Education loan
Education loans cover fees, hostel, travel and equipment. Repayment starts after the course plus a grace period, and interest qualifies for tax deduction under the old regime.
Check your own eligibility in 2 minutesFree · no credit-score enquiry · lender-wise amount, rate and EMI
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| Lender | Type | Rate range | Up to | Min score |
|---|---|---|---|---|
| State Bank of India Scholar Loan (premier institutes) | Public Sector Bank | 8.25% – 9.25% | ₹50 L | Any |
| Bank of Baroda Baroda Education Loan | Public Sector Bank | 8.50% – 10.25% | ₹1.5 Cr | Any |
| State Bank of India Student Loan / Global Ed-Vantage | Public Sector Bank | 9.25% – 10.25% | ₹3 Cr | Any |
| HDFC Credila Education Loan | NBFC | 10.25% – 14.00% | ₹1.5 Cr | Any |
| Avanse Financial Education Loan | NBFC | 11.00% – 16.00% | ₹1 Cr | Any |
As on 26 Oct 2026, RBI repo rate 5.50%. Indicative ranges; your rate depends on your profile.
See today’s rates from every lender →
Who is eligible
- Admission to a recognised course in India or abroad
- Parent or guardian as co-applicant with income
- Collateral-free up to ₹7.5 lakh at banks; higher at NBFCs depending on the institute
How much you can get
- Up to 100% for costs up to ₹4 lakh; 85–95% above with margin
- Premier institutes under PM Vidyalaxmi: collateral-free
Documents
- Admission letter and fee structure
- Mark sheets
- Co-applicant income proof and KYC
Tips from our credit panel
- Pay interest during the course if possible – otherwise it is added to the loan
- Check whether the institute is on the PM Vidyalaxmi list
Common questions
Is collateral needed for an education loan?
Banks lend up to ₹7.5 lakh without collateral; for listed premier institutes under PM Vidyalaxmi, higher amounts are collateral-free.