Compare Education Loan EMIs & Interest Rates — All Banks
Select banks, enter your loan amount, and instantly compare monthly EMIs, total interest, and savings. 16 banks and NBFCs compared with the latest 2026 interest rates.
Compare Education Loan EMIs Side-by-Side
Select up to 4 banks, enter your loan details, and instantly see which bank saves you the most.
Save ₹68.1K by choosing SBI over Credila
That's ₹811 less per month in interest — over 7 years, this adds up significantly.
SBI
LowestMonthly EMI
₹15.7K
Total Interest
₹3.16 Lakh
Total Payment
₹13.16 Lakh
ICICI Bank
Monthly EMI
₹16.2K
Total Interest
₹3.62 Lakh
Total Payment
₹13.62 Lakh
Credila
Monthly EMI
₹16.5K
Total Interest
₹3.84 Lakh
Total Payment
₹13.84 Lakh
Total Interest Comparison
Education Loan Interest Rates — All Banks Compared
Last updated: March 2026
| Bank / Lender | Type | Interest Rate | Without Collateral | With Collateral | Processing Fee | Moratorium | Max Tenure | Best For |
|---|---|---|---|---|---|---|---|---|
| SBI (State Bank of India)♀ | PSB | 8.15% - 11.15% | ₹7.5 Lakh | ₹1.5 Crore+ | Nil (up to ₹20L) | Course + 12 months | 15 years | Lowest rates, domestic studies |
| Bank of Baroda♀ | PSB | 8.35% - 10.35% | ₹7.5 Lakh | ₹1 Crore+ | Nil | Course + 12 months | 15 years | Competitive PSB rates |
| Punjab National Bank♀ | PSB | 8.45% - 10.65% | ₹7.5 Lakh | ₹1 Crore+ | Nil | Course + 12 months | 15 years | Good domestic loan rates |
| Canara Bank♀ | PSB | 8.65% - 10.65% | ₹7.5 Lakh | ₹1 Crore+ | Nil | Course + 12 months | 15 years | Wide branch network |
| Union Bank of India♀ | PSB | 8.90% - 11.40% | ₹7.5 Lakh | ₹1 Crore+ | Nil | Course + 6 months | 15 years | Good for IIT/IIM students |
| IDFC First Bank | Private | 9.00% - 14.50% | ₹25 Lakh | ₹75 Lakh+ | Up to 2% | Course + 6 months | 15 years | Competitive private bank rates |
| Bank of India♀ | PSB | 9.05% - 10.55% | ₹7.5 Lakh | ₹1 Crore+ | Nil | Course + 12 months | 15 years | Study abroad up to ₹20L |
| ICICI Bank | Private | 9.25% - 13.00% | ₹20 Lakh | ₹1 Crore+ | Up to 1% | Course + 6 months | 12 years | Fast processing, abroad studies |
| InCred Financial | NBFC | 9.50% - 14.00% | ₹30 Lakh | ₹1 Crore | 1% - 2% | Course + 6 months | 10 years | Fast digital approval |
| HDFC Bank | Private | 9.55% - 13.25% | ₹15 Lakh | ₹1 Crore+ | Up to 1.5% | Course + 12 months | 15 years | Premium university students |
| Axis Bank | Private | 9.70% - 13.70% | ₹20 Lakh | ₹75 Lakh+ | Up to 1.5% | Course + 6 months | 10 years | Digital process, quick disbursal |
| Credila (HDFC Credila) | NBFC | 9.75% - 13.50% | ₹40-80 Lakh | ₹1.5 Crore+ | 1% - 2% | Course + 6 months | 15 years | Abroad studies, high loan amounts |
| Auxilo Finserve | NBFC | 9.95% - 13.25% | ₹40 Lakh | ₹1 Crore+ | 1% - 2% | Course + 6 months | 12 years | Abroad studies, flexible terms |
| Avanse Financial | NBFC | 10.25% - 16.00% | ₹40 Lakh | ₹1.25 Crore | 1% - 2% | Course + 6 months | 12 years | Flexible eligibility, domestic & abroad |
| Tata Capital | NBFC | 10.99% - 14.50% | ₹25 Lakh | ₹50 Lakh+ | Up to 2.5% | Course + 6 months | 10 years | Domestic professional courses |
| Prodigy Finance | NBFC | 13.00% - 18.00% | Up to full cost | N/A (no collateral needed) | 5% | Course + 6 months | 20 years | No co-signer, no collateral (intl only) |
* Interest rates are indicative and may vary based on course, institution, applicant profile, and co-borrower income. Verify current rates on respective bank websites before applying. PSB = Public Sector Bank. Women discount (♀) typically 0.25-0.50% concession.
Key Insights for Education Loan Borrowers
Public Sector Banks: Lowest Rates
SBI, Bank of Baroda, and PNB consistently offer the lowest education loan interest rates (8.15%–10.65%). They charge zero processing fees and offer longer moratorium periods. However, they typically require collateral for loans above ₹7.5 lakh and have slower processing times.
NBFCs: Higher Limits, Faster Processing
Credila, Avanse, and InCred offer higher unsecured loan amounts (up to ₹40–80 lakh without collateral) and faster approvals (3–7 days vs 2–4 weeks for PSBs). Their rates are higher (9.5%–16%), but they accept a wider range of courses and universities.
Save with Section 80E Tax Benefits
Regardless of which bank you choose, you can claim unlimited deductions on education loan interest under Section 80E for up to 8 years. Read our Section 80E guide to maximize your tax savings.
Calculate Your EMI Before Choosing
A 1% difference in interest rate on a ₹20 lakh loan over 10 years means ~₹1.3 lakh difference in total repayment. Use our free EMI calculator to compare exact monthly payments across different banks and tenures.
Related Resources
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Login, status check, disbursement process, and application guide.