Student Loan

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.


  • 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
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 Courses11.25% (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 Quota13.75% (BR+3.50%)
Education Loans for students studying in Premier Education Institutes10.25% (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      Loan AmountInterest Rate
Education Loan to Indian School of Business studentIrrespective of loan11.75% ( Fixed)
IBA4 lakh and aboveBase Rate + 2.25 = 12.50%
Education Loan to the students of Premier Central Institutions such as IIMs, IITs etc.Irrespective of loan11.75% ( Fixed)
IBAUp to 4 lakhBase Rate + 1.80 = 12.05%
Management Quota (Non IBA)Irrespective of loanBase 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:

BankInterest Rate
United Bank of India10.75% p.a. to 10.80% p.a.
Bank of Maharashtra10.15 p.a. to 10.65% p.a.
Indian Overseas Bank8.60% p.a. to 11.40% p.a.
Canara Bank8.50% p.a. to 11.50% p.a.
Punjab National Bank8.25 p.a. – 10.75% p.a.
Bank of Baroda8.50% p.a. to 11.05% p.a.
Dena Bank8.25% p.a. to 10.25% p.a.
Central Bank of India9.80% p.a. to 10.30% p.a.
State Bank of India8.30% p.a. to 10.70% p.a.

Some other Financial Institutions names and interest rates as follows

NameInterest Rate
HDFC Bank11.97% p.a.
ICICI Bank11.00% p.a. and above
Axis Bank10.5% – 12.5% (Till 31 March 2018)
Credilla11.75% – 12.50% p.a.
Avanse Financial Services12.75% p.a.
IDBI Bank8.40% 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 NameDuration
Standard repayment120 months which is10 years
Graduated repaymentUp to 10 years (up to 30 years for consolidation loans)
Extended repaymentUp to 25 years
Income-Driven Repayment PlansYou 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


  • Multiple repayment plans
  • Fixed Interest rate
  • One payment
  • Deferment plans


  • 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.


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