• 2013 Results
  • Admit Card 2013
  • Answer Key 2013
  • Online Application
  • Recruitment 2013
  • University result

Sunday, July 29, 2012

Educational Loan

Posted by at 7:57 PM Read our previous post

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:

  • The scheme envisages loans up to Rs.7.5 lakh for studies in India and up to Rs. 15 lakh for studies abroad.
  • 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.
  • 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

Tax Benefit

Repayment of an education loan is deductible under section 80E of the Income Tax Act. The yearly limit for deduction is Rs. 40,000 (for both the principal and the interest). Only loans taken for higher education - full time studies in any graduate or post-graduate, professional, and pure and applied science courses - may claim deduction. The deduction will be available for a maximum of eight years starting from the day you start repaying.
Equitable Access to quality higher education has been a concern of the University Grants Commission. To this purpose the Commission, besides encouraging colleges and universities to provide for liberal financial support to the meritorious but needy students, has also been instrumental in educational loan scheme. The Reserve Bank of India (RBI) has issued guidelines in this regard to all commercial banks. A large number of banks have already launched educational loan schemes. Provided below are links to the respective website of individual banks offering such facilities.
  • Allahabad Bank
     Educational Loan Scheme  Application Form
  • Andhra Bank
     Educational Loan Scheme Application Form
  • Bank of Baroda
     BOB Scholar  Application Form
  • Bank of India
    Vidya Vardhini Application Form
  • Bank of Maharashtra
    Educational Loan SchemeApplication Form
  • Canara Bank
    Vidyasagar Loan Application Form
  • Central Bank of India
    CentvidhyarathApplication Form
  • Corporation Bank
    Educational Loan Scheme Application Form
  • Dena Bank
     Dena Vidya Laxmi  Application Form
  • Indian Bank
    Educational Loan Scheme Application Form
  • Indian Overseas Bank
    Vidya Jothi Application Form
  • Oriental bank of Commerce
    Educational Loan Scheme Application Form
  • Panjab and Sindh Bank
    Educational Loan Scheme Application Form
  • Panjab National Bank
    Vidyalaksyapurti Application Form
  • State Bank of India
     Educational Loan Scheme  Application Form
  • State Bank of Bikaner and Jaipur
    Educational Loan Scheme Application Form
  • State Bank of Hyderabad
    Educational Loan Scheme Application Form
  • State Bank of Indore
  • State Bank of Mysore
    Educational Loan Scheme Application Form
  • State Bank of Saurashatra
    Educational Loan Scheme Application Form
  • State Bank of Travancore
    Gyan Jyothi Application Form
  • Syndicate Bank 
    SyndVidya Application Form
  • UCO Bank
    Educational loan Scheme
  • Union Bank of India
    SyndVidya Application Form
  • United Bank of India
    Educational loan Scheme Application Form
  • Vijaya Bank
    Education Loan Scheme Application Form
Disclaimer: Since the rules, regulations, eligibility conditions, repayments and interests rates etc are revised by the banks from time to time in keeping pace with the changing capital market conditions, students and parents are advised to thoroughly check the terms and conditions of educational loan scheme on offer at the time of application.

Admit Card

Answer Keys

Application Form

College Ranking

Question Papers

Latest Jobs

Exam/ Job Results


Time Tables

Newer Post Older Post Home
©2022 Sarkari Naukri News 2022 is powered by Blogger - Template designed by Sarkari Naukri News 2022- Contact Us- Disclaimer- Privacy Policy