Compare Education
Loans And Interest
Rate In India
Why compare education loan?
With the ever-increasing cost of education more and more students are opting for student loans to finance their education expenses. To meet this requirement, banks and NBFCs are stepping in to provide loans at highly competitive interest rates. Students have a plethora of options to choose from based on their requirement (loan amount, secured or unsecured loan, etc). It is important for students to thoroughly understand the various factors on which loans can be compared and keep them in consideration to select the right bank. Following are some factors based on which, an applicant can compare education loans:
- INTEREST RATE: While comparing education loans, the borrower should consider the rate of interest, the bank is offering. Lower the interest rate better is the loan offer.
- LOAN AMOUNT: A borrower must consider the loan amount that the bank is ready to offer. If the loan amount that the bank is offering, is less than what the borrower needs, then the borrower should consider loans offered by other banks.
- REPAYMENT PERIOD: The repayment period effects EMI, and thus, the borrower should choose the repayment period he/she is getting, corresponding to the EMI that he wants to pay after his/her course.
- MORATORIUM PERIOD: Some banks offer a moratorium period ranging from 6 months to 1 year, whereas some of them may not even offer one. The borrower should consider all these factors to choose the best offer for him/ her.
How to compare education loan?
Different banks have different criteria for fixing the interest rates on loans; borrower’s academic performance, college, family background, collateral provided, etc are factors on which the interest rate can be negotiated.
- APPLY TO DIFFERENT BANKS. Education loans can be availed from various banks and can be compared by applying to multiple banks. While comparing different banks can help in getting the best offer on education loans, the entire process of applying to banks can get tedious and cumbersome.
- ONLINE COMPARISON. Student can use Credenc as it provides a Single window platform i.e., students can compare and choose from different banks and NBFCs to apply from. Credenc also negotiates with banks to ensure the lowest possible interest rates and quick approvals.
Education loan by bank comparison table
| BANKS/FINANCIER | PUBLIC BANKS | PUBLIC BANKS | PRIVATE BANKS | PRIVATE BANKS | NBFCs BANKS | NBFCs BANKS |
|---|---|---|---|---|---|---|
| INDIA | ABROAD | INDIA | ABROAD | INDIA | ABROAD | |
| INTEREST RATE (%) | 9.45-11.40 | 9.45-12.15 | 10.50-14 | 10.50-14 | 11.85-14.5 | 10.5-14 |
| LOAN AMOUNT(₹) | Unsecured Up To 7.5L Secured Above 7.5L |
Unsecured Up To 7.5L Secured Above 7.5L |
Unsecured Up To 35L Secured Up To 80L |
Unsecured Up To 40L Secured Up To 1.5Cr |
Unsecured Up To 35L Secured Up To 1 Cr |
Unsecured Up To 45L Secured Up To 1.5 Cr |
| REPAYMENT PERIOD (Years) | 10-15 | 10-15 | 7-10 | 7-12 | 7-12 | 7-15 |
Why get an education loan through Credenc?
- Apply at one place and get superfast approvals. Single application form for multiple banks.
- Choose from multiple banks. Credenc provides a Single window platform i.e., the borrower can compare and choose from different banks and NFBCs to apply from.
- Hassle-free process. Get a loan without going to the bank; the entire process is made online to make sure the process of getting a loan is fast and trouble free.
- Low interest rate. Credenc negotiates with banks to ensure the lowest possible interest rates and quick approvals
- Minimum marginal cost. Up to 100% loan amount covered.
- No service charges. It’s FREE!