The COVID-19 epidemic has affected students preparing to study hard abroad, with many overseas universities setting up college classes and switching to online mode. While some chose to postpone their enrollment to the next academic year, some accepted hybrid classes, and others decided to continue their study programs at their university campuses. In India, too, distance learning continues to be the order of the day to this day.
While participating in lectures and lectures may be difficult in COVID times, the financial learning process has become much easier. Due to the current low-interest rates in the country, education loans are moving at about 6.8-7.15 percent. As can be seen from the list, all the top ten banks offer the cheapest education loan rates in the public sector.
The Union Bank of India offers cheap loans, starting at 6.8 percent, closely followed by the Central Bank of India. These charge 6.85 percent on an education loan of Rs 20 lakh and a repayment period of seven years. India’s largest education loan rate at the State Bank of India is 6.9 percent higher.
The interest rate on education loans for all public and private sector (BSE) banks and the private sector is determined by data consolidation. Banks data not available on their websites were not considered. Information collected on the websites of banks is available on January 21, 2021. Banks are listed on the interest rate increase, i.e., the bank that offers the lowest interest rate on education loans (up to Rs 20 lakh) is placed at the top and bottom. The lowest interest rate offered by banks for up to Rs 20 lakh is shown in the table. EMI is calculated based on the interest rate on the table for a loan of Rs 20 lakh and for a period of seven years (processing charges and other related charges are not included while calculating the EMIs).