| Provider | Interest Rates | Loan Amounts | Repayment Options | Other Features |
|---|---|---|---|---|
| HDFC Credila | 9.40% – 11.50% | Up to ₹1 crore | Flexible repayment tenure up to 15 years | Loan processing fee up to 2.5%, doorstep service |
| SBI Global Ed-Vantage | 9.60% – 11.60% | Up to ₹1.5 crore | Moratorium period up to 6 months, flexible repayment options | Loan processing fee up to 2%, no prepayment penalty |
| ICICI Bank Student Loan | 9.75% – 11.75% | Up to ₹2 crore | Repayment tenure up to 12 years, no collateral required | Loan processing fee up to 1%, balance transfer facility |
| Axis Bank Education Loan | 9.80% – 11.80% | Up to ₹1 crore | Flexible repayment options, step-up EMI facility | Loan processing fee up to 2%, concession on interest rates for women borrowers |
| Prodigy Finance | 7.99% – 12.99% | Up to ₹1 crore | No collateral or co-signer required, flexible repayment options | Higher interest rates for non-US citizens, shorter repayment tenure |
Advantages and Disadvantages of Each Provider:
- HDFC Credila: Offers competitive interest rates and high loan amounts, but has a higher loan processing fee.
- SBI Global Ed-Vantage: Provides a longer repayment tenure and flexible repayment options, but may have stricter eligibility criteria.
- ICICI Bank Student Loan: Offers a high loan amount with no collateral required, but the interest rates are slightly higher.
- Axis Bank Education Loan: Provides a range of repayment options and concessions for women borrowers, but the loan amount is lower than other providers.
- Prodigy Finance: Offers lower interest rates and no collateral requirement, but has a shorter repayment tenure and may not be suitable for non-US citizens.
Tips for Choosing the Right Education Loan
Choosing the right education loan is crucial for pursuing your abroad studies without financial stress. Here are some tips to help you make an informed decision:
Interest Rates
- Compare interest rates offered by different lenders.
- Consider both fixed and floating interest rates, and their potential impact on your loan repayment.
Loan Terms
- Review the loan tenure and ensure it aligns with your repayment capacity.
- Consider the prepayment options and penalties, if any.
Repayment Options
- Explore various repayment plans, such as EMI-based or income-contingent repayment.
- Choose a plan that fits your financial situation and future earning potential.
Customer Service
Assess the lender’s reputation and customer service. Check online reviews and inquire about their responsiveness and support during the loan process.
