Student Loan Interest Rates Today: Studying has become very expensive, so many students are in this situation. Those who have to rely only on student loan to complete their studies. Many students are in a hurry and take a loan from any bank, they do not even know what is the interest rate of their student loan? In such a situation, when the time comes to repay the loan after completion of studies, they do not understand how the loan amount has become so high. Therefore, before applying for student loan, it is very important to know what is the current student loan interest rates?
HDFC Bank Student Loan Interest Rate is around 9.55% , each government and private bank has different interest rates. Some banks have launched schemes in collaboration with the state or state government.
Like Canara Bank which is giving student loan under Vidhya Turant Loan Scheme with only 6.60% internet rates.
But it can be availed only by those students who are eligible for Vidhya Turant Loan Scheme. In such a situation, thinking about all the students of the country, here we are going to share the names of some banks with the lowest interest rates.
From where students can get loan for Minimum Student Loan Interest Rates.
Current Student Loan Interest Rates in India 2024
There are many banks which provide student loans with minimum student loan interest rates. But due to the tension of studies and admission, many students are not able to give time to research.
Therefore, after doing research here, we have made a list of such banks and their student loan interest rates. Which gives loan to the students to complete their studies at the lowest rate. Here the details of loan rates related to each bank are given in detail along with the table.
| Bank Name | Student Loan Interest Rate Today |
|---|---|
| Canara Bank | 6.60% – 10.20% |
| State Bank of India | 8.15% – 11.15% |
| Union Bank of India | 8.15% – 12.55% |
| Central Bank | 8.45% onwards |
| Bank of Baroda | 8.50% onwards |
| UCO Bank | 8.45% onwards |
| Punjab National Bank | 8.55% – 10.30% |
| ICICI Bank | 8.60% – 11.35% |
| Bank of Maharashtra | 9.45% – 11.30% |
| HDFC | 9.50% onwards |
Canara Bank Student Loan Interest Rates Today
If any student is eligible for Vidhya Turant Loan Scheme . So in today’s time, he can get a loan to complete his studies with only 6.60% interest rate . But if the student is not eligible for the scheme, then Canara Bank will charge the student 10.40% loan interest every year for loans between Rs 4 lakh to Rs 7.50 lakh , and if the loan amount is more than Rs 7.50 lakh then the bank will charge 10.20% interest every year. Will take.
Before finalizing the loan, any student must get information about the processing fees and any other conditions from any agent of the bank. Because there is no processing fee of any kind according to online information.
| Canara Bank Official Website | Click Here |
Interest Rate: Loan is given to students with an interest rate of 6.60% – 10.20% per annum.
Repayment Period: Repayment time of 15 years is available.
Loan Security: To take a loan for studies, a guarantee is required.
State Bank of India (SBI) Student Loan Interest Rates Today
State Bank of India is the largest bank in the country and it has made many loan schemes for students for studies. In which loans are available for all types of students – for people studying in private schools, for students studying in IIT and IIM and for those going abroad to study. SBI students are given loans up to Rs 20 lakh for studies.
| State Bank of India Official Website | Click Here |
Interest Rate: SBI’s interest rate on education loan is 8.15% – 11.15% per year, which may be lower depending on the scheme.
Repayment Period: Students who take loan have to repay the loan in the next 15 years after the completion of the course. SBI has also given a relaxation of one more year which is called loan repayment holiday period. That means, you get a total of 16 years to repay the loan after studies.
Loan Security: If the student wants an education loan of Rs 7.5 lakh or less, then there is no need to give any kind of guarantee for it. But if the loan amount is more than Rs 7.5 lakh, a guarantee will be required.
Union Bank of India Student Loan Interest Rates Today
This bank is very famous for small education loans. Union Bank offers loans ranging from Rs.4 Lakhs to Rs.30 Lakhs. Which the student gets with 8.15% – 12.55% annual interest rate till he completes his studies. Any student whose age is between 16 years to 35 years can apply for a loan here.
| Union Bank of India Official Website | Click Here |
Interest Rate: 8.15% – 12.55% p.a.
Repayment period: Students can repay the loan taken within 15 years.
Loan Security: No third party security is required for small loans. But for big loans, the bank requires guarantee.
Central Bank Student Loan Interest Rates Today
The Central Bank gives loans to students for studies with a fixed % interest rate. In such a situation, if a student is applying for a loan in the Central Bank, to study in India or abroad, then he can get a loan of up to Rs 20 lakh from the bank . For this the student will have to pay interest at the rate of 8.45% every year. The bank does not give loan of more than Rs 20 lakh for studies and yes, the bank does not charge any kind of processing fee from the student for the loan.
| Central Bank Official Website | Click Here |
Interest Rate: Central Bank offers loan to students with interest rate of 8.45%.
Repayment period: 15 years are given to repay the loan.
Loan Security: Third party guarantee is required for the loan.
Bank of Baroda Student Loan Interest Rates Today
Bank of Baroda offers many types of student loans, both for students in India and for students studying abroad. But the bank gives loan to all eligible students of a college, whether private or government, with a fixed interest rate. Which is 8.50% for every year. According to the education loan EMI calculator of the bank, an average student loan can be up to Rs. 1 crore.
| Bank of Baroda Official Website | Click Here |
Interest Rate: On taking Bank of Baroda education loan, the student has to pay interest rate of 8.50% per annum.
Repayment Period: You get time up to 15 years to repay the loan back to the bank after completing the course.
Loan Security: For the loan, the student needs to give some guarantee from his/her family members.
UCO Bank Student Loan Interest Rates Today
If you are looking for a loan to study in the country, then you can take a loan up to Rs 10 lakh from UCO Bank with an interest rate of 8.45% . Here it offers loans up to Rs 10 lakh to students for education. There are no schemes of any kind in this as of now. In such a situation, their interest rate is exactly the same for the students. Be it a student studying in IIT or a student studying in a private college.
| UCO Bank Official Website | Click Here |
Interest Rate: UCO Bank students have to pay interest at 8.45% per annum.
Repayment Period: After completing studies, students can make loan repayment for 15 years, for this the bank also gives 180 EMI plan to the students.
Loan Security: No third party security is required up to Rs 7.5 lakh, but for loans above Rs 7.5 lakh, third party security is required.
Panjab National Bank Student Loan Interest Rates Today
PNB is a government bank and it runs many education loan schemes. Which is according to the studies, results and skills of the students. If a student is going to take admission in top colleges like IIT, IIM, then he can apply for loan under PNB Pratibha Scheme. Under this scheme, the bank gives loans with 8.55% Student Loan Interest Rate .
But if a normal student is applying for a student loan to study in a private college. So in such a situation the bank gives him loan with 10.30% interest rate . There are many more such schemes which can be seen on their official website.
| Panjab National Bank Official Website | Click Here |
Interest Rate: After taking education loan from PNB, the student will have to pay interest at least 8.55% – 10.30% every year.
Repayment Period: After completing the course, maximum 15 years are given to the students to repay the loan.
Loan Security: For any type of loan, banks require a third party security.
ICICI Bank Student Loan Interest Rates Today
ICICI Bank Student Loan Interest Rates Today The bank that provides the highest education loan in this list is ICICI , which offers education loan of up to Rs 1 crore for studying in India and Rs 2 crore for studying abroad. After passing the 12th exam, this bank gives loan for any graduation or post graduation degree with an interest rate of 8.60% – 11.35% per annum.
| ICICI Bank of India Official Website | Click Here |
Interest Rate: 8.60% – 11.35% interest has to be paid every year on the education loan availed from here.
Repayment Period: After completing the course, you get a period of 12 months to repay the loan amount.
Loan Security: Security is required to take an ICICI education loan. Loan is available on the basis of guarantee or type of fixed deposit.
Bank of Maharashtra Student Loan Interest Rates Today
Bank of Maharashtra gives education loan up to Rs 20 lakh. In which the bank has to pay an interest rate of 9.45% – 11.30% every year for the loan of Rs 10 lakh to the students studying in India and Rs 20 lakh to the students studying abroad. But the bank gives time to the student to repay the loan.
| Bank of Maharashtra Official Website | Click Here |
Interest Rate: Offers loans with interest rates ranging from 9.45% – 11.30% per annum.
Repayment period: After completing your studies, you get 1 year to repay the loan and if due to any reason there is a delay in repaying the education loan. So time up to 15 years is given for this.
Loan Security: To take a loan, you will need to give a guarantee.
HDFC Bank Student Loan Interest Rates Today
HDFC is the largest private bank in the country, it gives loans to students for national and international education. HDFC gives education loan up to Rs 1.5 crore to students for studies. Any student between 16 years to 35 years can apply for HDFC education loan . Here loans are given with interest rate of 9.50% per annum.
| HDFC Bank of India Official Website | Click Here |
Interest Rate: The interest rate for a normal education loan is 9.50% per annum. But if the student is going to study in colleges like IIT, IIM. So for that the bank may offer loan at a lower interest rate.
Repayment Period: The student is given 15 years after completing his studies to repay the loan. After completing the studies, the loan can also be repaid through an EMI from the bank.
Loan Security: To take a loan, ITR, salary slip and bank statements are required.
