Key facts: Hero FinCorp vs Punjab National Bank education loan
- Starting rate: Hero FinCorp 17.90%, Punjab National Bank 7.85%. This is the lowest rate each loan provider advertises for an education loan, not the rate everyone is offered.
- Gap between starting rates: 10.05 percentage points between the lowest and the highest.
- Top of the published range: Punjab National Bank up to 9%.
- Maximum tenure: Hero FinCorp 3 years, Punjab National Bank 15 years.
- Type of loan provider: Hero FinCorp is an NBFC; Punjab National Bank is a public sector bank. Banks and NBFCs price floating rates differently.
- Official websites: herofincorp.com, pnb.bank.in.
- Pages checked: 3 official pages opened for this loan type.
- Loan types with a published rate: Hero FinCorp 6, Punjab National Bank 5 (out of 8 we track).
- Last checked: 12 October 2026, on each loan provider's own website.
Who each loan provider suits on an education loan
Built only from figures the loan providers publish. It says where each one is ahead on paper, not who will approve you.
Pick Hero FinCorp if you want
- The most complete published terms for this loan (5 of 5 details)
Pick Punjab National Bank if you want
- The lower published starting rate (7.85%)
- The longer maximum tenure (15 years)
Hero FinCorp vs Punjab National Bank education loan: rate, fees and tenure
Starting education loan rates as published: Hero FinCorp from 17.90% and Punjab National Bank from 7.85%. Punjab National Bank is lower at the starting rate, but the top of each range and your own credit profile decide what you are offered. Punjab National Bank lists the longer maximum tenure (up to 15 years (saraswati)).
| Detail | Hero FinCorp | Punjab National Bank |
|---|---|---|
| Published rate | Starting from 17.9% p.a. (personal loan for students) | 7.85% to 9.00% p.a. (Digi Education, PM Vidyalaxmi, Pratibha 7.85% |
| Loan amount | ₹50,000 to ₹7 lakh | Need based (subject to margin guidelines) |
| Maximum tenure | 36 months | Up to 15 years (Saraswati) |
| Processing fee | Minimum 2.5% + GST | Not published |
| Prepayment / foreclosure | Prepayment: not applicable. Foreclosure: 5% + GST on outstanding principal | Nil (Saraswati) |
| Eligibility (as published) | Age 21-58; salaried or self-employed; min net monthly income ₹15,000; CIBIL 725+ preferred | Resident Indian with admission to recognized Indian higher education course after 10+2 via entrance/merit |
| Other terms published |
|
|
| Official source | herofincorp.com/personal-loans/education-loan | pnb.bank.in/pnbsaraswatiloan.html pnb.bank.in/downloadprocess.aspx |
Read the full guide: Education loan
What each loan provider publishes about its education loan
Hero FinCorp
NBFC · Hero FinCorp Limited
- Eligibility as published: Age 21-58; salaried or self-employed; min net monthly income ₹15,000; CIBIL 725+ preferred
- Online approval in about 10 minutes
- No security or collateral needed
- Paper-free digital application
- Tenures from 12 to 36 months
Punjab National Bank
Public sector bank · Punjab National Bank
- Eligibility as published: Resident Indian with admission to recognized Indian higher education course after 10+2 via entrance/merit
- Margin nil up to Rs 4 lakh; 5% above
- No tangible security up to Rs 7.50 lakh; parent/guardian joint borrower
- Moratorium: course period + 1 year
- Covers fees, hostel, books, equipment, computer
Before you apply for an education loan
- Government schemes: Interest subsidy and guarantee schemes, such as PM-Vidyalaxmi, can lower the cost for eligible students. Ask the loan provider whether you qualify.
- What is covered: Tuition, hostel, exam fees, books and equipment are normally covered. Confirm the list before you apply.
- Co-applicant: A parent or guardian usually applies with the student. Their income and credit score are assessed along with the admission.
- Moratorium: Repayment normally starts after the course ends plus a grace period of up to a year. Interest keeps building up during the break unless you pay it.
RBI requires every loan provider to hand you a Key Fact Statement before you sign. It shows the rate, every fee, the APR and the total you will repay.
Terms used on this page
Plain meanings of the terms this comparison uses.
Starting rate: The lowest rate a loan provider advertises for a product. Most borrowers are offered a higher rate, because the final rate depends on credit score, income, employer and loan amount.
APR: Annual percentage rate. It adds the processing fee and other charges to the interest rate, so it shows the yearly cost of the loan better than the interest rate alone.
Key Fact Statement: A short summary the loan provider gives you before you sign. It lists the interest rate, every fee, the APR and the total amount you will repay. RBI requires it for retail loans.
Floating rate and repo rate: A floating rate moves with a benchmark, and for banks that is usually the RBI repo rate, the rate at which RBI lends to banks. A fixed rate stays the same for the period you agree.
Processing fee: A one-time charge for handling the application. It is usually a percentage of the loan amount plus GST, and it is often deducted before the money reaches you.
Credit score: A number from 300 to 900 that shows how you have repaid past loans and cards. A higher score usually gets you a lower rate.
Sources and last check
Every figure above is read from the loan provider's own website and was checked on 12 October 2026. A blank means the page does not show that figure, and we never estimate one.
- Hero FinCorp: herofincorp.com/personal-loans/education-loan
- Punjab National Bank: pnb.bank.in/pnbsaraswatiloan.html pnb.bank.in/downloadprocess.aspx?fid=E2re2I3i3yXux5sfy5umlw%3D%3D
Read our editorial policy, how we make money and tell us about an error.
More education loan comparisons
Hero FinCorp vs Punjab National Bank: every loan type on one page · All education loan comparisons · Education loan guide · Education loan EMI calculator
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Frequently asked questions
Which is better for an education loan: Hero FinCorp or Punjab National Bank?
Punjab National Bank has the lower published starting education loan rate at 7.85%, against 17.90% at Hero FinCorp. Rate is only one part of the cost, so also compare the processing fee, the prepayment terms and the total repayable amount in the Key Fact Statement.
Which has the lower education loan interest rate: Hero FinCorp or Punjab National Bank?
Punjab National Bank has the lower published starting education loan rate at 7.85%, against 17.90% at Hero FinCorp. The published ranges run to Punjab National Bank up to 9%, so the rate you are offered can sit well above the starting rate.
What is the education loan processing fee at Hero FinCorp and Punjab National Bank?
Hero FinCorp: Minimum 2.5% + GST. Punjab National Bank: not published. Fees can change, so confirm the amount in rupees, with GST, before you accept.
What is the maximum education loan tenure at Hero FinCorp and Punjab National Bank?
Hero FinCorp: 36 months. Punjab National Bank: Up to 15 years (Saraswati). A longer tenure lowers the EMI and raises the total interest.
Can I prepay or foreclose an education loan early at Hero FinCorp and Punjab National Bank?
Hero FinCorp: Prepayment: not applicable. Foreclosure: 5% + GST on outstanding principal. Punjab National Bank: Nil (Saraswati). Ask whether the rate on your loan is fixed or floating, because the charges depend on it.
How much education loan can I get from Hero FinCorp and Punjab National Bank?
Hero FinCorp: ₹50,000 to ₹7 lakh. Punjab National Bank: Need based (subject to margin guidelines). The amount you are offered depends on your income, credit profile and the security you give.
Who is eligible for an education loan at Hero FinCorp and Punjab National Bank?
Hero FinCorp: Age 21-58; salaried or self-employed; min net monthly income ₹15,000; CIBIL 725+ preferred. Punjab National Bank: Resident Indian with admission to recognized Indian higher education course after 10+2 via entrance/merit. Each loan provider can ask for more documents once you apply.
Are Hero FinCorp and Punjab National Bank regulated by the RBI?
Yes. Hero FinCorp is an NBFC, Punjab National Bank is a public sector bank, and all lend under RBI rules, including the requirement to give you a Key Fact Statement before you sign.
Where do these education loan figures come from?
From the official pages of Hero FinCorp and Punjab National Bank, opened and checked on 12 October 2026. The sources are listed at the bottom of this page. We show a blank where a loan provider does not publish a figure, and we do not estimate one.
KhatuLoans is not a loan provider and is not paid by the loan providers named here to rank them. Rates, fees and eligibility change; always confirm with the loan provider. Read our editorial policy and how we make money.