If you are also planning to go abroad and study, then you should know which bank is giving education loan at what interest rate. And which bank is giving the cheapest education loan?

Studying abroad is like a dream for many people. But going to another country and studying requires a large fund. For which education loan can prove to be a better option.

If you are also planning to go abroad and study, then you should know which bank is giving education loan at what interest rate. And which bank is giving the cheapest education loan.

Education loan covers many expenses

Special loan schemes are run by banks for students studying abroad. In which many types of expenses are covered. Such as tuition fees, living expenses, food expenses, other expenses like laptop, book, return tickets etc.

Consider important factors

To take a foreign education loan, you should compare the interest rates and terms of financial institutions or banks. Along with this, many important factors should be taken into consideration. Such as at what interest rate the loan is being given, what is the processing fee, how much time will the processing take, for how long the loan is being given, what are the terms of loan repayment, if the loan is closed in between then what will be the terms and conditions for it etc.

Interest rates of loans given for foreign education in banks

1. Union Bank of India

This bank is giving loans for foreign education with an interest rate of 9.25. A loan of up to Rs 50 lakh can be taken from Union Bank of India for a period of 7 years.

2. ICICI Bank

In this bank too, the interest rates of foreign education loan start from 9.25%.

3. Bank of Baroda

Education loan rates in Bank of Baroda start from 9.45%.

4. Punjab National Bank

The interest rate on education loan in this bank starts from 10%.

5. State Bank of India

The interest rate on education loan in State Bank of India starts from 10.15%.

6. Canara Bank

The education loan for education abroad in this bank starts from 10.25%.

7. Bank of India

The interest rate on education loans in this bank starts from 11.60 percent.

8. Axis Bank

This bank charges interest on education loans starting from 13.70%.