BEST BANKS OF INDIA IN RURAL SIDE AND CITY SIDE
Education loan has become important for economically backward people to pursue their dream of higher education. This article shows you a list of best banks in city side as well as rural side. This article deals with “Best bank for education Loan in India”.
RURAL SIDE BANKS:
- Syndicate Bank
Syndicate bank was started in the year 1925, in Udupi, Karnataka with initial investment of Rs. 8000. Like all other banks Syndicate is also one of the banks which provide massive financial support for students to pursue their higher education in India and abroad. The Syndvidhya scheme of Syndicate bank aims in providing financial support for students who are really deserving and needy.
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- Bank of Baroda
Bank of Baroda established in the year 1908 by Maharaja Sayajirao Gaekward. Currently bank of baroda headquartered at Vadadora, India. Bank of Baroda provides financial assistance for well deserved students with good academic performance though they are poor. Bank of Baroda provides financial assistance right from school education to graduation and even post graduation schemes. Bank of Baroda has various schemes in providing education loan. They are:
- Baroda Vidhya financial assistance for students under school education.
- Baroda Gyan specially for students in pursuing graduation, post-graduation, professional and other courses in India.
- Baroda Scholar specially for students in pursuing graduation, post-graduation, professional and other courses in India.
- Baroda education loan for vocational education and training.
Must Read: Case study on Education Loan
Comparative study on education loans provided by Syndicate bank and Bank of Baroda:
| Name of the Bank | Maximum loan amount | Margin | Interest Rates | ||||
| Studies in India (in lakhs) | Studies Abroad(in lakhs) | Up to Rs. 4 lakhs | Above Rs. 4 lakhs | Up to 4 lakhs | 4 lakhs to 7.5 lakhs | Above 7.5 lakhs | |
| Syndicate Bank | 10 | 20 | -No | India Five%Abroad - 15% | 10 | 10 | 9.5 |
| Bank of Baroda | 10 | 20 | -No | India Five%Abroad - 15% | 10 | 12 | 12 |
CITY SIDE BANKS:
- HDFC Bank
The HDFC bank was founded in the year 1954, August. Currently HDFC bank is headquartered at Mumbai, Maharashtra. HDFC Bank aims at providing education to the reach of poor and needy students with good academic records. The expenses like college fee, hostel fee, laboratory fee, uniform fee, book fee, equipment fee comes under the coverage of loan.
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- State Bank of India
SBI bank established in the July 1, 1955 currently headquartered at Mumbai, Maharashtra provides financial and banking services across the country and even worldwide. SBI banks helps students by providing financial support to pursue their education in India and even abroad.
- AXIS Bank
AXIS bank is public bank established in the year 1994 and currently headquartered at Mumbai, Maharashtra. With over 19 years of experience Axis bank is rendering financial support for economically backward people.
| Name of the Bank | Maximum loan amount | Margin | Interest Rates | ||||
| Studies in India (in lakhs) | Studies Abroad(in lakhs) | Up to Rs. 4 lakhs | Above Rs. 4 lakhs | Up to 4 lakhs | 4 lakhs to 7.5 lakhs | Above 7.5 lakhs | |
| SBI | 10 | 30 | - No | Five% to 15% | 11.25 | 12.75 | 11.75 |
| HDFC | 15 | 20 | - No | 5% to 15% | 12-14 | 12-14 | 12-14 |
| AXIS | 10 | 20 | - No | 5% to 15% | 17 | 18 | 16 |
From the above data we can conclude that amongst rural banks Syndicate bank is best and among city side banks SBI banks are best in terms of interest rates and the amount of loan sanctioned.