Students who wish to pursue higher education .You need to be an Indian resident having secured admission in any of the bank’s list of approved course or universities.
Age criteria for education loans?
Anyone in the age group of 16-35 years can take this loan.
Which expenses does the loan cover ?
- Fee Payable to College/School/Hostel
- Exam/Library/Lab fees
- Caution deposit / Refundable deposit asked by the institution/Building fund – supported by Institution bills/receipts
- Purchase of Books/equipments/instrument/uniforms
- Travel expenses/passage money for studies abroad
- Purchase of computers – essential for completion of the course
Any other expense required to complete the course – like study tours, project work, thesis, etc.
Do you need to pay part of the fees?
100% loan is available for select courses. Margin ranges from 5-15 % for courses in India & Abroad .Please contact your nearest branch for further details.
What would be the tenure of the loan ?
Maximum tenure of the loan can be 7 years including moratarium period.
Is there a need of a co-applicant ?
Yes, a co-applicant is required for all Full-Time courses . The co-applicant can be your parents, siblings, spouse or Family Relative . Loan eligiblity would be calculated on the basis of the co-applicant’s income. In case of Part Time courses , No Co-applicant required . However in order to increase the eligibility a co-applicant may be added .
What is the amount of the loan ?
For loans with Moratorium :
- Studying in India – Max Rs. 10 Lakhs
- Studying abroad – Max Rs. 20 Lakhs
For Loans without Moratorium :
- Studying in India – Max Rs. 7.50 Lakhs
- Studying abroad – Max Rs. 10 Lakhs
Would the loan be disbursed in favour of the Institute ?
Yes. Tution & hostel fee will be disbursed directly to the educational Institute as per the schedule of fee given by the Institute/college ( semester – wise/yearly).
November 9, 2011 at 1:25 am
hi this is shekar and i took education loan for uk and the amount is 7.5 lakh and now it has become 10.5 still im jobless im in india and i got no propery my family is not in a situation to repay the loan …so what shall i do plz anyone can give advise.
December 6, 2011 at 9:14 pm
Hi Sir,
I want to ask that i take a education loan from uninon bank of india at 2007 upto 1,70,000. i submit my interest installment continues last two years. tell me about the scheme that i can pay this loan fastly and less cahrges.
January 4, 2012 at 5:19 am
Hi i have taking education loan in 2009 .
but i am not getting free intrest when i studies i paid intrest
if any Goverment R. then send link
January 4, 2012 at 5:20 am
Bank of India
January 9, 2012 at 11:36 pm
Sir, I want a GR copy of interest free education loan…
January 10, 2012 at 4:38 am
Hi Richa Sharma
Both of us in same condition. I had taken loan in 2007 for education.
but i heard that Govt. GR rule is not applicable for loans which have been taken before 2008.
If you are reading this then please contact me on my email ID.
I also posted a comment if you go to the top.
mr.yogeshsapkal@gmail.com
Thanks
January 12, 2012 at 8:30 am
IT Rules is silent on ‘Studies in ABROAD’. please clarify that intt paid on EDU LOAN [abroad] is eligible for tax exemption. Education Loan is jointly with my son. whether can I claim the exemption?
January 19, 2012 at 2:17 am
Itook education loan from syndicate bank on 2009 Rs 200000/- how much i have to pay at maturity periode
January 19, 2012 at 2:20 am
I took education loan from syndicate bank in 2009 Rs 100000/- how much i have to pay at loan maturity periode
March 3, 2012 at 4:43 am
I availed the educational loan from SBI in for 201012, an amount of 2,00,000/-. I applied for interest subsidy as provided by GOI in july2011. But they have still not credited the loan ac with the said interest during this period. While the bank employee is saying that they already sent the required forms required for availing this scheme to the respective govt. dept. Please suggest what i need to do.
July 19, 2012 at 2:20 am
sir,
I am now completed 1st year MCA, I didn’t take any loan for 1st year.My family income is less than 3.5 lakh.My question is can i apply free interest scheme education loan for my 2nd(2012-2013) and 3rd year education.I joined this course via management quota.It’s applicable for management quota student? or not? please help me….
Thank you
August 13, 2012 at 9:04 pm
sir,
I want to take edducation loan but bank is not ready to give edu-loan, like state bank of india.
Can i take some action for that.
Plz give me suggestion fastly