Education loan: Here're the lists of banks offering lowest interest rates, bank policy, interest rate and other details

The majority of parents want the best education for their kids. Quality education, however, is typically an expensive endeavor that calls for careful financial planning. Not only in universities abroad but also in India, education loans have become the go-to method for paying for courses and degrees. Education loans often pay for a variety of costs associated with a course, including tuition, hostel accommodation, uniforms, access to libraries and laboratories, course materials like books and laptops, refundable deposits, transportation, and more. Here are the lists of the banks that are still offering education loans at a very low-interest rate.

As per the online data, the interest rate offered by the Central Bank of India is currently the lowest at 6.95 percent. A loan for Rs 20 lakh with a seven-year term will have an equivalent monthly payment of Rs 30,136.

The second-cheapest lender is the state-run Punjab National Bank (PNB), which has an interest rate of 7.45 percent. The EMI comes to Rs 30,627.

SBI levies an interest rate slightly higher than average on student loans, at 7.5 percent. It would cost Rs 30,677 for the EMI. The same rate of interest is also applied to student borrowers by two other government-owned banks, Union Bank of India and IDBI Bank.

An education loan of Rs 20 lakh with a seven-year term is charged an interest rate of 7.9% by Indian Bank. The borrower has to pay an EMI of Rs 31,073.

On a Rs 20 lakh education loan with a seven-year term, the Bank of Baroda charges an interest rate of 7.9%. The EMI due from the borrower is Rs 31,073.

The interest rate of the state-owned bank is 8.25 percent. The EMI will work out to Rs 31,422.

A Rs 20 lakh education loan from Canara Bank with a seven-year repayment period carries an 8.3 percent interest rate. Amounting to Rs 31,472, the EMI.

The interest rate on education loans from the Bank of Maharashtra is 8.35 percent. The monthly installment in this case is Rs 31,522.

Another public lender, Punjab and Sind Bank, provides an interest rate of 8.4% on Rs 20 lakh for the time period of seven years. The EMI amounts to Rs 31,572.

A loan borrower has to pay an EMI of Rs 31,824 on the loan of Rs 20 lakh with a seven-year term.