How Your Education Loan Rate of Interest Can Change?

    Updated on: 11 Sep 2023 4 min read

    Your Education Loan Rate of Interest Can Change?

    Yes! You have made it to your acceptance mail and you are probably in the seventh heaven. All that huge amount of ordeal is finally worth it. A fluffy think cloud pops up on your brain where you’re flying on a plane, landing in your dreamland, befriending a multicultural group of people and ending up with a 5 or 6 digit salary in the US. But wait – there are things that are yet to be lined up before you can begin your journey, and these things include your not-so-cheap tuition fee that might leave you in a bundle of nerves. Unless you have paternal ties with Lil Wayne or Bill Gates, you can’t help but apply for an educational loan.

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    Which Bank To Choose For An Unsecured Education Loan For Abroad Studies? 

    In the case of no collateral, the next best option is to apply for an unsecured education loan from Axis Bank or ICICI. Along with a longer loan tenure and quick processing time, Axis Bank has a refundable processing fee for a loan amount up to INR 20 lakhs. For a loan amount beyond INR 20 lakhs, the bank charges a very affordable fee of INR 750 per lakh along with GST. That is, for a loan amount of INR 40 lakhs, a student will have to shell out 750*(40-20) + GST = 15,000 + GST.
    Students won’t have to pay a penny more as GyanDhan’s loan application services are absolutely free of cost. 

    We, at GyanDhan, work in alliance with the Indian banks, who strictly adhere to the policies of RBI. Therefore, using our services will ensure that there aren’t any such unpleasant surprises as far as your interest rate is concerned.

    Ready to get started? get an instant quote

    Also, if you are planning to take an education loan via SBI, then we have launched a new service of door pickup of documents (at zero cost) which will reduce your time and effort substantially.



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Written by Ankit Mehra

Ankit is the co-founder and CEO of GyanDhan. An IITK / IESE alum who previously worked at Capital One / Credit Suisse, his aim is to equalize and expand access to higher education. His interests include playing football (soccer), and basketball, trading/investing the limited money that he still has, and discussions on economics / politics.


Photo aman jain
Reviewed by Aman Jain

Aman Jain graduated from IIT Kanpur, and currently functions as the CMO at GyanDhan. He is deeply passionate about creating equality in higher education and has directly interacted with 2 Lakh students in his 8-year-long journey.


Specializes in:
Education loan , Study Abroad Admissions


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