Are you planning to study abroad soon?
Many people dream of going abroad for higher studies, but due to the fall in the value of rupee against dollar, paying tuition fees is no less than a challenge. In such a situation, taking an education loan can be a better option. If you are planning to go abroad for studies in august or September, then before that it is important to find out some banks which are providing loans at a decent interest rate.
Pay special attention to these things while taking a loan
There are many banks which offer special education loan programs to students going for international studies. It covers many expenses from tuition fees to laptops, books, air travel. However, while taking an education loan, it is important to keep some things in mind such as interest rate, processing fee, what are the repayment terms, for how long the loan is, what is the moratorium period. Data from Bankbazaar.com shows that there are many banks that are offering education loans up to Rs 50 lakh for seven years at an interest rate of 8.60% to 13.70%. Let's take a look at this-
ICICI bank and Union bank of India
Their interest rate on education loans starts from 9.25%. The EMI on a loan of Rs 50 lakh for a tenure of seven years is Rs 81,081.
bank of Baroda
BOB's interest rate on education loans starts from 9.45%. The EMI for a loan of up to Rs 50 lakh for a tenure of seven years will be Rs 81,592.
State bank of India
SBI's interest rate on education loans starts from 10.15%. The monthly EMI on an education loan of up to Rs 50 lakh for a tenure of seven years will be Rs 83,394.
Indian Bank
Indian bank charges the lowest interest rate of 8.60 percent on education loans. The monthly installment on an education loan of Rs 50 lakh for seven years will be Rs 79,434.
