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The first and foremost fact to go through while getting a loan to study abroad is checking the interest rate. The interest rates vary for every bank, so need to make an overall check before applying for the loan. Currently, the interest rates are between 11% to 14% and moreover, you will be offered the loan on floating rate basis which means they can increase or decrease in future depending upon the bank policies. So, you need a perfect go through for interest rates to avoid certain not so good surprises. Usually, private banks offer you more money on loan than govt banks.
- Bank of Baroda offers loans of up to Rs 20 lakhs with a rate of interest per annum of 12% for loans above Rs 4 lakhs.
- Canara Bank offers up to Rs 20 lakhs with a rate of interest per annum of 12% for loans between Rs 4 and 7.5 lakhs and 9.5% for loans greater than Rs 7.5 lakhs.
- Axis Bank offers up to Rs 20 lakhs and its rate of interest per annum ranges from 13.75% to 15.75%.
- Credila (of the HDFC Bank Company) offers up to Rs 20 lakhs and its rate of interest per annum is 13.5%.
- ICICI Bank offers up to Rs 20 lakhs and has an annual interest rate of 15%.
- Indian Overseas Bank offers up to Rs 40 lakhs and charges an annual interest rate of 15%.
- State Bank of India offers up to Rs 30 lakhs with an annual interest rate of 13.75% for amounts between Rs 4 – 7.5 lakhs and 11.75% for amounts above Rs 7.5 lakhs.
