A student loan is a type of loan designed to help students pay for post-secondary education and the associated fees, such as tuition, books and supplies, and living expenses. In this posting you can find the details about student loan bank names interest rates, Features, List of banks providing student Loan, Duration, Repayment, Rules and requirements of student loans and etc.
TOP 10 STUDENT EDUCATION LOANS IN INDIA
- United Bank of India
Loan Amount – Interest Rate
Up to 4 lakhs – 10.25% + 2%
4 lakhs – 7.5 lakhs – 10.25% + 2.75%
Above 7.5 lakhs – 10.25% + 2%
- IDBI Bank’s Student Loan
| TYPE | INTEREST RATE |
| Loan amount not qualifying as Priority Sector Lending (PSL) | 12.25% (BR+2.00%) |
| Education Loan under Financial Inclusion program (FIP) | 11.75% (BR+1.50%) |
| Vocational Courses | 11.25% (BR+1.00%) |
| Loan qualifying as Priority Sector Lending (PSL) | 11.25% (BR+1.00%) |
| Education Loan for other students who secured admission under Management Quota | 13.75% (BR+3.50%) |
| Education Loans for students studying in Premier Education Institutes | 10.25% (BR+0.00%) |
- State Bank of India’s Student Loan
Loan Amount – Interest Rate
Up to 4 lakhs – 13.5%
4 lakhs – 7.5 lakhs – 13.75%
Above 7.5 lakhs – 11.75%
- Canara Bank’s Education Loan for Students
Loan Amount – Interest Rate
Up to 4 lakhs – BR+1.5%
4 lakhs – 7.5 lakhs -BR+2%
Above 7.5 lakhs -BR+1.5%
Non priority category – BR+1.5%
Vocational education and training – BR+1.5%
- PNB Sara Swati – Punjab National Bank’s Student Loan
Loan Amount – Interest Rate
Up to 4 lakhs – 10.25% + 3%
4 lakhs – 7.5 lakhs – 14.25%
Above 7.5 lakhs – 12.25%
- Cent Vidyarthi
Interest for male students          10.25+2%
Interest for female students      10.25%+1.5%
- Dena Vidyalaxmi Education Loan
- For loans above Rs. 4 lacs, 1% p.a. interest concession for girl students including as applicable in Dena Shakti.
- For loans above Rs. 4 lacs, 1% p.a. interest concession for IIM / IIT / ISB (Indian School of Business, Hyderabad) students.
- Bank Of Baroda’s Student Loan
Loans up to 4.00 lakhs     Base Rate + 2.50%
Loans above Rs.4.00 lacs and up to Rs 7.50 lacs      Base Rate + 2.50%
Loans above Rs.7.50 lacs Base Rate + 1.75%
Baroda Education Loan for Vocational Education & Training      Base Rate + 2.00%
- Bank Of India’s Student Education Loan
Loan Amount – Interest Rate
Up to 7.5 lakhs – 13.20%
Above 7.5 lakhs -12.70%
- Vijaya Bank’s Student Loan
| Category | Â Â Â Â Â Loan Amount | Interest Rate |
| Education Loan to Indian School of Business student | Irrespective of loan | 11.75% ( Fixed) |
| IBA | 4 lakh and above | Base Rate + 2.25 = 12.50% |
| Education Loan to the students of Premier Central Institutions such as IIMs, IITs etc. | Irrespective of loan | 11.75% ( Fixed) |
| IBA | Up to 4 lakh | Base Rate + 1.80 = 12.05% |
| Management Quota (Non IBA) | Irrespective of loan | Base Rate + 2.55 = 12.80% |
Features of Education Loans:
- Loan approval
- Processing fees
- Moratorium Period
- Margin
- Quantum of Loan
- Security Collateral
- Repayment Tenure
- Type of educational course
- Tax Benefits
- Insurance
- Pre-payment charges
- Other fees and charges
List of Banks offering Student Loan
- ICICI Bank
- IDBI Bank HDFC Bank
- Canara Bank
- SBBJ
- State Bank of India
- United Bank
- Indian Overseas Bank
- Dena Bank
- Axis Bank
- Credilla
- UCO Bank
- Union Bank
- Bank of Baroda
- Syndicate Bank
- Canara Bank
- Bank of Maharashtra
- Punjab National Bank
- Avanse Financial Services
- Central Bank
Let us see some list of Banks and Interest Rates as follows:
| Bank | Interest Rate |
| United Bank of India | 10.75% p.a. to 10.80% p.a. |
| Bank of Maharashtra | 10.15 p.a. to 10.65% p.a. |
| Indian Overseas Bank | 8.60% p.a. to 11.40% p.a. |
| Canara Bank | 8.50% p.a. to 11.50% p.a. |
| Punjab National Bank | 8.25 p.a. – 10.75% p.a. |
| Bank of Baroda | 8.50% p.a. to 11.05% p.a. |
| Dena Bank | 8.25% p.a. to 10.25% p.a. |
| Central Bank of India | 9.80% p.a. to 10.30% p.a. |
| State Bank of India | 8.30% p.a. to 10.70% p.a. |
Some other Financial Institutions names and interest rates as follows
| Name | Interest Rate |
| HDFC Bank | 11.97% p.a. |
| ICICI Bank | 11.00% p.a. and above |
| Axis Bank | 10.5% – 12.5% (Till 31 March 2018) |
| Credilla | 11.75% – 12.50% p.a. |
| Avanse Financial Services | 12.75% p.a. |
| IDBI Bank | 8.40% p.a. – 10% p.a. |
Student Loan Duration
Generally speaking, many private student loans give you 120 months (10 years) to repay. However, some private student loan terms have you repay over 25 years. Check the terms and conditions of your loan, or contact your servicer for more details to find out how long it will take you to repay your private student loans.
| Payment Name | Duration |
| Standard repayment | 120 months which is10 years |
| Graduated repayment | Up to 10 years (up to 30 years for consolidation loans) |
| Extended repayment | Up to 25 years |
| Income-Driven Repayment Plans | You may be eligible for loan forgiveness after 20 or 25 years of qualifying payments, or even as few as 10 years, if you work in public service. |
There are 4 types of largest and best known of all federal student loan programs.
- Direct Subsidized Loan
- Direct Unsubsidized Loan
- Direct PLUS Loan
- Direct Consolidation Loan
Benefits in Direct Loans:
- A low, fixed-rate of interest
- No penalty for prepaying the loan
- No need to pass a credit check
- Several flexible repayment plans
Rules and Requirements to get Student Loan:
- Have a valid Social Security number.
- Be a citizen or eligible noncitizen.
- Fill out the Free Application for Federal Student Aid.
- Men must be registered with the selective service.
- Be in good standing with federal financial aid.
- Enroll in an eligible school.
- Maintain a 2.0 GPA.
- Have a high school diploma or equivalent, such as a GED or certificate from a homeschooling program.
- Be at part-time status or more.
An example PDF file terms, Rules and Requirements of Student Loan According to SBI as follows:
To See the Student Loan Terms and Conditions Just Click Here .
Pros and Cons of consolidating Federal Student loan
Pros
- Multiple repayment plans
- Fixed Interest rate
- One payment
- Deferment plans
Cons
- No private loan consideration
- Benefits are gone
- Lose Lender Benefits
- No Do Overs
Reasons for Cancelling Student Loans:
- Federal student loans may be canceled under the following factors:
- Your school owed you or your lender a refund after you withdrew but never provided it.
- The student borrower dies.
- The loan was a result of identity theft.
- You become totally and permanently disabled.
- Your college closed down while you were a student there or within 90 days after you withdrew.