Education is one of the most valuable investments a student can make, and in a city like Surat, where educational aspirations are soaring, having access to the best education loan providers is crucial. Whether you’re planning to study in India or abroad, choosing the right loan partner can make all the difference in your academic journey. In this detailed guide, we provide an in-depth analysis of the best education loan providers in Surat, covering interest rates, repayment options, benefits, and customer service.
Why Education Loans Are Crucial in Surat
Surat, known as the diamond and textile hub of India, has also emerged as a prominent center for quality education. With top-notch universities and coaching centres, thousands of students every year seek financial assistance to pursue higher studies. Rising tuition fees and living expenses make education loans in Surat a reliable and accessible funding option.
Top Education Loan Providers in Surat
1. State Bank of India (SBI): The Most Trusted Public Sector Option
SBI offers one of the most popular and trusted education loans in Surat. The bank provides loans under the SBI Student Loan Scheme and SBI Global Ed-Vantage Scheme for overseas studies.
Key Features:
- Loan Amount: Up to ₹1.5 crore for studying abroad
- Interest Rate: Starts from 8.50% p.a. (with interest concessions for female students)
- Processing Fee: Nil for domestic studies
- Repayment Tenure: Up to 15 years
- Moratorium Period: Course duration + 1 year
SBI’s large network of branches across Surat ensures hassle-free application and disbursement.
2. HDFC Credila: Tailor-Made Loans for Higher Education
HDFC Credila is India’s first dedicated education loan company. It provides customize loan solutions for students with quick processing and minimal paperwork.
Key Features:
- Loan Amount: No upper limit; depends on the course and institute
- Interest Rate: Ranges from 11% to 13.5% (floating)
- Collateral: Both secured and unsecured loans are available
- Repayment: Flexible repayment options with a tenure of up to 12 years
- Pre-Approval: Available before admission based on student profile
Credila is ideal for students applying to premier institutions in India and abroad, like IITs, IIMs, or top foreign universities.
3. Axis Bank: Fast and Convenient Education Loans
Axis Bank provides education loans in Surat with minimal documentation and attractive features that appeal to both students and parents.
Key Features:
- Loan Amount: Up to ₹75 lakh for studies in India and abroad
- Interest Rate: Starting from 13.70% p.a.
- Loan Tenure: Up to 15 years
- Processing Fee: ₹15,000 (can vary based on loan size)
- Prepayment Charges: Nil
Axis Bank also offers doorstep service for document collection in Surat and faster disbursal for eligible candidates.
4. Punjab National Bank (PNB): A Government-Backed Loan Partner
PNB is another reliable choice for education loans under its PNB Udaan and PNB Pratibha schemes. It caters especially to students enrolling in recognized institutes and universities.
Key Features:
- Loan Amount: Up to ₹7.5 lakh without collateral; above that with collateral
- Interest Rate: Starting from 8.55% p.a. with subsidy options under government schemes
- Tenure: Up to 15 years
- Processing Charges: Nominal or zero
- Special Schemes: Available for SC/ST/OBC candidates
PNB’s local presence in Surat ensures students from all economic backgrounds have easy access to education loans.
5. ICICI Bank: Digitally Advanced and Swift Processing
ICICI Bank has become one of the most preferred education loan providers in Surat for students who want a smooth, tech-enabled loan process.
Key Features:
- Loan Amount: Up to ₹1 crore
- Interest Rate: From 11.5% p.a.
- Loan Tenure: Up to 10 years
- Digital Application: The entire loan process can be completed online
- Tax Benefits: Under Section 80E
ICICI is a top choice for students and parents who value speed and convenience.
6. Bank of Baroda: Ideal for All-Round Loan Facilities
Bank of Baroda offers one of the most student-friendly education loan options in Surat under its Baroda Gyan and Baroda Scholar schemes.
Key Features:
- Loan Amount: Up to ₹80 lakh for overseas education
- Interest Rate: Starts from 8.85% p.a.
- Processing Fees: Nil
- Tenure: Up to 15 years
- Concessions: Interest concession for female students and top-rated institutions
Bank of Baroda is recognised for its excellent customer service and guidance throughout the loan application process.
Top Courses and Countries for Which Students in Surat Apply for Loans
Surat students frequently take loans for courses like MBA, MS, MBBS, engineering, and Design, both in India and in countries such as
- USA
- Canada
- UK
- Australia
- Germany
Documents Required for Education Loans in Surat
- While requirements vary, most banks and NBFCs ask for:
- Admission letter from the institution
- Academic records
- Proof of identity and residence
- Income proof of co-applicant
- Collateral documents (if applicable)
- Bank statements
Government Schemes Available in Surat
- Padho Pardesh Scheme
- Central Sector Interest Subsidy Scheme (CSIS)
- Dr. Ambedkar Central Sector Scheme for OBCs
These schemes are applicable through major public-sector banks and can be availed at designated branches in Surat.
Conclusion: Choose the Best Based on Your Profile
Whether you’re applying to a local institute or planning to study abroad, the right education loan provider in Surat will depend on your academic goals, financial background, and preferred repayment terms. SBI and PNB are best for government-backed reliability, HDFC Credila for flexible private lending, and ICICI or Axis Bank for digital convenience. Always compare multiple options, and don’t hesitate to consult with the bank officials for personalise guidance.