Want to take a loan for studies, know which bank will be the best? Here are the names of the banks with the lowest interest

New Delhi. Many times some students are not able to study in a big institute or go abroad just because they do not have the money to pay the expensive fees. In such a situation, education loan is one such option, through which you can study in the college or university of your dreams. At present, apart from government and private banks, many non-banking finance companies and international banks also provide education loans at affordable rates.

If you want to study further by taking a loan, then tell you that the bank or company from which you are getting the cheapest loan, you should apply for the loan from the same. Because after taking the loan, you will have to pay it back and if the interest rate is high, you will have to bear the burden. Here we are telling you about some banks providing loans at the lowest interest rate.

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State Bank of India (SBI) interest rates
At present, SBI is providing education loan at the lowest interest rate. The bank’s annual interest rate on education loan starts from 8.55 per cent. You can apply for loans up to Rs 50 lakh from SBI. In this, there is no processing fee for taking loans up to Rs 20 lakh. On the other hand, you have to pay a processing fee of Rs 10,000 for loans above Rs 20 lakh. There is no security on SBI’s education loan up to Rs 7.5 lakh, but if the loan amount is more than that, you will have to give security.

Punjab National Bank (PNB) Interest Rates
Punjab National Bank’s interest rate on education loan starts from 8.55 percent. No limit of loan amount has been fixed in this. You can take as much money as you need as a loan. You have to pay GST along with Rs 250 as processing fee in PNB. In this too, no security has to be given on education loan up to Rs 7.5 lakh, but if the loan amount is more than that, you will have to give security.

Bank of Baroda (BOB) Interest Rates
Bank of Baroda is also included in the list of banks offering educational loans at the lowest interest. The interest rate of this bank on education loan starts from 9.15 percent. In this, you can apply for a loan of up to Rs 1.25 crore. You do not have to pay any processing fee or security for loans up to Rs 7.5 lakh. On the other hand, if the loan amount is more than this, you will have to pay 1% of the amount as fee. However, the maximum amount of processing fee is Rs 10,000.

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