Check minimum income required for a ₹15 Lakh education loan. EMI starts ₹23,342/month. Compare 20+ banks.
To get a ₹15 Lakh education loan, you need a minimum monthly income of approximately ₹46,684 (at the lowest rate of 7.95% for 7 years, assuming no existing EMIs).
| Bank | Rate | Monthly EMI | Min Income Required | Processing Fee |
|---|---|---|---|---|
| Bank of Baroda | 7.95 - 10.45% | ₹23,342 | ₹44,889/mo | Nil |
| Canara Bank | 8.00 - 10.75% | ₹23,379 | ₹44,960/mo | Nil |
| Indian Bank | 8.00 - 10.30% | ₹23,379 | ₹44,960/mo | Nil |
| Union Bank | 8.05 - 10.60% | ₹23,417 | ₹45,033/mo | Nil |
| PNB | 8.10 - 10.90% | ₹23,454 | ₹45,104/mo | Nil |
| Bank of India | 8.10 - 10.85% | ₹23,454 | ₹45,104/mo | Nil |
| SBI | 8.15 - 10.70% | ₹23,492 | ₹45,177/mo | Nil |
| Central Bank | 8.15 - 10.65% | ₹23,492 | ₹45,177/mo | Nil |
| IDBI Bank | 8.25 - 11.25% | ₹23,567 | ₹45,322/mo | Nil |
| HDFC Bank | 9.00 - 13.68% | ₹24,134 | ₹48,268/mo | Up to 1.50% + GST |
| South Indian Bank | 9.15 - 12.00% | ₹24,248 | ₹48,496/mo | Nil |
| ICICI Bank | 9.25 - 13.00% | ₹24,324 | ₹48,648/mo | 1% + GST |
| Karur Vysya Bank | 9.50 - 12.50% | ₹24,516 | ₹49,032/mo | Nil |
| Axis Bank | 9.70 - 13.70% | ₹24,670 | ₹49,340/mo | Nil |
| Federal Bank | 9.85 - 12.50% | ₹24,786 | ₹49,572/mo | 0.50% + GST |
| Kotak Mahindra Bank | 10.00 - 16.00% | ₹24,902 | ₹49,804/mo | Up to 2% + GST |
| Yes Bank | 10.00 - 15.00% | ₹24,902 | ₹49,804/mo | 1% + GST |
| IDFC First Bank | 10.50 - 14.00% | ₹25,291 | ₹50,582/mo | 1% + GST |
| IndusInd Bank | 11.50 - 14.50% | ₹26,080 | ₹52,160/mo | 1% + GST |
| Bandhan Bank | 12.00 - 15.00% | ₹26,479 | ₹52,958/mo | 1% + GST |
The EMI for ₹15 Lakh education loan at 7.95% for 7 years is approximately ₹23,342 per month.
You need a minimum monthly income of approximately ₹46,684 for a ₹15 Lakh education loan at 7.95% interest rate (assuming no existing EMIs and 50% FOIR).
The lowest interest rate for ₹15 Lakh education loan starts from 7.95% p.a. in 2026. Compare all banks above.
With a ₹30,000 monthly salary and no existing EMIs, your maximum education loan eligibility at 7.95% for 7 years is approximately ₹9.64 L.
The total interest on ₹15 Lakh education loan at 7.95% for 7 years is approximately ₹4.61 L.