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In recent years, Punjab has emerged as one of the major contributors to the number of Indian students studying abroad. In 2022 alone, approximately 13.24 lakh Indian students pursued higher education outside India, with a significant proportion of these students coming from Punjab, alongside other states like Andhra Pradesh and Maharashtra (Careers360). This trend reflects the growing aspiration among students in Punjab to seek educational opportunities internationally, particularly in countries like the UK, Canada, the US, and Australia (Careers360).
In Punjab students can access education loans from multiple banks for both local and international educational pursuits. It's important for students to carefully compare the different loan options available, considering factors like interest rates, repayment terms, and additional benefits. It's advisable to thoroughly explore the various offerings from these public sector and private sector banks as well as NBFCs to find an education loan that best suits your educational and financial requirements.
Bank Name | Loan Amount | Processing Fee |
---|---|---|
State Bank of India |
Up to INR 50 lakh |
Nil - INR 10,000+Tax |
Axis Bank |
Up to INR 75 lakh (unsecured) |
Up to 2% of the amount+GST |
ICICI Bank |
Up to INR 1 crore |
Up to 2% of the amount +GST |
IDFC First |
Up to INR 30 lakh (unsecured) |
Up to 1.5% of the amount |
UBI |
Up to INR 1.5 cr (secured) Up to INR 40 lakh (unsecured) |
INR 5000 (refundable) |
HDFC Credila |
Up to INR 40 lakh |
1% + GST |
Auxilo |
Up to INR 65 lakh |
Up to 2% of the sanctioned loan amount |
InCred |
Up to INR 60 lakh |
0.75% - 1% of the sanctioned loan amount |
BOB |
INR 7.5 lakh - INR 1.5 cr |
1% (max. INR 10,000) |
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Bank Name | Loan Amount | Processing Fee |
---|---|---|
Up to INR 1.5 cr with collateral |
INR 10,000 |
|
Prime A - INR 1 cr Prime B - INR 40 lakh |
0.75% on the sanctioned loan amount |
|
Up to INR 2 cr (secured) Up to INR 1 cr (unsecured) |
Up to 0.75% TO 1% + GST |
|
Up to INR 75 lakh without collateral |
Up to 1.5% of the sanctioned loan amount |
|
Up to INR 2 cr (secured) Up to INR 40 lakh (unsecured) |
INR 5000 |
|
Up to INR 75 lakh |
0.5% - 1% |
|
Up to INR 75 lakh |
1% - 1.5% |
|
Up to INR 65 lakh |
0.5% - 1.5% |
|
Up to INR 80 lakh |
1% - 2% |
|
Up to 100,000 USD |
5% (adjusted in the loan amount) |
|
Up to 100% cost to study |
Up to 5%, added to loan amount* |
|
Up to 1.5 cr with collateral |
INR 10,000 + GST |
*Note: Upon loan approval, students are required to pay an upfront fee of $100 to receive their sanction letter.
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For issuing unsecured education loans in Punjab, the necessary documents include:
Required Documents for Co-applicant (Parents, Guardians, and Spouse):
Essential Property Documents (if collateral is required):
Additional Documentation (as needed):
Find the Complete List of Documents Required for Education Loan
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For secured education loans in Punjab, additional documentation required to prove collateral includes:
Avoid Loan Letdowns: Know What Knocks Your Education Loan Off Track!
Bank Name | Interest Rate | Interest Rate Concession |
---|---|---|
State Bank of India |
Starts from 8.30% |
0.60% Business strategy discount 0.50% - for female students 0.50% - Rinn Raksha |
Axis Bank |
Starts from 11.5% |
0.5% - 2% |
ICICI Bank |
Starts from 10.5% -11% |
0.5% - 2% |
IDFC First |
Starts from 8.5% - 10% |
0.5% - 2% |
UBI |
Starts from 11.15% |
0.5% for female students 1% if the SI is paid in full |
HDFC Credila |
Starts from 10.25% - 12.75% |
- |
Auxilo |
Starts from 11% - 13.5% |
0.5% - 2% |
InCred |
Starts from 11% - 13.5% |
0.5% - 2% |
BOB |
Starts from 8.85% |
0.5% |
Bank Name | Interest Rate | Interest Rate Concession |
---|---|---|
State Bank of India |
Starts from 10.15% |
0.5% concession in interest for female students 0.5% - Rinn Raksha |
Axis |
9.99% - 12.5% |
- |
ICICI |
10.25% - 12.5% |
- |
IDFC First |
9.5%-11% (secured) 11%-13% (unsecured) |
- |
UBI |
9.25% - 9.75% |
- |
HDFC Credila |
10.25% - 12.75% |
- |
Avanse |
10.75% - 13% |
- |
Auxilo |
11.5% - 13% |
- |
InCred |
11.85% - 13.25% |
- |
MPower |
12.99% - 15.99% |
- |
Prodigy |
11.5% - 13.5% |
- |
BOB |
9.7% (fixed) |
0.20% concession in interest for female applicants of non-premier institutes |
Verify your eligibility for an education loan with GyanDhan today! Simply visit the GyanDhan website, use their loan eligibility tool, and receive instant feedback on your options.
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To qualify for this education loan scheme, applicants must meet specific eligibility requirements:
1. Parental or Guardian Representation: A parent or guardian must act as the co-borrower for students who are minors, ensuring legal and financial responsibility.
2. Joint Loan Agreement: The loan will be issued in the names of both the student and the parent/guardian, linking both parties to the financial commitment.
3. Admission Through Merit: The student must have secured admission to a recognized institution either in India or abroad, based on merit through a competitive selection process.
These criteria are designed to ensure that the loan is used for legitimate educational purposes and that there is adequate financial backing to support the student's academic journey.
Top Benefits of Education Loans—Learn How They Can Empower Your Academic Journey!
In summary, education loans in Punjab play a crucial role in supporting students pursuing higher education locally and internationally. Various banks offer tailored loan packages that cover extensive educational expenses, aiding students without immediate financial burdens. Applicants should thoroughly compare loan terms, prepare necessary documentation, and understand reasons for potential rejections to enhance approval chances. By wisely choosing and managing their education loans, students can invest effectively in their academic and future career growth.
In Punjab and exploring education loan options? GyanDhan is your go-to platform, offering a pathway to secure financing for your higher studies in India or abroad. Our education loan experts help you in securing high loan amounts under favourable terms with a track record of higher loan approval rates. We also assist with pre-visa loan disbursement, crucial for your visa application. Best of all? Our expert, end-to-end service comes at absolutely no extra cost to you. Check your loan eligibility on GyanDhan now and take the first step towards realizing your academic dreams.
Most banks provide loans for full-time courses. However, some banks might offer loans for part-time or online courses if they are affiliated with recognized universities. It's important to consult with individual banks for their specific policies.
The approval time can vary from a few days to a few weeks, depending on the bank and the completeness of the application documentation. Ensuring all documents are submitted correctly can expedite the process.
The moratorium period, often referred to as a holiday period, is the time during which the borrower is not required to make any repayments. This period usually lasts until 6 to 12 months after course completion, allowing the borrower time to find employment.
Yes, some banks offer special incentives and lower interest rates for women and students from economically weaker sections. Government schemes like the Central Sector Interest Subsidy Scheme also provide benefits to disadvantaged students.
Yes, many banks in Punjab offer education loans for students wishing to study abroad. These loans typically cover higher amounts and include travel costs and health insurance, depending on the bank.
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ICICI Bank
Axis Bank
Union Bank
Prodigy
Auxilo
HDFC Credila
IDFC
InCred
MPower
Avanse
SBI
BOB