After graduation, one can start looking for a job or pursue their higher studies. Now, higher studies can cost quite a sum. However, this is not something that should stop one from pursuing their dreams. To afford their higher studies, students can always apply for education loans. Listed below are some of the best banks for students in India:
- IDFC FIRST Bank
One of the top private banks in India, the first thing to note about the education loan offered by IDFC FIRST Bank is that it comes with an affordable rate of interest. Also, your child could apply for both secured and unsecured loans. For unsecured loans, they need to stay within a specific loan amount. Some of the major advantages of this loan amount are that it covers nearly 23k across 3200+ universities, and offers things like customised solutions, income tax benefits, and flexible repayment options. Apart from that, this loan also covers additional expenditures such as travel expenses, the cost of health insurance, overseas insurance, and the purchase of computers or laptops.
- HDFC Bank
. One can apply for an education loan in this bank for the purpose of studying in both India and overseas. In case of education loans for studying outside India, the cost of education is covered under the loan, with no upper limit. However, to avail this loan, it is imperative to provide collateral. The said collateral can either be in the form of a fixed deposit or even an immovable property to the bank. Quick processing of the loan is a major highlight.
- Union Bank of India
A public sector bank, the Union Bank of India offers four different types of education loans. These loans are for courses in India and abroad, for Kisan Shiksha Suvidha, for premier management & technical institutions (India), and for tier II management & technical institutions (India). While the bank does not charge any type of processing fee irrespective of the loan amount, your child does need to produce a life insurance policy which has the same value as the loan amount. Another major benefit is that girls could enjoy a 0.50 % concessional interest rate.
- Axis Bank
-The education loan from Axis Bank finances both graduate and post-graduate courses just for students who have scored at a minimum of 50% during their HSC or graduation. For increasing the chances of getting your child’s application approved, it is mandatory for you to show a regular source of income.
In addition to the four banks mentioned above there are other top banks in India to choose from. One of the best aspects of education loans is that most of the time, they are unsecured, and your child could start repaying the loan once they start earning.