Education Loan: In today’s era, education is very important to live a good life, but education has become very expensive, due to which many people leave their studies midway. Banks provide loan facility for such people. Those who want to study and do not have money for fees, can take loan from these 3 banks.
Two types of education loans can be taken, secured and unsecured. For secured loan, the bank mortgages any of your property, while in unsecured loan you do not have to pay anything. Only the interest rates of both the loans are different. Read here which banks are giving loan at what interest?
State Bank of India
If you are thinking of taking education loan from State Bank of India, then here you can get interest at the rate of 11.15 percent. This bank gives a little discount to girl students and gives them 50 basis points. In its SBI Scholar Loan Scheme, some selected institutions get loan at low interest. In this, if you want to take an education loan for IIT, then you can get a loan at an interest rate of 8.05 percent to 9.65 percent.
ICICI Bank
You can take a loan of up to one crore for studies from ICICI Bank. The amount of this loan increases further when you go abroad for studies. For this, students can be given a loan of up to 3 crores. The interest rate of this loan can range from 9.5% to 11.31% per annum. ICICI gives education loan without any security. Talking about Section 80E of the Income Tax Act 1961, income tax deduction is allowed on the interest you have paid on the education loan.
HDFC Bank
HDFC is the largest private bank in India. In this bank, interest is charged at the rate of 9.5 percent on education loan. If the loan amount is more than Rs 7.5 lakh, then processing fee is also added to it. Processing fee is taken at 1 percent of the loan amount.