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Education 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:

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 - fulltime 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.

List of Nationalized Banks offering Educational Loans to our Students
(in alphabetical order)

-
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
- Punjab and Sindh Bank
- Punjab National Bank
- State Bank of India
- State Bank of Bikaner and Jaipur
- State Bank of Hyderabad
- State Bank of Indore
- State Bank of Mysore
- State Bank of Saurashatra
- State Bank of Travancore
- Syndicate Bank
- Uco Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank


Provided below are links to the respective website of individual banks offering such facilities.

Allahabad Bank

Educational Loan Scheme
Application form
Locate Bank Branch near you


Andhra Bank

Educational Loan Scheme
Application Form
Locate Bank Branch near you


Bank of Baroda

BOB Scholar
Application Form
Locate Bank Branch near you


Bank of India

Education Loan Scheme
For Loan Application Form, please contact your nearest Bank Branch


Bank of Maharashtra

Educational Loan Scheme
For Loan Application Form, please contact your nearest Bank Branch


Canara Bank

Vidyasagar Loan
Application Form
Locate Bank Branch near you


Central Bank of India

Centvidhyarathi
For Loan Application Form, please contact your nearest Bank Branch


Corporation Bank

Educational Loan Scheme
Application Form
Locate Bank Branch near you


Dena Bank

Dena Vidya Laxmi
Application Form
Locate Bank Branch near you


Indian Bank

Educational Loan Scheme
Application Form
Locate Bank Branch near you


Indian Overseas Bank

Vidya Jothi
Application form
Locate Bank Branch near you


Oriental Bank of Commerce

Educational Loan Scheme
For Loan Application Form, please contact your nearest Bank Branch


Punjab and Sindh Bank

Educational Loan Scheme
For Loan Application Form, please contact your nearest Bank Branch

Punjab National Bank

Vidyalaksyapurti
For Loan Application Form, please contact your nearest Bank Branch


State Bank of India

Educational Loan Scheme
For Loan Application Form, please contact your nearest Bank Branch


State Bank of Bikaner and Jaipur

Educational Loan Scheme
For Loan Application Form, please contact your nearest Bank Branch


State Bank of Hyderabad

Educational Loan Scheme
Application Form
Locate Bank Branch near you


State Bank of Indore

Education Loan Scheme
Locate Bank Branch near you


State Bank of Mysore

Gnanamitra Educational Loan
Locate Bank Branch near you


State Bank of Saurashatra

Education Loan Scheme
Locate Bank Branch near you


State Bank of Travancore

Gyan Jyothi
For Loan Application Form, please contact your nearest Bank Branch


Syndicate Bank

SyndVidya
Application Form
Locate Bank Branch near you


Uco Bank

Educational Loan Scheme
Application Form
Locate Bank Branch near you


Union Bank of India

Education Loan Scheme
For Loan Application Form please contact your nearest Bank Branch


United Bank of India

Educational Loan Scheme
Application Form
Locate Bank Branch near you


Vijaya Bank

Education Loan Scheme
Application Form
Locate Bank Branch near you



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.

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