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Educational Loans

Student Education Loans in India: Overview

Studying in India or abroad often demands substantial funding. To support students, various public and private banks, along with NBFCs, offer tailored education loans—featuring competitive interest rates, flexible repayment schedules, and minimal processing charges. Government initiatives like PM Vidyalaxmi and skill-based loan schemes further enhance affordability.

Central Portal for Student Loans

Vidya Lakshmi Portal: A one-stop platform listing loan schemes from over 45 banks (139 plans), facilitating students to compare and apply—covering up to ₹1.5 crore for studies abroad.

Major Banks & Loan Schemes

State Bank of India (SBI)

Loan range: Up to ₹1.5 Cr (India); ₹2 Cr (abroad)
Interest: MCLR + ~1.65%; starting from ~7.55%–8.15% depending on scheme
Repayment tenure: Up to 15 years with moratorium during studies.

Special schemes: PM Vidyalaxmi (8%+), Scholar Loan, Global-EdVantage

Punjab National Bank (PNB)

Interest: 4%–12.35%; recently reduced rates under PM Vidyalaxmi
Loan features: PNB Udaan (abroad) & PNB Pratibha (top Indian institutes); no processing fees for domestic studies.

HDFC Bank

Loan cap: ₹20 lakh (domestic); ₹40 lakh (abroad)

Interest: Approximately 9.25%–13.99%

ICICI Bank

Loan cap: ₹1 crore (domestic); ₹50 lakh (abroad)
Interest: Starts from ~9.30%–11.50%
Benefits: Flexible repayment up to 15 years; zero margin for select institutes

Axis Bank

Loan cap: Up to ₹75 lakh (domestic); ₹1.5 crore (abroad)
Interest: Roughly 10.50%–15.20%
Collateral-free loans: Up to ₹75 lakh

Bank of Baroda

Loan cap: ₹80 lakh (domestic); ₹60 lakh (abroad)
Interest: 6.75%–8.25%
Perks: No collateral for ≤₹7.5 lakh

Union Bank of India (UBI)

Loan cap: ₹40 lakh unsecured; up to ₹1.5 crore secured
Interest: Starts from ~9.75%

IDFC First Bank

Unsecured loan: Up to ₹75 lakh
Interest: ~11.75%–13.25%

Yes Bank

Unsecured loan: Up to ₹50 lakh
Interest: ~11.50%–13%

Other PSU Banks

Include: Canara, IDBI, UCO, Indian Overseas, Federal, Karur Vysya, Tamilnad Mercantile, etc. with rates ranging 7.5%–14%

Leading NBFC Players

NBFCs offer fast disbursal and higher loan amounts:

Credila, Avanse, Auxilo, InCred, HDFC Credila, Bajaj Finance, Tata Capital, etc.

These typically offer ₹10 lakh–₹1.5 crore unsecured, with interest rates approx. 10%–16.5%

Eligibility & Interest Factors

Common eligibility criteria:

Interest rate determinants:

Processing Fees:Typically USD 0–2% of total loan; many waive fees up to ₹7.5 lakh

Moratorium Periods:Generally course duration + 6–12 months; some banks offer concession or interest-free during this phase

Choosing the Right Option

Bank / NBFC	Max Loan (₹ Cr)	Interest Range	Collateral-Free Limit
SBI	Dom: 1.5, Abroad: 2	~7.55%–10.65%	≤ ₹7.5 lakh
PNB	Need-based	~4%–12.35%	Varies per scheme
HDFC	Dom: 0.2, Abroad: 0.4	~9.25%–13.99%	≤ ₹7.5 lakh
ICICI	Dom: 1, Abroad: 0.5	~9.30%–11.50%	Selected institutes
Axis	Dom: 0.75, Abroad: 1.5	~10.50%–15.20%	≤ ₹75 lakh
Bank of Baroda	Dom: 0.8, Abroad: 0.6	~6.75%–8.25%	≤ ₹7.5 lakh
UBI	Secured: 1.5	~9.75%+	Depends on loan
IDFC First / Yes / NBFCs	Varied	~10.5%–16.5%	₹0.50–1.5 crore

Credit Card Scheme and SC/ST & Low-Income Scholarships

1. Bihar Student Credit Card Scheme (BSCC)

Overview

Launched by the Bihar government on 2 October 2016, the Bihar Student Credit Card Scheme provides loans up to ₹4 lakh to 12th-pass students for higher education—academic and professional courses—including tuition, living, and rental expenses.
Zero interest or minimal interest for SC/ST, female, transgender, and Divyang (PwD) students in some cases

Eligibility

Permanent residents of Bihar, aged up to 25 years, who have passed Class 12 and enrolled in a recognized institution (UG, PG, professional courses: engineering, medical, law, BSc Nursing, etc.)

Loan Purpose & Benefits

Covers all education-related costs including tuition, equipment (books/laptops), hostel fees, and accommodation if hostel not available
Grameen banking model via district DRCCs and partner banks; government acts as guarantor

Flexible repayment deferred until after course completion and job placement

How to Apply

2. Bihar State Post-Matric Scholarships (SC/ST/EBC/OBC)

For SC/ST:

Post-matric scholarships aimed at students from Scheduled Castes and Tribes covering college and university education.
Requires annual family income ≤₹2 lakh.
Offers maintenance allowance up to ₹13,500 per year

For OBC/EBC:

Post-matric for OBC (≤₹3 lakh) and EBC (≤₹2.5 lakh) students in higher education.

Covers tuition and maintenance; registrations via state portal .

3. Uttar Pradesh – SC/ST & Low-Income Scholarships

Pre-Matric Scholarships (SC/ST):

For students in Class 9–10 familially earning ≤₹2.5 lakh (“Component 1”) or all incomes (“Component 2”).
Offers ₹3,500–₹7,000 (day boarders/residential) per annum

Post-Matric & OBC Support:

Scholarships for SC, ST, OBC, and general low-income students from Class 11 onwards.
Family income thresholds: General ≤₹2.5 lakh, OBC ≤₹2 lakh
Supports over 30 lakh OBC students via fee waivers and hostel funding (~₹2,475 crore disbursed)

Additional Welfare Programs:

UP’s Zero Poverty Campaign identifies underprivileged households for targeted benefits including scholarships, educational tools, and banking access

Recent UP budget allocations (₹2 crore for OBC hostels) underscore commitment to inclusive educational infrastructure

State	Scheme	Beneficiary Group	Financial Support	Eligibility Criteria
Bihar	Student Credit Card (BSCC)	Class 12 pass, all groups	Loan up to ₹4 lakh, zero/minimal interest	Bihar residents ≤25 yrs; enrolled UG/PG/professional
	Post-Matric Scholarships	SC/ST, OBC/EBC	Up to ₹13,500 p.a. (SC/ST); maintenance & tuition for OBC/EBC	Income ≤₹2 lakh (SC/ST), ≤₹3 lakh (OBC), ≤₹2.5 lakh (EBC)
Uttar Pradesh	Pre-Matric (SC/ST)	Class 9–10, SC/ST	₹3,500–₹8,000 p.a.	Income ≤₹2.5 lakh or any income (Component 2)
	Post-Matric & OBC Scholarships	Class 11+, SC/ST/OBC/general low-income	Tuition, hostel, maintenance support	Income ≤₹2.5 lakh (General), ≤₹2 lakh (OBC)