Check minimum income required for a ₹5 Lakh education loan. EMI starts ₹7,781/month. Compare 20+ banks.
To get a ₹5 Lakh education loan, you need a minimum monthly income of approximately ₹15,562 (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% | ₹7,781 | ₹14,964/mo | Nil |
| Canara Bank | 8.00 - 10.75% | ₹7,793 | ₹14,987/mo | Nil |
| Indian Bank | 8.00 - 10.30% | ₹7,793 | ₹14,987/mo | Nil |
| Union Bank | 8.05 - 10.60% | ₹7,806 | ₹15,012/mo | Nil |
| PNB | 8.10 - 10.90% | ₹7,818 | ₹15,035/mo | Nil |
| Bank of India | 8.10 - 10.85% | ₹7,818 | ₹15,035/mo | Nil |
| SBI | 8.15 - 10.70% | ₹7,831 | ₹15,060/mo | Nil |
| Central Bank | 8.15 - 10.65% | ₹7,831 | ₹15,060/mo | Nil |
| IDBI Bank | 8.25 - 11.25% | ₹7,856 | ₹15,108/mo | Nil |
| HDFC Bank | 9.00 - 13.68% | ₹8,045 | ₹16,090/mo | Up to 1.50% + GST |
| South Indian Bank | 9.15 - 12.00% | ₹8,083 | ₹16,166/mo | Nil |
| ICICI Bank | 9.25 - 13.00% | ₹8,108 | ₹16,216/mo | 1% + GST |
| Karur Vysya Bank | 9.50 - 12.50% | ₹8,172 | ₹16,344/mo | Nil |
| Axis Bank | 9.70 - 13.70% | ₹8,223 | ₹16,446/mo | Nil |
| Federal Bank | 9.85 - 12.50% | ₹8,262 | ₹16,524/mo | 0.50% + GST |
| Kotak Mahindra Bank | 10.00 - 16.00% | ₹8,301 | ₹16,602/mo | Up to 2% + GST |
| Yes Bank | 10.00 - 15.00% | ₹8,301 | ₹16,602/mo | 1% + GST |
| IDFC First Bank | 10.50 - 14.00% | ₹8,430 | ₹16,860/mo | 1% + GST |
| IndusInd Bank | 11.50 - 14.50% | ₹8,693 | ₹17,386/mo | 1% + GST |
| Bandhan Bank | 12.00 - 15.00% | ₹8,826 | ₹17,652/mo | 1% + GST |
The EMI for ₹5 Lakh education loan at 7.95% for 7 years is approximately ₹7,781 per month.
You need a minimum monthly income of approximately ₹15,562 for a ₹5 Lakh education loan at 7.95% interest rate (assuming no existing EMIs and 50% FOIR).
The lowest interest rate for ₹5 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 ₹5 Lakh education loan at 7.95% for 7 years is approximately ₹1.54 L.