures ranging from 5 to 15 years, allowing borrowers to choose a repayment period that suits their financial situation.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1732955632052\"><strong class=\"schema-faq-question\">Can I negotiate the interest rate on my education loan?<\/strong> <p class=\"schema-faq-answer\">Yes, borrowers with a strong credit history may negotiate better terms and lower interest rates with their chosen bank.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1732955632587\"><strong class=\"schema-faq-question\">Are there any special schemes for studying abroad?<\/strong> <p class=\"schema-faq-answer\">Many banks, including SBI and HDFC Bank, have specific schemes tailored for students pursuing education abroad, often with competitive rates.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1732955660400\"><strong class=\"schema-faq-question\">Is there a moratorium period before repayments begin?<\/strong> <p class=\"schema-faq-answer\">Most education loans include a moratorium period during which no repayments are required, typically lasting until course completion plus an additional six months.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1732955660985\"><strong class=\"schema-faq-question\">How does my credit score affect my loan eligibility?<\/strong> <p class=\"schema-faq-answer\">A higher credit score can significantly improve your chances of approval and may help secure lower interest rates on your education loan.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1732955661705\"><strong class=\"schema-faq-question\">How can I get the lowest interest rates on education loans?<\/strong> <p class=\"schema-faq-answer\">To secure the lowest interest rates on education loans, you should compare rates from multiple banks and financial institutions. Opt for loans from banks offering competitive rates for courses at top institutions.<\/p> <\/div> <\/div>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-pale-ocean-gradient-background has-background has-fixed-layout\"><tbody><tr><td colspan=\"2\"><strong>Additional Reads<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/hdfc-loan-transfer-interest-rates\/\"><strong>HDFC Loan Transfer Interest Rates<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/pnb-education-loan-interest-rate\/\"><strong>PNB Education Loan Interest Rate<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/personal-loan\/rbl-bank-personal-loan-interest-rate\/\"><strong>RBL Bank Personal Loan Interest Rate<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/union-bank-education-loan-interest-rate\/\"><strong>Union Bank Education Loan Interest Rate<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/personal-loan\/central-bank-personal-loan-interest-rates\/\"><strong>Central Bank Personal Loan Interest Rates<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/iob-refinance-interest-rates\/\"><strong>IOB Refinance Interest Rates<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/axis-bank-education-loan-interest-rate\/\"><strong>Axis Bank Education Loan Interest Rate<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/federal-bank-education-loan-interest-rate\/\"><strong>Federal Bank Education Loan Interest Rate<\/strong><\/a><\/td><\/tr><tr><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/kotak-mahindra-bank-education-loan-interest-rate\/\"><strong>Kotak Mahindra Bank Education Loan Interest Rate<\/strong><\/a><\/td><td><a href=\"https:\/\/fly.finance\/blog\/education-loan\/karnataka-bank-education-loan-interest-rate\/\"><strong>Karnataka Bank Education Loan Interest Rates<\/strong><\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>Follow Us on Social Media<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-social-links is-layout-flex wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-instagram  wp-block-social-link\"><a href=\"https:\/\/instagram.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=\"M12,4.622c2.403,0,2.688,0.009,3.637,0.052c0.877,0.04,1.354,0.187,1.671,0.31c0.42,0.163,0.72,0.358,1.035,0.673 c0.315,0.315,0.51,0.615,0.673,1.035c0.123,0.317,0.27,0.794,0.31,1.671c0.043,0.949,0.052,1.234,0.052,3.637 s-0.009,2.688-0.052,3.637c-0.04,0.877-0.187,1.354-0.31,1.671c-0.163,0.42-0.358,0.72-0.673,1.035 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c0.592-0.23,1.094-0.538,1.594-1.038c0.5-0.5,0.808-1.002,1.038-1.594c0.222-0.572,0.375-1.227,0.418-2.185 C20.99,14.751,21,14.444,21,12s-0.01-2.751-0.054-3.711c-0.044-0.958-0.196-1.612-0.418-2.185c-0.23-0.592-0.538-1.094-1.038-1.594 c-0.5-0.5-1.002-0.808-1.594-1.038c-0.572-0.222-1.227-0.375-2.185-0.418C14.751,3.01,14.444,3,12,3L12,3z M12,7.378 c-2.552,0-4.622,2.069-4.622,4.622S9.448,16.622,12,16.622s4.622-2.069,4.622-4.622S14.552,7.378,12,7.378z M12,15 c-1.657,0-3-1.343-3-3s1.343-3,3-3s3,1.343,3,3S13.657,15,12,15z M16.804,6.116c-0.596,0-1.08,0.484-1.08,1.08 s0.484,1.08,1.08,1.08c0.596,0,1.08-0.484,1.08-1.08S17.401,6.116,16.804,6.116z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Instagram<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-linkedin  wp-block-social-link\"><a href=\"https:\/\/www.linkedin.com\/company\/flyfinance\/\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" 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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>Several banks in India offer competitive education loan interest rates. As of now, the State Bank of India (SBI) and HDFC Bank are known for offering some of the lowest interest rates on education loans.&nbsp; Currently, SBI starts its rates from 8.15% p.a., while HDFC Bank offers rates beginning at 9.50% p.a. The exact interest &#8230; <a title=\"Which Bank has the Lowest Interest Rates on Education Loans?\" class=\"read-more\" href=\"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/\" aria-label=\"Read more about Which Bank has the Lowest Interest Rates on Education Loans?\">Read more<\/a><\/p>\n","protected":false},"author":29,"featured_media":16254,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[412],"tags":[],"class_list":["post-16253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-question-answer"],"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>Which Bank has the Lowest Interest Rates on Education Loans?<\/title>\n<meta name=\"description\" content=\"Find out which other 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I'm Shubhika- a proud graduate in English Literature and Language from Delhi University. My journey as a content writer transitioned from online teacher into the world of words. Stepping into the domain of blogs and articles, I discovered my passion for writing growing deeper and stronger. Having said that, I have experience of writing for diverse industries in automobile, technology, ed-tech, finance and mental-health; crafting details to help you find the solution to what you are looking for. 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typically, they range from 0.5% to 1% of the loan amount, with some banks waiving fees for specific schemes.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/#faq-question-1732955562597","position":4,"url":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/#faq-question-1732955562597","name":"Do any banks offer interest rate subsidies for meritorious students?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, several banks, including SBI and PNB, provide interest rate subsidies for meritorious students based on academic performance.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/#faq-question-1732955631085","position":5,"url":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/#faq-question-1732955631085","name":"What is the typical loan tenure for education loans?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Most banks offer flexible tenures ranging from 5 to 15 years, allowing borrowers to choose a repayment period that suits their financial situation.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/#faq-question-1732955632052","position":6,"url":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/#faq-question-1732955632052","name":"Can I negotiate the interest rate on my education loan?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Yes, borrowers with a strong credit history may negotiate better terms and lower interest rates with their chosen bank.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/#faq-question-1732955632587","position":7,"url":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/#faq-question-1732955632587","name":"Are there any special schemes for studying abroad?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Many banks, including SBI and HDFC Bank, have specific schemes tailored for students pursuing education abroad, often with competitive rates.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/#faq-question-1732955660400","position":8,"url":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/#faq-question-1732955660400","name":"Is there a moratorium period before repayments begin?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"Most education loans include a moratorium period during which no repayments are required, typically lasting until course completion plus an additional six months.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/#faq-question-1732955660985","position":9,"url":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/#faq-question-1732955660985","name":"How does my credit score affect my loan eligibility?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"A higher credit score can significantly improve your chances of approval and may help secure lower interest rates on your education loan.","inLanguage":"en-US"},"inLanguage":"en-US"},{"@type":"Question","@id":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/#faq-question-1732955661705","position":10,"url":"https:\/\/fly.finance\/blog\/question-answer\/which-bank-has-the-lowest-interest-rates-on-education-loan\/#faq-question-1732955661705","name":"How can I get the lowest interest rates on education loans?","answerCount":1,"acceptedAnswer":{"@type":"Answer","text":"To secure the lowest interest rates on education loans, you should compare rates from multiple banks and financial institutions. 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