Government of India in consultation with Reserve Bank of India (RBI) and Indian Banker's Association (IBA) has framed a Comprehensive Educational Loan Scheme to ensure that no deserving student in the Country is deprived of higher education for want of finances. The new scheme covers all type of courses including professional courses in schools and colleges in India and abroad.
The Salient features of the scheme are as under:
1. The scheme envisages loans up to Rs.7.5 lakh for studies in India and up to Rs. 15 lakh for studies abroad.
2. For loans up to Rs. 4 lakh no collateral or margin is required and the interest rate is not to exceed the Prime Lending Rates (PLR). For loans above Rs. 4 lakh the interest rate will not exceed PLR plus 1 percent.
3. The loans are to be repaid over a period of 5 to 7 years with provision of grace period of one year after completion of studies
To know the rules, regulations, eligibility conditions, repayments and interests rates etc visit the below listed Banks Official Website .
Allahabad Bank - www.allahabadbank.com
Andhra Bank- www.andhrabank-india.com
Bank of Baroda- www.bankofbaroda.com
Bank of India - www.bankofindia.com
Bank of Maharashtra - www.maharashtrabank.com
Canara Bank - www.canbankindia.com
Central Bank of India - www.centralbankofindia.com
Corporation Bank - www.corpbank.com
Dena Bank - www.denabank.com
Indian Bank - www.indbank.com
Indian Overseas Bank - www.iob.com
Oriental Bank of Commerce - www.obcindia.com
Panjab and Sindh Bank - www.psbindia.com
Panjab National Bank - www.pnbindia.com
State Bank of India - www.sbi.co.in
State Bank of Bikaner and Jaipur - www.sbbjbank.com
State Bank of Hyderabad - www.sbhyd.com
State Bank of Indore - www.statebankofindore.com
State Bank of Saurashatra - www.sbsbank.com
State Bank of Travancore - www.sbtr.com
Syndicate Bank - www.syndicatebank.com
Uco Bank - www.ucobank.com
Union Bank of India - www.unionbankofindia.com
United Bank of India - www.unitedbankofindia.com
Vijaya Bank - www.vijayabank.com