Educational Loans from various Indian banks for different types of education
Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. This portal has been developed under the guidance of Department of Financial Services, (Ministry of Finance) , Department of Higher Education (Ministry of Human Resource Development) and Indian Banks Association (IBA).The portal has been developed and being maintained by NSDL e-Governance Infrastructure Limited. Students can view, apply and track the education loan applications to banks anytime, anywhere by accessing the portal. The portal also provides linkages to National Scholarship Portal.
Click Here to Apply for an Educational Loan: Vidya LakshmiĀ
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
Find here: Educational Loan Scheme - Andhra Bank
Find here: Educational Loan Scheme - Bank of Baroda
Find here: Educational Loan Scheme - Bank of India
Find here: Educational Loan Scheme - Bank of Maharashtra
Find here: Educational Loan Scheme - Canara Bank
Find here: Educational Loan Scheme - Central Bank of India
Find here: Educational Loan Scheme - Corporation Bank
Find here: Educational Loan Scheme - Indian Bank
Find here: Educational Loan Scheme - Indian Overseas BankĀ
Find here: Educational Loan Scheme - Oriental Bank of Commerce
Find here: Educational Loan Scheme - Punjab and Sindh Bank
Find here: Educational Loan SchemeĀ - State Bank of India
Find here: Educational Loan Scheme - Syndicate Bank
Find here: Educational Loan Scheme - UCO Bank
Find here: Educational loan Scheme - Union Bank of India
Find here: Educational Loan Scheme - United Bank of India
Find here: Educational Loan Scheme - Vijaya Bank
Find here: Educational Loan Scheme
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.
Students and readers are suggested to visit the official websites for more information.