Interest rates for education loans vary widely based on the lender, type of loan, loan amount, and the borrower’s profile. While public banks typically offer lower interest rates (starting around 9%), private banks and NBFCs may charge slightly higher rates (between 10–14%) for unsecured loans. However, these entities may offer quicker processing, flexible repayment options, and less paperwork. Some lenders also offer special discounts for female students or those enrolling in STEM programs in Canada. Comparing the total cost of borrowing, including processing fees and interest outgo, is crucial before finalizing a loan provider.