Compare Education Loans From 15+ Banks

Explore and compare education loan options from top banks to fund your international education.

Why Choose a Bank-Based Education Loan?

It is crucial to choose the right funding options when studying abroad. Banks offer education loans that are affordable and have flexible terms.

Banks like ICICI Bank and Axis Bank offer education loans at highly competitive rates.

They provide you with customized repayment plans with long tenures of up to 15 years.

Banks offer a moratorium period that delays EMIs, allowing you time to settle down.

You can get funding for tuition fees, living expenses, travel, and even study materials.

Most banks offer flexible interest rates that are more affordable than other options.

Bank Name

Loan Amount

Interest Rate

Processing Time

Processing Fee

Upto 1.5Cr

10.25% - 12.5%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.75% - 1.25%

Upto 1.5Cr

10.5% - 13%

Secured: Upto 3 weeks Unsecured: Upto 1 week

0.75% - 1.25%

Upto 85L

11% - 12.75%

Upto 1 week

0.75% - 1.25%

Upto 1Cr

11.25% - 12.75%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.75% - 1.25%

Upto 75L

11% - 12.75%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.85% - 1%

Upto 1Cr

10.75% - 12.5%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.75% - 1%

Upto 3Cr

9.25% - 12.5%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.75% - 1%

Upto 1Cr

9.5% - 12.5%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.75% - 1%

Upto 75L

11.25% - 12.5%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.75% - 1%

Upto 1.5Cr

9.25% - 12.5%

Secured: Up to 3 weeks Unsecured: Up to 1 week

0.75% - 1%

Upto 1.5Cr

8.25% - 11%

Secured: Up to 3 weeks Unsecured: Up to 2 weeks

Secured: Rs. 20,000 Unsecured: Rs. 10,000

Upto $220k

8.47% - 13.5%

Automated process

500 USD + 4%

Upto $100k

9.5% & 9.99%

Up to 1 week

1% + 2%

Upto $100k

10.5% - 12.75%

Up to 1 week

200 USD + 2%

Upto $100k

9.99% - 14.99%

Automated process

6.50%

Compare Bank Education Loans from Leading Providers

ICICI Education Loan

Credila Education Loan

Avanse Education Loan

Prodigy Finance Education Loan

Axis Bank Education Loan

M-Power Education Loan

Union Bank of India Education Loan

Inspiring Stories of Student Success

GradRight helps students secure the best education loans for higher education abroad. We simplify the loan application process and connect students with 15+ lenders with tailored financial solutions . Here is what our clients say:

200,000+

students assisted

₹16,300 crore

loan requests processed

₹2,000 crore

disbursed in loans

Frequently Asked Questions

What are the eligibility criteria for an ICICI Bank education loan?

ICICI Bank education loans offer competitive interest rates. It is one of the largest private sector banks in India and offers loans up to ₹ 3 crore.

Here’s a detailed breakdown of the eligibility criteria:

The applicant must be an Indian citizen and aged between 18 – 35 years old.
You should have passed the 12th Board exam for UG, and graduated for PG courses
Applicants must have received an admission from an approved university
A good academic record is not mandatory but helps secure a loan swiftly.

What is a collateral-free loan?

You may need to offer collateral when you avail of an education loan. A collateral loan requires the pledging of an asset like a house, property, or fixed deposit. Usually, shares, mutual funds, and jewelry are not accepted as collateral.

Some banks offer collateral-free loans. Since it is riskier, banks charge a slightly higher interest rate for lack of collateral. ICICI Bank offers collateral-free education loans up to ₹ 1 crore.

How is the interest rate for an education loan determined?

Education loan interest rates are determined by a combination of factors. These include a base rate such as the repo rate and a spread.

The repo rate is the rate at which the Reserve Bank of India lends to commercial banks. Currently, it stands at 6.25%.

The spread means the extra the commercial bank charges its customers on top of the repo rate. The spread is determined by the bank’s operational cost, the customer’s creditworthiness, the type of loan, and other factors.

What are NBFCs and do they offer education loans?

Non-Banking Financial Companies (NBFCs) are financial institutions that offer educational and other loans. But they do not have a banking license. This doesn’t make any difference to the end user and taking an educational loan from an NBFC is the same as one from a bank.

These are some of the top NBFCs in India that offer educational loans:

Credila Education Loan
Avanse Education Loan
Prodigy Finance Education Loan
M-Power Education Loan

The loans they offer have the same features, such as:

Fixed and floating interest rate
Both collateral and collateral-free loans
Coverage of tuition, accommodation, insurance and other expenses
Moratorium period of 6 – 12 months after graduation

What is a moratorium period?

A moratorium period is a temporary respite of loan repayments. A postgraduate course abroad typically lasts 1-2 years. The student cannot start repaying the month after the course ends. First, they have to search and find a job, change city, work for a few months, and only then are they in a position to start paying EMIs.