How many days does it take to sanction an education loan?

Question

Hi, has anyone here applied for an education loan? I would like to know How long does it take for a student loan to be approved? Please provide details on Education loan interest rate and all the necessary documents required to apply for one. #Educationloan

A D · Answer

Hi,
The number of days for a loan to get approved differs from bank to bank. 
The loan amount and the rate of interest depend on the profile of an applicant. Being a fall 2022 applicant, here is what I found during my loan research -
Collateral loans:
Canara Bank, SBI, Bank of Baroda, hdfc bank rate of interest starts around: 8.5%
ICICI starts at 9%

Non-collateral loans:
HDFC bank starts around 10%
https://yocket.com/blog/hdfc-credila-study-abroad-education-loan
Inr Loans IDFC Bank (upto 50L) - 10.5% fixed = the best Option HDFC Credila ( Upto 45L)- 11%-14% based on Your Profile Axis Bank (Upto 40L Based on Your Profile and GRE) - 11-14% ICIC Bank (Upto 40L ) - 11.5%+ Usd Loans Leapfinance (Upto 100$K) - 8-9.6% based on your profile and College Location Prodigy (Upto 100% of Cost) - 8.5-12% based on Profile Mpower (Upto 100$k) - 12.5%
Auxilo starts around 10%
Avanse starts around 10.5%

Other loan providers are leap finance, Mpower, prodigy
https://yocket.com/blog/your-3-step-guide-to-getting-a-prodigy-finance-loan-for-american-ms-degrees
https://yocket.com/blog/q-a-with-prodigy-finance-borrowers

If you need a review on loans from Bank of Baroda, HDFC Credila, ICICI, SBI Education Loan, Auxilio, Avanse :
https://yocket.com/feed/bank-loan-review-part-1-734757

If you need a review on loans from Prodigy, Leap finance, Mpower, Incred, Axis bank educational loan, and Punjab national bank :
https://yocket.com/feed/bank-loan-review-part-2-734756

Hope it helps !!!