Key facts: IDFC FIRST Bank vs Punjab National Bank vs SBI education loan
- Starting rate: IDFC FIRST Bank 9.50%, Punjab National Bank 7.85%, SBI 9.40%. This is the lowest rate each loan provider advertises for an education loan, not the rate everyone is offered.
- Gap between starting rates: 1.65 percentage points between the lowest and the highest.
- Top of the published range: IDFC FIRST Bank up to 14%, Punjab National Bank up to 9%, SBI up to 9.90%.
- Maximum tenure: IDFC FIRST Bank 15 years, Punjab National Bank 15 years, SBI 15 years.
- Type of loan provider: IDFC FIRST Bank is a private bank; Punjab National Bank is a public sector bank; SBI is a public sector bank. Banks and NBFCs price floating rates differently.
- Official websites: idfcfirstbank.com, pnb.bank.in, sbi.bank.in.
- Pages checked: 6 official pages opened for this loan type.
- Loan types with a published rate: IDFC FIRST Bank 6, Punjab National Bank 5, SBI 6 (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 IDFC FIRST Bank if you want
- The most complete published terms for this loan (5 of 5 details)
Pick Punjab National Bank if you want
- The lowest published starting rate (7.85%)
Where SBI stands
No clear edge on the published figures we could compare for an education loan. Check the table below and the Key Fact Statement.
IDFC FIRST Bank vs Punjab National Bank vs SBI education loan: rate, fees and tenure
Starting education loan rates as published: IDFC FIRST Bank from 9.50%, Punjab National Bank from 7.85% and SBI from 9.40%. 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.
| Detail | IDFC FIRST Bank | Punjab National Bank | SBI |
|---|---|---|---|
| Published rate | Secured 9.5% to 11.25% p.a.; unsecured 11.75% to 14% p.a. | 7.85% to 9.00% p.a. (Digi Education, PM Vidyalaxmi, Pratibha 7.85% | Student Loan 9.40% (with collateral) / 9.90% (without collateral up to Rs 7.50 lakh); Scholar Loan 6.90% to 7.65% |
| Rate basis | Floating, repo-linked | Not published | Floating, linked to External Benchmark Rate (EBR 7.90% = Repo 5.25% + 2.65%) |
| Loan amount | ₹1 lakh to ₹2 crore (collateral-free up to ₹1.5 crore) | Need based (subject to margin guidelines) | Student Loan: India up to Rs 50 lakh / Rs 75 lakh (medical, NIRF top-100), abroad up to Rs 7.50 lakh |
| Maximum tenure | Up to 15 years | Up to 15 years (Saraswati) | Up to 15 years after course period + 12-month repayment holiday |
| Processing fee | Nil up to ₹7.5 lakh; above that up to 1.5% of loan amount | Not published | Student Loan: nil up to Rs 10 lakh; Rs 5,000 + GST for Rs 10-20 lakh |
| Prepayment / foreclosure | Nil; no charge on foreclosure or part-payment | Nil (Saraswati) | Not published |
| Eligibility (as published) | Indian nationals incl. NRIs; age 18+; admission to authorised institution; co-applicant required | Resident Indian with admission to recognized Indian higher education course after 10+2 via entrance/merit | Indian national with admission to eligible course in India/abroad; parent/guardian co-borrower |
| Other terms published |
|
|
|
| Official source | idfcfirst.bank.in/personal-banking/loans/education-loan | pnb.bank.in/pnbsaraswatiloan.html pnb.bank.in/downloadprocess.aspx | sbi.bank.in/web/interest-rates/interest-rates/loan-schemes-interest-rates/education-loan-scheme sbi.bank.in/web/personal-banking/loans/education-loans/student-loan-scheme sbi.bank.in/web/personal-banking/loans/education-loans/scholar-loan-scheme |
Read the full guide: Education loan
What each loan provider publishes about its education loan
IDFC FIRST Bank
Private bank · IDFC FIRST Bank Limited
- How the rate is set: Floating, repo-linked
- Eligibility as published: Indian nationals incl. NRIs; age 18+; admission to authorised institution; co-applicant required
- Collateral-free up to ₹1.5 crore
- Up to 100% financing of education expenses
- Section 80E interest deduction (old regime)
- Flexible repayment options
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
SBI
Public sector bank · State Bank of India
- How the rate is set: Floating, linked to External Benchmark Rate (EBR 7.90% = Repo 5.25% + 2.65%)
- Eligibility as published: Indian national with admission to eligible course in India/abroad; parent/guardian co-borrower
- Up to Rs 7.5 lakh needs only parent/guardian co-borrower; above that collateral
- Margin nil up to Rs 4 lakh; 5% (India) / 15% (abroad) above
- 0.50% rate concession for girl students on Student Loan
- Interest during course and moratorium added to principal
Before you apply for an education loan
- 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.
- Collateral and margin: Loans up to a limit are often available without collateral, and the family pays a margin on the course cost. Ask for the limits that apply to your course.
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.
- IDFC FIRST Bank: idfcfirst.bank.in/personal-banking/loans/education-loan
- Punjab National Bank: pnb.bank.in/pnbsaraswatiloan.html pnb.bank.in/downloadprocess.aspx?fid=E2re2I3i3yXux5sfy5umlw%3D%3D
- SBI: sbi.bank.in/web/interest-rates/interest-rates/loan-schemes-interest-r... sbi.bank.in/web/personal-banking/loans/education-loans/student-loan-s... sbi.bank.in/web/personal-banking/loans/education-loans/scholar-loan-s...
Read our editorial policy, how we make money and tell us about an error.
More education loan comparisons
IDFC FIRST Bank vs Punjab National Bank vs SBI: every loan type on one page · All education loan comparisons · Education loan guide · Education loan EMI calculator
Other loans for the same banks
Head to head, two at a time
Looking at a car or two-wheeler loan instead? Compare vehicle loans by bank.
Frequently asked questions
Which is better for an education loan: IDFC FIRST Bank, Punjab National Bank or SBI?
Punjab National Bank has the lowest published starting education loan rate at 7.85%, against 9.50% at IDFC FIRST Bank and 9.40% at SBI. 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: IDFC FIRST Bank, Punjab National Bank or SBI?
Punjab National Bank has the lowest published starting education loan rate at 7.85%, against 9.50% at IDFC FIRST Bank and 9.40% at SBI. The published ranges run to IDFC FIRST Bank up to 14%, Punjab National Bank up to 9% and SBI up to 9.90%, so the rate you are offered can sit well above the starting rate.
What is the education loan processing fee at IDFC FIRST Bank, Punjab National Bank and SBI?
IDFC FIRST Bank: Nil up to ₹7.5 lakh; above that up to 1.5% of loan amount. Punjab National Bank: not published. SBI: Student Loan: nil up to Rs 10 lakh; Rs 5,000 + GST for Rs 10-20 lakh. Fees can change, so confirm the amount in rupees, with GST, before you accept.
What is the maximum education loan tenure at IDFC FIRST Bank, Punjab National Bank and SBI?
IDFC FIRST Bank: Up to 15 years. Punjab National Bank: Up to 15 years (Saraswati). SBI: Up to 15 years after course period + 12-month repayment holiday. A longer tenure lowers the EMI and raises the total interest.
Can I prepay or foreclose an education loan early at IDFC FIRST Bank, Punjab National Bank and SBI?
IDFC FIRST Bank: Nil; no charge on foreclosure or part-payment. Punjab National Bank: Nil (Saraswati). SBI: not published. 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 IDFC FIRST Bank, Punjab National Bank and SBI?
IDFC FIRST Bank: ₹1 lakh to ₹2 crore (collateral-free up to ₹1.5 crore). Punjab National Bank: Need based (subject to margin guidelines). SBI: Student Loan: India up to Rs 50 lakh / Rs 75 lakh (medical, NIRF top-100), abroad up to Rs 7.50 lakh. The amount you are offered depends on your income, credit profile and the security you give.
Who is eligible for an education loan at IDFC FIRST Bank, Punjab National Bank and SBI?
IDFC FIRST Bank: Indian nationals incl. NRIs; age 18+; admission to authorised institution; co-applicant required. Punjab National Bank: Resident Indian with admission to recognized Indian higher education course after 10+2 via entrance/merit. SBI: Indian national with admission to eligible course in India/abroad; parent/guardian co-borrower. Each loan provider can ask for more documents once you apply.
Are IDFC FIRST Bank, Punjab National Bank and SBI regulated by the RBI?
Yes. IDFC FIRST Bank is a private bank, Punjab National Bank is a public sector bank, SBI 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 IDFC FIRST Bank, Punjab National Bank and SBI, 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.