Educational Loan

Educational Loan

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 -

Andhra Bank-

Bank of Baroda-

Bank of India -

Bank of Maharashtra -

Canara Bank -

Central Bank of India -

Corporation Bank -

Dena Bank -

Indian Bank -

Indian Overseas Bank -

Oriental Bank of Commerce -

Panjab and Sindh Bank -

Panjab National Bank -

State Bank of India -

State Bank of Bikaner and Jaipur -

State Bank of Hyderabad -

State Bank of Indore -

State Bank of Saurashatra -

State Bank of Travancore -

Syndicate Bank -

Uco Bank -

Union Bank of India -

United Bank of India -

Vijaya Bank -

Educational Loan