Sir, I am looking for a education loan and want to know the best lender who offer me loan around 2 lacs with no extra charges and collateral.
The best bank really depends on your situation and varies person to person. You should evaluate the banks offers on these metrics to identify what works best for your case
- Interest Rate: This is the obvious feature many students compare. Pls note that the below factors are sometimes equally important.
- EMI payment before graduation: Banks usually provide a moratorium period up to 1 year after graduation during which the student can secure a job and start making payments towards his loan.
- Early repayment penalty: Many banks charge an early repayment penalty if you want to pay your loan back early. Please make sure you understand the terms involved and compare the same across banks.
- Loan processing fee: Make sure you compare the loan processing fee along with the interest rate.
- some of the banks provide good education loans like SBI and Bank of Baroda offer the best rates. However, they also have the most arduous process for application.Private banks like Axis and Kotak offer bank loans at reasonable interest rates and quick turn-around times.