Best Student Loans: Our India is the second most populated country in the world and it is termed by the calculation, which results in higher females apart from which it had been reported that there are major quantities of youth.
Despite being 2nd populous country, India has the power of youth that comprises over 69% of youngsters in the total population. To take India forward there are many factors and one among them is the education of youngsters.
Most of the people in India belong to middle-class families and could afford only minimal tenure of education for their children. They perform their best but as a result, many of them fail to provide the correct education to their children.
So, today’s topic is regarding the solution to this problem and we are presenting the top 6 best student loans of 2022.
List of top 6 best student loans of 2022
- Avanse Education Loan
- A loan from the State Bank of India
- ICICI Bank Education Loan
- SBI Global Ad-Vantage Scheme
- Axis Bank education loan
- HDFC bank education loan
Best Education Loan for Abroad Studies
1. Avanse Education Loan
One of the top lenders for education is the Avanse DHFL education loan. The major merit of this company is that the interest rate here is very competitive in the best institutes of India for education and study abroad and as a result, it is quite cheap.
Features of Avanse Education Loan
- The interest rates on education loans are temporary and keep on changing with the change in MCLR.
- The interest rates for Avanse DHFL Education Loan range between 12.75% and 13%.
2. Education Loan from State Bank of India
One of the trusted banks, Bank of India had also offered a student loan scheme under which State Bank of India offers some of the cheapest education loans in India.
Loans are available in reputed universities in your country for all professional, undergraduate, and postgraduate courses like MBA, MS, etc.
Loans above Rs 7.5 lakh can be availed for a maximum loan of up to Rs 30 lakh with the required security deposit or collateral. Repayment services are from 10 to 12 years.
Features of Education Loan from SBI
- It also follows MCMR and changes its rates often
- It possesses an interest of 8.65% upto 7.5 lacs and above.
3. ICICI Bank Education Loan
ICICI Bank is a trustworthy company. The maximum loan provides is up to Rs 50 lakh for studies in India. And this company is also offered from trusted bank ownership i.e. ICICI Ltd. It provides better services in comparison to others. Other than domestic, if you want to continue your studies in foreign, you could lastly do it and this company would give you a loan amount of INR 1 crore in this case.
There is only one demerit of this company that Repayment tenure is only 6 months.
Features of ICICI Bank Education Loan
- You can get upto INR 50 for domestic education while you can take a loan upto INR 1 crore for international education.
- It possesses an interest rate of 10.50%.
4. SBI Global Ed-Vantage Scheme
The following loan schemes by the State Bank of India are student loans in favor of international students. This scheme is quite different from ‘education loan from SBI’ as in this scheme (SBI Global Ed-Vantage Scheme) you can borrow more with different interest rates. In this optima, you will get Tangible collateral as security as Collateral.
Those who are Indian citizens can easily apply for the loan and continue their studies abroad.
This scheme provides loans for every type of student. Such as job oriental vocational, undergraduate, graduate, diploma courses, MBA, MS, etc. And such types of studies more than foreign institution provides. In this company, Repayment start post a year after completion of studies by EMI.
Under the SBI Global Ad-Vantage Scheme, SBI offers educational loans ranging from Rs 7.5 lakh to Rs 1.5 crore for overseas studies. But what are the expenses covered by loans? Don’t worry, we are explaining. Those Expenses includes exam fees, tuition fees, purchase of school items, travel costs, project work as well as study tour and so on many benefits are provided by this company, just register and enjoy your benefits.
So we have stated every feature, you will gain in SBI Global Ed-Vantage Scheme.
Feature of SBI Global Ed-Vantage Scheme
- Its processing fees per application is only 10,000
- This company charges an interest rate of 8.15% to 8.65%.
5. Axis Bank education loan
Axis Bank education loan is a scheme that runs beneath the bank Axis. This company offers loans to students for technical or vocational courses, and job-oriented courses to study in India and abroad.
In this company, you will feel easy complying with agreements as it demands little paperwork. It disburses quick loans with an easy method of repayment. Same expenses are included in this company as that of the SBI Global Ed-Vantage Scheme.
One of the greatest merits of this company is that it provides facilities at your doorstep.
6. HDFC Bank Education Loan
HDFC Bank Features of HDFC Education Loan for Overseas Education. The education Loan of HDFC Bank is one of the best-chosen education loans for students. HDFC Bank provides education loans for study in India and abroad. The maximum amount of loan you can pursue through this company is INR 20 lacs. You will get a tenure of a total of 15 years to return the amount to the company.
Expenses covered include additional expenses for examination, purchase of books, equipment, computer, uniform, etc.
The Processing Fee is up to 1.5% of the sanctioned amount + Tax. One can hold the loan for a period tenure of up to 15 years l. The interest rate that this bank posse is 9.25% – 13.52%. It also has lesser paperwork thus it functions Simple Documentation. This company provides door-step service and web-enabled billing
Feature of HDFC bank education loan
- This bank features a door service, so you can get a loan with an easy method.
- The interest rate provides by this company is 9.25% and varies upto 13.52%.
Wrapping Up
So this article is about six different education loans that can help students to study abroad. Those who want to issue loans should look towards these companies where you will get the mentioned functions. But we are not promising for the interest rates to remain the same again ever. So hope this article would be satisfying to you, stay tuned for our next article.
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