Fund Your Education — Study in India or Abroad
Rates starting at 8.15% p.a.* Up to ₹2 Cr loan amount. Moratorium period during course + 6 months. Tax deduction under Section 80E.
Education Loan Eligibility
Get instant quotes from top lenders at 9.5% p.a.
Limit Exceeded: Your max eligible EMI is roughly ₹20,000. Try increasing tenure or lowering loan amount.
What Is an Education Loan?
An education loan covers tuition fees, hostel charges, books, travel, and living expenses for courses in India or abroad. Most lenders offer a moratorium period — meaning you start repaying only after your course ends (plus a grace period of 6 to 12 months). A co-applicant (parent or guardian) is typically required, though some NBFCs offer loans without a co-signer for select programs.
Up to 100% Financing
Many lenders cover full tuition. Some also finance hostel, travel, and laptop costs.
Moratorium Period
No EMI payments during the course + 6–12 months after completion. Interest may accrue.
Tax Benefits — Sec 80E
Interest paid on education loans qualifies for tax deduction under Section 80E. No upper limit.
Covers Living Expenses
Beyond tuition — books, equipment, accommodation, travel, and insurance can be included.
Types of Education Loans
Choose the right education loan structure based on your study destination and collateral availability.
Study Abroad Loan
- Covers tuition, living expenses, travel & insurance
- Loan amounts up to ₹2 Cr (or 100% tuition)
- Collateral required above ₹7.5 Lakh (PSBs)
- Some NBFCs offer collateral-free up to ₹40 Lakh
- Ideal for MS, MBA, MBBS, engineering programs overseas
Domestic Education Loan
- For IITs, IIMs, NITs, AIIMS and recognized colleges
- Up to ₹7.5 Lakh without collateral (most PSBs)
- Interest rates typically lower for premier institutions
- Government subsidy under CSIS for EWS families
- Covers UG, PG, diploma, and professional courses
Calculate Your Education Loan EMI
Adjust the loan amount, interest rate, and repayment tenure to see your monthly EMI, total interest, and total amount payable.
Education Loan EMI CalculatorInstant Estimate
Lowest Available Rate
8.15%*
Public sector banks like SBI and Bank of Baroda currently offer education loan rates starting at 8.15% p.a. for meritorious students. Female applicants may get an additional concession of 0.50%. Rates vary based on course type, institution ranking, loan amount, and whether collateral is provided.
Course Type
Premier institutions get preferential rates
Collateral
Secured loans attract 1–2% lower rates
Loan Amount
Higher amounts may require collateral
Female Applicant
Up to 0.50% concession at most banks
Compare Education Loan Interest Rates — March 2026
Side-by-side comparison of interest rates, maximum loan amounts, and tenures across top banks and NBFCs in India.
| Lender | Interest Rate (p.a.) | Max Amount | Max Tenure | Action |
|---|---|---|---|---|
State Bank of India Public Sector Bank | 8.15% - 11.75% | ₹1.5 Cr | 15 Years | Apply |
Bank of Baroda Public Sector Bank | 8.15% - 11.70% | ₹80 Lakh | 15 Years | Apply |
Punjab National Bank Public Sector Bank | 9.20% - 11.90% | ₹1 Cr | 15 Years | Apply |
Canara Bank Public Sector Bank | 9.25% - 12.10% | ₹40 Lakh | 15 Years | Apply |
ICICI Bank Private Bank | 10.25% onwards | ₹2 Cr | 12 Years | Apply |
Axis Bank Private Bank | 13.70% - 15.20% | ₹40 Lakh | 15 Years | Apply |
HDFC Credila NBFC | 9.75% - 13.25% | ₹1 Cr+ | 15 Years | Apply |
Avanse NBFC | 9.50% - 14.50% | ₹1.25 Cr | 12 Years | Apply |
InCred NBFC | 11.00% - 13.00% | ₹1 Cr | 10 Years | Apply |
Prodigy Finance NBFC | 11.06% onwards | 100% Tuition | 10 Years | Apply |
Education Loan Eligibility Criteria
General eligibility guidelines followed by most banks and NBFCs. Requirements may differ slightly across lenders.
| Nationality | Indian citizen (NRIs eligible with select lenders) |
| Age | 18 to 35 years at the time of application |
| Academic Record | Confirmed admission to a recognized institution in India or abroad |
| Course Type | UG, PG, PhD, Diploma, Professional courses (MBA, MBBS, Engineering, etc.) |
| Co-Applicant | Parent, guardian, or spouse — mandatory for most lenders |
| CIBIL Score | Co-applicant's CIBIL score of 700+ preferred |
| Collateral (Secured) | Required for loans above ₹7.5 Lakh at PSBs — property, FD, LIC policies |
| Collateral-Free Limit | Up to ₹7.5 Lakh (PSBs) | Up to ₹40 Lakh (select NBFCs like HDFC Credila, Avanse) |
Education Loan Fees & Charges
Additional costs to factor in when planning your education loan.
Processing Fee
0% to 2% of loan amount. Many PSBs charge nil for education loans.
Prepayment Charges
Nil for floating rate loans. Some NBFCs charge 2–4% on fixed rate.
Insurance
Credit life insurance may be bundled. Group insurance premiums typically 0.5–1%.
Late Payment
Penal interest of 1–2% p.a. on overdue EMIs. Varies by lender.
Documents Required for Education Loan
Keep these documents ready to speed up your education loan application.
Top Study Destinations We Cover
Education loans available for courses across 30+ countries. Here are the most popular destinations among Indian students.
USA
MS, MBA, STEM
UK
MBA, Law, Medicine
Canada
PG Diploma, MS
Australia
Engineering, MBA
Germany
MS, Research
India
IITs, IIMs, AIIMS
How to Apply for an Education Loan
A straightforward 5-step process. Most applications are processed within 7–15 working days.
Get Admission
Secure admission to a recognized institution and obtain the offer letter.
Compare Lenders
Use TatvaMoney to compare rates across 50+ banks and NBFCs instantly.
Submit Documents
Upload student and co-applicant documents through our digital platform.
Loan Approval
Bank verifies documents, assesses profile, and issues sanction letter.
Disbursement by Lender
Lender disburses funds directly to the institution in one or more tranches.
What Students Say About Us
"TatvaMoney helped me compare education loan offers from 8 different lenders. I ended up saving almost ₹1.5 lakh in interest over my tenure. The process was smooth and transparent."
"As a female applicant, I got the 0.50% concession from SBI through TatvaMoney. Their team guided me through the entire documentation process. Disbursement happened within 10 days."
"I needed ₹15 lakh for my medical studies. TatvaMoney connected me with Bank of Baroda at 8.55% with a moratorium period. The EMI calculator on their site helped me plan my finances."
Ready to Fund Your Education?
Compare rates from 50+ lenders, check your eligibility in 2 minutes, and get matched with the right education loan lender — all in one place.