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Best Education Loan Schemes in India

In India, pursuing higher education can be a costly affair, and many students rely on education loans to finance their studies. Several banks and financial institutions offer education loan schemes to meet the financial needs of students. Here are some of the best education loan schemes in India that provide affordable and flexible financing options.

1. State Bank of India (SBI) Education Loan: The State Bank of India offers the "SBI Student Loan Scheme," which is one of the most popular education loan schemes in the country. It covers a wide range of courses, including undergraduate, postgraduate, and professional courses. The loan amount can range from ₹10 lakh for domestic studies and up to ₹30 lakh for studies abroad. The interest rates are competitive, starting at 8.65%, and the repayment tenure can extend up to 15 years. The scheme also provides a moratorium period (course period + 1 year), during which no EMI is required, making it student-friendly.

2. HDFC Bank Education Loan: HDFC Bank offers education loans for both domestic and international studies under the "Education Loan Scheme." The loan amount ranges from ₹50,000 to ₹20 lakh for domestic courses and up to ₹40 lakh for foreign studies. The interest rate varies, generally starting at 10.25%, with flexible repayment options. HDFC also offers a 0.5% concession on interest rates for women borrowers and quick loan processing, making it an attractive option for students.

3. Punjab National Bank (PNB) Saraswati Education Loan Scheme: PNB offers the "Saraswati Education Loan Scheme" for students who wish to pursue higher education in India or abroad. The loan amount for domestic courses can go up to ₹10 lakh, while it can be up to ₹20 lakh for courses abroad. The interest rate starts at 8.75%, and the loan is available for a maximum tenure of 15 years. PNB also offers a longer repayment holiday, allowing students to repay the loan after completing their course and securing employment.