The EMI for an education loan is calculated using the formula:
EMI = [P × R × (1+R)^N] / [(1+R)^N – 1]
Where:
This helps students and parents plan their finances efficiently before applying for a loan.
| Bank | Max Loan Amount | Interest Rate | Processing Fee |
|---|---|---|---|
| SBI (State Bank of India) | ₹1.5 Cr | 8.15% – 10.50% | Nil / Minimal |
| Punjab National Bank | ₹75 Lakhs | 8.75% – 9.50% | Up to 1% |
| Bank of Baroda | ₹80 Lakhs | 8.25% – 9.85% | Nil / Minimal |
| HDFC Bank | ₹20 Lakhs (India) / ₹1 Cr (Abroad) | 9.25% – 13% | Up to 1% |
| Axis Bank | ₹75 Lakhs | 9% – 13.5% | 1% of loan amount |
| Partner | Max Loan Amount | Tenure | Interest Rate | Processing Fee |
|---|---|---|---|---|
| SBI Education Loan | ₹1.5 Cr | Up to 15 Years | 8.15% – 10.50% | Nil |
| Axis Bank Scholar Loan | ₹75 Lakhs | Up to 10 Years | 9% – 13.5% | 1% of loan |
| HDFC Credila | ₹1 Cr | Up to 12 Years | 9.25% – 13% | Up to 1% |