Taking loan for education is the easiest way to meet the shortfall of funds.
You can take loan for higher and better education in India and abroad. It covers all the expenses like tuition fees, accommodation, transportation, library etc. Most of the banks in the country offer education loans for pursuing higher studies in India or abroad. Interest paid on education loan is eligible for tax deduction benefits under Section 80E of the Income Tax Act, 1961. Any individual who has applied for an education loan for self, spouse, children or legal ward can claim this tax deduction benefit for up to eight years.Also Read:How to get duplicate passbook and investment certificates from post office
So, if you are looking for an education loan, here are 10 government banks that are currently offering the lowest interest rates. Note, we have considered only the minimum advertised rates for each bank mentioned below, and the interest rate applicable to you may be higher depending on the terms and conditions of your chosen bank.Also Read:ATM Cash Withdraw: What is the free limit for withdrawing cash from ATM? Know the rules of RBI
| Bank ‘s name | The lowest advertised interest rates ( annual) |
| Bank Of Baroda | 6.75% |
| union bank | 6.80% |
| central bank | 6.85% |
| bank of india | 6.85% |
| state bank of india | 6.85% |
| Punjab National Bank | 6.90% |
| Canara Bank | 6.90% |
| Bank Of Maharashtra | 7.05% |
| Indian Bank | 7.15% |
| Indian Overseas Bank | 7.25% |
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