Overseas Education Loan Interest Rates: Know the Interest Rates of Top Loan Providers

Obtaining an overseas education loan can be a crucial step for students pursuing higher education abroad. When considering such loans, it's important to be aware of the interest rates offered by various loan providers. While specific rates may vary depending on factors such as the applicant's profile, loan amount, and repayment terms.

Overseas education has become a popular funding option for students seeking to pursue higher education abroad. However, the cost of studying abroad can be a significant financial burden for most families. As a result, students often rely on education loans to finance their studies. Several types of loan providers offer overseas education loans, including nationalised banks, cooperative banks, private banks, NBFCs, and international lenders. One of the most important components of an education loan is the rate of interest, getting the right rate of interest is essential as it can bring a major difference in the cost of education.

Thus, considering the importance of interest rates, this article aims to provide information about the interest rates of the top overseas education loan providers. Keep reading to find out more about this topic and get to know the lowest interest rate for education loan abroad as per your profile and eligibility.

 

Interest Rates of the Top Overseas Education Loan Providers

Interest rates for education loans differ from lender to lender, and it is crucial to compare interest rates before selecting a loan provider. Here are the interest rates of the top overseas education loan providers in India.

• Nationalised Banks

Nationalised banks are a popular option for education loans as they offer competitive interest rates and have a broad network of branches across the country. Moreover, these banks also provide interest rate concessions like the girl child concession, etc.

1. State Bank of India
   SBI offers education loans for studying abroad with an interest rate of 10.15% to 11.15%.
    
2. Bank of Baroda
   Bank of Baroda offers education loans for studying abroad with an interest rate of 9.90% to 11.15%.
    
3. Union Bank of India
   Union Bank of India offers education loans for studying abroad with an interest rate of 9.30% - 11.55%.
    
4. Bank of India
   Bank of India offers education loans for studying abroad with an interest rate of 9.85% - 11.85%.
    
5. Bank of Maharashtra
   Bank of Maharashtra offers education loans for studying abroad with an interest rate of 9.85% to 11.85%.

• Co-op Bank

Cooperative banks are also a popular option for education loans as they offer attractive interest rates and flexible repayment options.

1. Saraswat Bank
   Saraswat Bank offers education loans for studying abroad with an interest rate of 9.50% -10%.

• Private Banks

Private banks are known for their quick processing and disbursal of education loans. Here are the interest rates of the top private banks.

1. ICICI Bank
   ICICI Bank offers education loans for studying abroad with an interest rate of 10%-13%.
    
2. Axis Bank
   Axis Bank offers education loans for studying abroad with an interest rate of 10% to 13%.
    
3. IDFC First Bank
   IDFC First Bank offers education loans for studying abroad with an interest rate of 10% to 13%.
    

• NBFCs

NBFCs or Non-Banking Financial Companies are popular for providing customized education loans with flexible repayment options. Here are the interest rates of the top NBFCs.

1. HDFC Credila
   HDFC Credila education loan interest rate for studying abroad is between 10.50% to 13%.
    
2. Avanse
   Avanse offers education loans for studying abroad with an interest rate of 12% to 13%.
    
3. Incred
   Incred offers education loans for studying abroad with an interest rate of 11.50% to 13%.
    
4. Auxilo
   Auxilo offers education loans for studying abroad with an interest rate of 12% to 14%.
    
5. Credenc
   Credenc offers education loans for studying abroad with an interest rate of 12% to 14%.
    

• International Lenders

International lenders are another option for students seeking to finance their education abroad, especially for countries like the USA and Canada.

1. MPower Finance
   MPower Finance offers education loans for studying abroad with an interest rate of 12.75% to 13.50%.
    
2. Prodigy Finance
   Prodigy Finance offers education loans for studying abroad with an interest rate of 12.75% to 14.00%.
    

These are the competitive interest rates by some of the top loan providers for education loan for abroad studies. As you have already read, interest rates for overseas education loans differ from lender to lender. Thus, it is essential to choose the right financial lender. If you are planning to take an overseas education loan, make sure that you research well and choose the right loan provider that suits your financial needs and repayment capability.

Read more education blogs

Post Tags education loan for abroad studieseducation loan repayment