Aug 28 2009

Interest Free Education Loans

Posted by krishnas in Banking, Interest Rates
183 Comment

education-loans

Today there is a significient announcement related to the education loans by the government. Financially poor students can take the education loans without paying the interest till moratorium period. Here moratorium period is 6 months after completing the course or when the student get the job, Which ever is happening first will be trigger the loan repayment process. The existing system allows students to pay only the interest till the repayment of loan starts.

The new announcement by center says Students from families with earning less than Rs 4.5 lakh per annum will be eligible for this scheme. Only those enrolled in recognized professional courses can avail of this scheme. This would include education institutes established by Act of Parliament, institutes recognized by relevant statutory bodies, IIMs and other institutions set up by the central government. The actual interest will be paid by the government to the bankers. It is really good initiative by the govt. to help the poor students.

The scheme will be applicable from the academic year 2009-2010. The implementation and monitoring of the scheme will be finalized in consultation with Canara Bank. The prime minister had announced the scheme in his Independence Day address.

Top 5 Points to consider for Interest Free Education Loans

This subsidy loans will be available for all the technical and professional courses in India. If you are doing any courses outside Indian, this scheme will not be applicable.
Courses done after class XII in institutions established by Acts of Parliament, recognized by statutory bodies, IIMs and other central government institutions.
The existing education loans will be linked to this scheme.
This scheme will be available only once for a student. For example if you have used this scheme for under graduate studies, then you cannot apply again for the post graduate. But, it is applicable if you are doing the combined UG and PG courses.
This scheme won’t be available if you discontinue your course in the middle except if there is any medical problems.

Update:

This scheme is not yet implemented. It is still under the process by Ministry of Human Resource Development.

Summary

Will this scheme really benefitted by the poor students? Please post your thoughts. As every one aware, few months ago the same govt. announced Rs.60000 crore agriculture loans will be canceled to help the poor farmers. What really happened is only rich farmer benefited by the scheme and it is one of the worst move by the govt. Announcing various schemes are not important, they way how they are implementing the plans and how far it is reaching the needy is to be considered. Let’s wait and watch.

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TAGS: canara bank, education loans, interest free education loans, interest rates for education loans, moratorium period, poor students education loans, students loans

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183 Comments on this post

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Education Loans will be cheaper from next year wrote:

[...] Interest Free Education Loans [...]

November 4th, 2009 at 12:01 am

INDIAN CITIZEN said:

IF THIS REALLY IMPLEMENTED SURELY THE POOR FAMILIES SHOULD GET BENEFITED AND THE GOVT HAVE TO NOMINATE A BOARD OF MEMBERS TO MONITOR IS THIS IS PROPERLY GOING ON

THANKS FOR OUR INDIAN GOVERNMENT FOR PASSING SUCH USEFUL LAWS FOR THE BENEFIT OF THE STUDENTS

August 28th, 2009 at 11:47 pm
pravin b solanki said:

My son is taking education in Russia He has taken education loan from Corporation bank with interest of 11% will be the interest free in this scheme

August 30th, 2009 at 6:50 am
krishnas said:

HI Pravin,

Students from families with earning less than Rs 4.5 lakh per annum will be eligible for this scheme.

Thanks,
Krishna

August 30th, 2009 at 9:01 am
S.Elangovan said:

Now i m join MCA in SRM University. I take education loan from City union bank with interest of 13.5% will be the interest free in this scheme

August 30th, 2009 at 10:07 am
krishnas said:

Hello Elangovan,

What is your families annual income? If it is less than Rs.450000 then you can avail this facility.

Thanks,
Krishna

August 30th, 2009 at 6:06 pm
pravin b solanki said:

Thanks for your answer My comlete annual income is less than 4.5 lacks and I have taken the loan last year and paying interest regularly per months from last year will be interest free from this year onwards PRAVIN

August 30th, 2009 at 10:54 pm
krishnas said:

Yes..pravin. Please talk to your bank about this scheme. This scheme might be for the new loans. check with your bank.

Thanks,
Krishna

August 30th, 2009 at 11:07 pm
ankita said:

hi..
my brother has gone to london before 2 months with education loan from SBI. our income is less than 4.5 lacs..will this scheme is useful for him????

August 31st, 2009 at 12:34 am
krishnas said:

Hello Ankita,

The interest-subsidy scheme will be linked with the existing education loan scheme, currently offered by banks. You can approach the bank for more details. But, this will not be applicable to the course done outside India.

Thanks,
Krishna

August 31st, 2009 at 1:09 am
krishnas said:

Hi Ankit,

subsidised loans would be valid for all technical and professional courses in India;

Thanks,
Krishna

August 31st, 2009 at 1:15 am
Anand said:

Hi there,

My brother has taken education loan for his PG in Medical (after MBBS) period 2007-2010. My question is whether is he comes under this scheme or not? Is this new announcement by govt. only benefits to those people of 2009 onwards?

And secondly, my Sister has taken education loan for her engg degree in India of 5 lac rupees period 2007. Does she also eligible for this interest free loan?

in advance, Thank you for answering

August 31st, 2009 at 3:30 am
krishnas said:

Hello Anand,

Thank you for the comments. As I mentioned in this article, any authorised degree in India is eligible for this education loan. Important condition is your family income must be below Rs.4.5 lacs per annum.

If you have taken the loan prior to 2009, then also this scheme is available. Your existing loan will be linked to this scheme.

Thanks,
Krishna

August 31st, 2009 at 4:05 am
Juzar Kachwala said:

Hi,

I am going for my marine engineering course this coming year, It starts this January.
Well will I be able to avail benefit from this facility.
I haven’t taken admission in the cllege yet.
It starts from october.

Kindly Reply and Thanks a lot Krishna for solving our querries.

Regards,
Juzar Kachwala

September 3rd, 2009 at 8:42 am
krishnas said:

Hello Juzar,

Thank you for the comments. Please post you questions if you have any. All the best for your studies!!!

Thanks,
Krishna

September 3rd, 2009 at 10:02 am
mayur agarwal said:

My name is Mayur Agarwal. I am pursuing B.Tech from AKG Engg. College, Ghaziabad (U.P.). I took Edu. Loan from SBI for session 2008-09. This year(for session 2009-10) I took my 2nd installment. I want to know whether I am eligible to get subsidy on my loan?
Kindly inform me on my e-mail id i.e. mayurag1@gmail.com

September 4th, 2009 at 4:54 am
krishnas said:

Hello Mayur,

If your family income is below Rs.450000 then you will be eligible for this scheme.

Thanks,
Krishna

September 4th, 2009 at 6:59 am
Juzar Kachwala said:

Well is this scheme available from all the Banks or only nationalised banks, as in I have an account in Bank of Baroda and Punjab National Bank and Canara Bank.
Can I avail this facility.

September 4th, 2009 at 7:36 am
krishnas said:

HI Juzar,

This scheme is available with all the banks.

Thanks,
Krishna

September 4th, 2009 at 7:54 am
Shreekanth G said:

Hi,
My brother has obtained seat for Phd at University of Liverpool. U.K
which involves expenditure of Rs.6 lakhs per year for 3 years .Whether he is eligible for interest free Education loan.

September 4th, 2009 at 9:09 am
krishnas said:

Hello Shreekanth,

No. the course must be in India. It is not for the education done outside India.

Thanks,
Krishna

September 4th, 2009 at 6:18 pm
rohit said:

You know, When this scheme implementation and monitoring of the scheme or is finalised or not.

and from which date they effective.

September 5th, 2009 at 4:31 am
krishnas said:

Hello Rohit,

From this academic year onwards it is implemented.

Thanks,
Krishna

September 5th, 2009 at 4:40 am
alok goyal said:

hi,
i m doing 2 year mba course(2009-11) from central Govt. institute and its total fee is 4.54 Lakhs so please tell me how much loan i can take in this 0% intrest rate scheme.

September 5th, 2009 at 8:05 am
krishnas said:

alok goyal,

Entire loan is for interest free till 6 months after you complete the course.

Thanks,
Krishna

September 5th, 2009 at 8:27 am
faisal said:

hi cud u please tell me from which month onwardsthe loan is going to be sanctioned? and can anyone avail it for studies abroad?

September 6th, 2009 at 3:25 am
chandrakant yadav said:

hi
i want to pursue the training of cpl (commercial pilot license) , so can i get a subsidized loan for this course, as my family income is less than 4.5 lac. and also I’ll be doing this course in India only..

thank u

September 8th, 2009 at 9:18 pm
krishnas said:

Hello Faisal,

It is only for the studies in India.

Thanks,
Krishna

September 9th, 2009 at 6:56 am
krishnas said:

Hello chandrakant,

I would suggest you to approach any bank to know more details about that. I am not sure about it.

Thanks,
Krishna

September 9th, 2009 at 6:57 am
SUMAN said:

The parents Annual income/pension is about Rs 3.5 lacks. My two other daughters staying with me are of marriagable age also earn but contribute very little to the family. Will their income would also be included while applying for education loan subsidy from the Govt.

September 9th, 2009 at 9:54 pm
krishnas said:

Hello Suman,

Thank you for the comments. To whom you are applying for the education loans?. When computing the family income it will include all members income. For your daughters the income will be added till they get married.

Thanks,
Krishna

September 9th, 2009 at 10:07 pm
shubham said:

I took loan last year and since then my father is paying its interest. His annual income is 100000/- per year. Can I awail this facility. Should my father not pay the interest from now?

September 10th, 2009 at 4:57 am
shubham said:

I took loan last year and since then my father is paying its interest. His annual income is 100000/- per year. Can I awail this facility. Should my father not pay the interest from now? Pls reply soon…

September 10th, 2009 at 4:59 am
krishnas said:

Hello shubham,

Yes..you can avail this benefit. Please talk to the banker and know the process in detail. he need not pay the interest till you get the job.

Thanks,
Krishna

September 10th, 2009 at 6:47 am
siva said:

I took education loan in union bank of india two years ago and my father was paying interest every month but his income is less than one lakh per annum is there any chance to get the paid interest amount back, and i have not yet finished my course.

September 10th, 2009 at 11:54 am
krishnas said:

Hello Siva,

You cannot get the paid amount. But, you can the benefit from now onwards.

Thanks,
Krishna

September 10th, 2009 at 6:25 pm
aiswarya said:

hi,

I took loan on july-2003 from SBI. MY family income is less than 4lacs. Completed my course and doing job now.I paid interest till now.Can I get this benefit?

Aiswarya

September 11th, 2009 at 2:20 am
krishnas said:

Hello aiswarya,

You cannot get this benefits right now.

Thanks,
Krishna

September 11th, 2009 at 2:47 am
vivek said:

hello there,
I had taken an education loan for 3 lacs in 2005 which i m still paying off.. i want to go for further studies , can i take another education loan at this point ? is it possible to take another loan when i have an outstanding old loan? the loan taken was for a diploma , and the one that i want now is for masters,
kindly guide,(its an SBI scholar loan)

Thank you,
Vivek.

September 11th, 2009 at 11:59 am
krishnas said:

Hello Vivek,

Under this scheme only one education loan is allowed. Whether it is UG or PG. You can get normal education loan to continue your higher studies.

Thanks,
Krishna

September 11th, 2009 at 5:54 pm
vivek said:

thank you mr. Krishna for your reply,

so i just wanted to confirm that even if i have an existing outstanding loan , i can still apply for another loan for higher studies and may be merge the two loans… interest is not a problem as far as i can get this loan.. under whichever scheme , ….?

thanks
Vivek

September 11th, 2009 at 11:23 pm
krishnas said:

Hello Vivek,

Yes..you can get loans. I am talking about the interest free loans. If you are taking the normal loans it will be available at any time.

Thanks,
Krishna

September 12th, 2009 at 12:11 am
vivek said:

so is it necessary to apply to the same bank from where the previous loan is availed?? sorry to ask so many questions, but its important for me to know

Thanks,
Vivek.

September 12th, 2009 at 10:48 am
krishnas said:

Hello Vivek,

It is not necessary that you have to get the loan from the same bank. I don’t have any problem answering all your questions. If I get more questions I would be happy. The purpose of this blog is to clear all the doubts related to finance.

Thanks,
Krishna

September 12th, 2009 at 6:21 pm
rajinder garg said:

SIR,
My daughter is doing B-tech/MBA integrated course in bio-technolgy from LPU Jullundhar and I have taken a loan from PNB during 2007. Is this new scheme of waiver of interst is also applicable to us as my annual income is less than 4.5 lac pa. and if not can we avail a new new loan under this scheme after repaying the outstanding previous loan with PNB.
Thanks.

September 12th, 2009 at 10:02 pm
rajinder garg said:

Sir,
This is in continution to my above querry.
I have paid intt. on loan taken partly and some intt. is due for the previous years. Please intimate that the unpaid intt. will also be waived off or not.
Thanks

September 13th, 2009 at 10:00 pm
krishnas said:

Hello rajinder,

Yes..what ever enterest you have to pay will be discounted. But, outstanding interest will not be waived off.

Thanks,
Krishna

September 14th, 2009 at 1:04 am
Manish tiwari said:

hi Krishna
i am purshing on CA.(PCC Level)and ihave req. a loan of RS.250000 for my study and my faimily income is less 100000, so can i get this benefits? and tell me another thing from which bank i can apply for this loan?reply soon

September 15th, 2009 at 10:22 pm
krishnas said:

Yes..you can apply for the loan. It can be applied with any bank in your town or city.

Thanks,
Krishna

September 16th, 2009 at 1:27 am
Ramanathan said:

Hi sir i had taken an educational loan during 2005 – 2009 for 4 years for BE … till now i have paid my interest … my family income is less than Rs.4.5 lakhs per annum … will this scheme is applicable to me if so what about my interest i have paid so for .. will it be cancelled in the principal amount … please help me sir …. i am waiting for your reply … thank you sir …

September 16th, 2009 at 7:17 pm
Ramanathan said:

Hi sir i had taken an educational loan during 2005 – 2009 for 4 years for BE … till now i have paid my interest … my family income is less than Rs.4.5 lakhs per annum … will this scheme is applicable to me if so what about my interest i have paid so for .. will it be cancelled in the principal amount … please help me sir …. i am waiting for your reply … thank you sir …

September 16th, 2009 at 7:18 pm
V Gururajan said:

Hello Krishna

I have inherted a property at my native place from my mother through a WILL. But the original document of the property is lost. I have taken copy of the Original Document from the registrar office, also advertised in the Press for the loss of document through a lawer.

Now, I want to avail a home loan through LIC or SBI, Can I get the home loan, and what are other procedures to be followed to obtain a home loan.,

Thank you in advance for your reply

BR
V Gururajan

September 17th, 2009 at 12:59 am
Sathish V.R said:

Hi sir i had taken an educational loan during 2005 – 2009 for 4 years for BE … till now i have paid my interest … my family income is less than Rs.4.5 lakhs per annum … will this scheme is applicable to me if so what about my interest i have paid so for .. will it be cancelled in the principal amount … please help me sir …. i am waiting for your reply … thank you sir …

September 20th, 2009 at 2:43 am
ankit said:

sir,we are sanctioning a loan of 3.1 lakh from bank of baroda this year for doing b.tech from college affilated to u.p.t.u. May I also get benifit under this scheme from this year or in coming years.
Or is it necessory to take loan from canara bank only?
Plzzzz. reply soon……..

September 20th, 2009 at 7:42 am
VISHNU said:

Dear sir,

I have taken educational loan in Andhra bank for doing B.E during year 2001 and completed B.E successfully in year 2005 and I did MBA without taking loan during the year 2006 and completed in 2008. I’m jobless and my family income less than 4.5 lakhs. Am i applicable for this scheme. Please reply!

thanks in advance,

Vishnu

September 20th, 2009 at 2:18 pm
Vinod Jangra said:

MY BROTHER IS GOING FOR MBA IN JUNE 2009 FROM CHRIST University Banglore. We take education loan from State Bank of Patiala with interest of 13.5% will be the interest free in this scheme.
Reply Soon

September 20th, 2009 at 10:13 pm
RAGUPATHI said:

Dear sir,
i got loan from catholic seryan bank for my MBA study in india of Rs.92000 in2005.till now i pay for interest.can i get waiver? that bankers told,show me that interest waiver circular. so pls tell me.
by ragu

September 21st, 2009 at 4:03 am
devi said:

I PURSUING MBA SECOND YEAR IN ASIM HYDERABAD (ICFAI UNIVERSITY). I GOT EDUCATION LOAN FROM BANK OF INDIA.MY FAMILY INCOME IS RS.100000.I WAS PAID FIRST YEAR INTEREST.AM I APPLICABLE FOR THIS SCHEME.

September 21st, 2009 at 11:31 pm
Thanveer said:

I want to know whether there is any maximum limit, because some banks tell that this facility is available for loans that are less than four lakhs and would it be interest free for a fee of 6 lakh per annum in India?

September 22nd, 2009 at 7:08 am
Magudees said:

Hi,
I have finished my M.Tech course in the duration of 2006-2008. I availed educational loan from Indian bank for the above course. Till date i did not pay any interest into my loan account. Can i get waiver from interest for the moratorium period of my studies.

September 23rd, 2009 at 6:23 am
Arunav said:

I had availed educational loan of Rs.3.4 lakhs for a AICTE approved course from State Bank of India. My father’s annual income is less than Rs.4.00 lakhs. The bank is going on adding interest to my loan A/c from time to time. When I approached the bank for the interest waiver, they said they had no circular. Can anyone tell me how to get this interest waiver officially & whom to approach ?

September 24th, 2009 at 2:29 am
radhe shyam yadav said:

pl. tell me that wheather this scheme is implemented or not .

September 25th, 2009 at 12:14 am
Deepak said:

Hi,

I have taken loan from Allahabad Bank. I had sent the mail to them about the notification and they told me that they do not reply to such mails, please submit us details and concrete proof about the scheme. Even I talked to branch manager and he also told me to inquire myself about the scheme. Now I am confused as to whom to approach.

September 25th, 2009 at 9:28 am
Balakrishna Oguri said:

Hi,
I am studying PGDM (aicte appvd) from Institute of Public Enterprise and I have availed Education Loan from Andhra Bank for the period of 2008-2010. (2 lakhs for the period 2008-09 and 2 lakhs for the period 2009-10) Till now I paid Rs 15,000 as interest to my loan account. My father’s income is less than 4.5 lakhs. Please let me know weather I could avail this scheme or not.

October 1st, 2009 at 4:26 am
suresh kumar said:

hai i am doing M.E now, i have been applied for the educational loan in canara bank….but the bank manager is extending my dates to submit that forms…..what can i do for that to pursue that loan……………..send me details

October 1st, 2009 at 9:48 pm
suresh kumar said:

hai i am doing M.E now, i have been applied for the educational loan in canara bank….but the bank manager is extending my dates to submit that forms…..what can i do for that to pursue that loan……………..send me details

October 1st, 2009 at 9:54 pm
Bhalchandra said:

sir,what is the exact procedure? should we go to any scheduled bank and get the loan in a normal way? are there any central government’s application forms to be filled before getting the loan?

Thanks,
Bhalchandra

October 2nd, 2009 at 6:56 am
gopi said:

sir my name is gopi. iam studing m.c.a in ou.i want get study lone

October 4th, 2009 at 4:15 am
ishan said:

sir, i have taken admission in btech in IP University this year. i fulfill all the criteria under this scheme. i wish to know whether this scheme is already in place or will it take some time before it is implemented because recently i was told that the scheme is not implemented yet.

October 4th, 2009 at 8:12 am
rajinder garg said:

sir ,
please tell me whether circular in this regard has been issued by the RBI or not ? If yes specify the no. and date of issue.
thanks

October 5th, 2009 at 8:37 am
ANIRUDH said:

hello sir i had taken education loan from the nationalised bank for my mba (2008-2010)course, can i eligible for this scheme of govt. pls. reply me,

October 7th, 2009 at 11:30 pm
krishnas said:

Hello ANIRUDH,

Yes..you will be eligible for this scheme.

Thanks,
Krishna

October 8th, 2009 at 6:26 am
Umesh B Todmal said:

Sir I have taken loan from ADCC bank . I am doing M pharm from University of Pune Bank ask about the circular of government to them

October 9th, 2009 at 11:48 pm
Seetaram Bhat said:

Hello Sir, I am Seetaram Bhat,Murdeshwar Uttar kannada. I applied education loan for BE to my daughter who is studying in Bangalore.The Manager of the concerned bank agreed to sanctioned the loan because my income is 100000/-. But he says that I have to pay interest every month. I told him about interest free scheme by goverment. But he didnot agree. How can I convence him? If I pay the interest monthly may it refund in future? Please guide me.
Thanks you lot.

October 10th, 2009 at 4:46 am
krishnas said:

Hello Seetaram Bhat,

There won’t be any refund once you paid the interest. It seems still the circular not been sent to the banks. It is too bad why this govt. not making the good schemes work properly. I got the same complaint from many of our readers. Which bank you have tried?. Can you try in any of the nationalized banks.

Thanks,
Krishna

October 10th, 2009 at 4:52 am
dhirendra kalaria said:

has circular been issued by the RBI or not?

October 11th, 2009 at 10:17 pm
krishnas said:

Hello Dhirendra,

Thank you for the comments.
It is not yet confirmed that RBI issued the circular. If any one updated it will be helpful.

Thanks,
Krishna

October 12th, 2009 at 8:39 am
juzar said:

Hi krishna,
Is there a formal document passed by the government or RBI in accordance with the above interest free education loan.
If yes can u please provide me with the link where I can get the copy of the internet link where I can find the copy.

Regards
Juzar Kachwala

October 12th, 2009 at 7:45 pm
karthick said:

hello sir my father have only 48000p.a salary.i want study m.b.a but only probelm is finance.the interest free loan is applicable for me or not?

October 13th, 2009 at 5:12 am
RAVINDER SINGH PURBA said:

Sir,

I would like to know how this interest free education loan will be availed, because there is no circular is being released by the RBI for the banks till date. Therefore the banks are unable to give this facility to their customer. Please let me know how I could avail this facility on the education loan I have taken for my both daughters one for MBA and other for B.Tech.

October 15th, 2009 at 4:57 am
krishnas said:

Hello Ravinder,

You are correct. They are delaying sending the circulars or any political drama . I don’t know why this much time to implement a good plan.

Thanks,
Krishna

October 15th, 2009 at 5:48 am
nitin palde said:

Hi! I am taken education loan for MCA degree. Its for the first time i had taken it. My family income is less than 4.5lakh. How would i take the benefit of loan subsidy? What procedure i would have to follow for this scheme?

October 23rd, 2009 at 11:16 pm
Suv said:

Hi Krishnas,
You have harped upon a very good point. I highly appreciate your effort. But I have a doubt. The education loan has two parts – 1)The interest till mortarium period like 2 years in my case for a loan taken to pursue MBA, on which interest is charged at Simple Interest 2)The interest charged on the amount outstanding like in my case for 7 years charged at compounding interest. Has the Government announced waiver of both these interests or only waiver of the first interest mentioned above?

October 26th, 2009 at 9:07 am
krishnas said:

Hello Suv,

The interest charged on mortarium period will be waived off. After that you have to pay the interest amount and principal back to the banker. ALso it is not yet confirmed that banks received the circular from the RBI stating the same scheme. Many people reported that still many bankers not aware of the scheme because they did not get any notice from RBI.

Thanks,
Krishna

October 26th, 2009 at 7:07 pm
shrinivas said:

namaste sir,

im doing mbbs in govt institution.
im able to pay fees,which is around 7000 rs,
bt monthly personal expenditure is goes high. and
taking whole, it goes around 50,000 rs, yearly.
{includes mess charge,accomodation charge,books cost etc.}
anyhow can i solve this economic problem, using this scheme,

n finally,is this scheme valid for academicyear 09-10.

kinly reply… im waiting.

October 26th, 2009 at 11:18 pm
krishnas said:

Hello Shinivas,

It is for education loans. Not for the other fees.

Thanks,
Krishna

October 27th, 2009 at 6:44 am
G.Sarathi said:

Respected Sir,

I have availed education loan for Rs.2,00,000 in 2003/04. I have properly paid my Interest in every month up to 2006. My father annual income has less than 4 lacs.Till I am not get any job in the due course. Now I Continued my study and joined post graduate degree in engineering in the academic year of 2009/10-2010/11. I came to know in 2008 my education loan was consolidated as Rs.4,00,000 with multiple interest by Bank without any specification.
Now I want some clarification recording under following doubts.
1. May I get Interest free from 2006.
2. May I get Interest free Loan as a principle for Rs.2,00,000 only
3. From which period I have liable to pay interest
4. When my interest payable period will begin.
Thanking You.
G.Sarathi

October 28th, 2009 at 7:49 am
krishnas said:

Hello Sarathi,

There is no free interest in your case. The interest free loans are announced recently and not yet widely implemented. You cannot claim the interest paid earlier.

Thanks,
Krishna

October 28th, 2009 at 8:09 am
G.Sarathi said:

Sir,

The above article in the head – Top 5 Points to Consider for Interest Free Education Loan – Serial No.3 is shown the existing Loan will be linked to this shcme . Still my Loan is pending payment and outstanding amount is continue.I think my outstanding loan is also eligible for avail Interest Free for the past unpaid interest period. Yet the Proper circular has not issued by R.B.I. we are waiting for the circular.

October 28th, 2009 at 8:57 am
krishnas said:

Hello Sarathi,

You are correct. You will be able to use this scheme for existing loans. What I said is you cannot claim the already paid interest money. But, I am not sure whether this scheme is started in the Banks. Please check with the bank and let us know if they are implementing this scheme. I heard that there is no circular from RBI to the banks.

Thanks,
Krishna

October 28th, 2009 at 5:42 pm
Aiswarya said:

hi,

I took loan on july-2003 from SBI. MY family income is less than 4lacs. Completed my engineering course and doing job now..Can I get this benefit? From the previous anwser I understood that I will not get this benefit..Can you please tell me the reason why I should not get this benefit?

Waiting for your reply

Aiswarya

October 29th, 2009 at 4:20 am
krishnas said:

Hello Aiswarya,

Thank you for the comments.
This scheme is only for the existing loans. You have already done and got the job. So, it is not applicable.

Thanks,
Krishna

October 29th, 2009 at 6:15 am
suraj said:

hii
i have taken an education loan in year 2006 for btech and i dont, want to avail this facility now . and i want to use this for my postgraduate studies . is this possible

October 30th, 2009 at 9:22 am
piyush kumar said:

i(behalf) of all the poor indian student say thanks to the present indian government,specially Mr kapil Sibbal who has taken the initiative

October 30th, 2009 at 9:23 am
suraj said:

pls reply soon

October 30th, 2009 at 9:26 am
krishnas said:

Yes..you can do that.

October 30th, 2009 at 8:41 pm
krishnas said:

Hello Piyush,

Lets hope they will implement the scheme efficiently.

Thanks,
Krishna

October 30th, 2009 at 8:42 pm
Ashin said:

hi,
I have taken an educational loan from SBI for overseas studies in canada,my family’s income is less than 4.5 lakh.I am eligible for interest educational loan.

October 31st, 2009 at 11:55 am
krishnas said:

Hello Ashin,

Thank you for the comments. This schemes applicable only for the Indian Students who pursue their studies in India.

Thanks,
Krishna

October 31st, 2009 at 5:20 pm
piyush patel said:

hello,
I got addmition in MBBS this year. my father ann.income lees than 4.50 lakh. I want take add.loan
I wont to know that. in my city bank siad there is no circuloar reah here about INTREST FREE LOAN so we not give you INTREST FREE LOAN what can i do take loan with intrest ? or wiat & watch plese reply emiddiatly

November 2nd, 2009 at 1:09 am
krishnas said:

No one can’t help you. Because it is RBI’s decision to send the notice to all the banks.

Thanks,
Krishna

November 2nd, 2009 at 7:58 pm
GOPAL BISWAS said:

Sir, Please inform the specific date from which the scheme will be opend for the elegible students.

November 4th, 2009 at 9:21 pm
vijay said:

Is this 0 percent education loan is valid for studies abroad?like MS after graduation…

November 5th, 2009 at 1:02 am
samim biswas said:

I am studying engineerig in aprivate college but our economical condition is poor.. I want to get interest free loan of amount 3.5 lac..what can i do? please send answere in my email id

November 5th, 2009 at 3:19 pm
krishnas said:

Hello Samim,

Please contact any of the nearest bank for this scheme.

Thanks,
Krishna

November 5th, 2009 at 5:12 pm
krishnas said:

No. It is valid for studying in India

November 5th, 2009 at 5:16 pm
krishnas said:

Hello Gopal,

I will update here when this scheme will be opened in the banks. I did not hear anything from the banks. subscribe here to get the updates: http://www.thinkplaninvest.com/subscribe/

Thanks,
Krishna

November 5th, 2009 at 5:19 pm
samim biswas said:

going to the nearest bank what should i do?what amount of loan can i get?answere please

November 6th, 2009 at 1:05 am
piyush patel said:

Hi,
I Read your answer. plese if you have, send me RBI circular about intrest free aducation loan they have issue all of banks. plese send a copy my e mail address.

November 6th, 2009 at 1:18 am
samim biswas said:

can you tell me the address nearest canara bank of saltlake kolkata?

November 6th, 2009 at 1:22 am
balakrishna said:

Hello sir , i am doing M.Tech in private college, my admission comes under management quota , please till me that whether i come under “free interest” @education loan or not ,thanks

November 6th, 2009 at 4:50 am
vibhor said:

Sir i have taken edu. loan in 2006 fro 3 years and completed my course in jul 2009, our income is within 2 lacs pa
am i eligible for this scheme
1)can we get the interest amount back
we have not yet repayed the loan so will we be charged interest now also?

also my sister is in Government medical college first year(2009) MBBS
is she eligible for this scheme?

thanks in advance for reply

November 10th, 2009 at 10:42 pm
GOPAL BISWAS said:

Sir, two and half months has elapsed, the needy and deserving students are eagerly waiting for interest free education loan announced by GOI on August 27,2009. GOI should take steps to implement the scheme at an early date for the benefit of the society.

November 11th, 2009 at 10:44 am
david sinha said:

i m studying B.C.A under west bengal university of technology(WBUT),recognised by AICTE.i have an existing education loan and i am paying interest for last 15 months. my loan is at syndicate bank.my family income is also less than 4.5lakhp.a. my question is that whether i am eligible for this interest-free scheme?
kindly reply as early as possible?
thank you sir.

November 11th, 2009 at 12:30 pm
krishnas said:

Please ask your banker whether the scheme is in effective.

Thanks,
Krishna

November 11th, 2009 at 5:04 pm
krishnas said:

Hello Gopal,

You are correct. It should have implemented now. They are announcing the plans just for namesake, but not reaching the common man. Yesterday I have inquired HDFC bank regarding the Interest Free Education loans, they said havn’t received any notification from the RBI or government. We have to wait till they are implementing the scheme.

Free EMail Subscription:
http://www.thinkplaninvest.com/subscribe/

Thanks,
Krishna

November 11th, 2009 at 5:07 pm
GOPAL BISWAS said:

Thank you sir for your views expressed on November 11,2009. The RBI Authority may kindly be requested to expedite implementation of the scheme. Thanks, GOPAL BISWAS.

November 12th, 2009 at 9:15 am
krishnas said:

Hello Gopal,

Hope they will do it soon.

Thanks,
Krishna

November 12th, 2009 at 5:23 pm
david sinha said:

i have enquired in state bank of india,durgapur,west bengal but its the same.they havn’t received any notification.

November 13th, 2009 at 9:24 am
ramya sekar from chennai said:

Hi sir i had taken an educational loan during 2006 – 2009 for 4 years for BE … till now i have paid my interest … my family income is less than Rs.4.5 lakhs per annum … will this scheme is applicable to me if so what about my interest i have paid so for .. will it be cancelled in the principal amount … please help me sir …. i am waiting for your reply … thank you sir …

November 13th, 2009 at 8:52 pm
ramya sekar from chennai said:

Hi sir i had taken an educational loan from CANARA BANK during 2006 – 2009 since i m a lateral entry for 3 years for BE . My family income is less than Rs.4.5 lakhs per annum.Will this scheme is applicable to me? if so what about my interest ,will it be cancelled. i am waiting for your reply … thanks in advance for ur reply …

November 13th, 2009 at 8:56 pm
Manoj said:

Hi Krishna,

I have taken education loan for the period of 2005 to 2009 , Last month i have completed my study and waiting for final year result. My total house income is below 4.5 lakhs ,Can u pls confirm whether i am eligible for this scheme?

Waiting for your valuable reply

November 14th, 2009 at 12:58 am
rajinder garg said:

SIR,

Let me know the platform where I may convey the grieviences of me as well as lacs of students and their parents for non implimentaion of this scheme despite of half of the session has been expired.

November 14th, 2009 at 7:17 am
vijay said:

sir pls tell which banks are having this schemes.andhra bank having this scheme.

November 16th, 2009 at 7:33 am
mukesh khanna said:

hello

when benk start to give intrest free adducation loan ?

November 20th, 2009 at 12:15 am
krishnas said:

Hello Mukesh,

I will be updating here, when the banks started giving the interest free loans. It should have started already by the banks. Not sure why it is not yet implemented.

Thanks,
Krishna

November 20th, 2009 at 1:24 am
Prabhu said:

Hi..

I am doin a professional course from an autonomous institute and have taken Rs. 4 lakhs education loan from canara bank.

can u tell me whether I can avail this scheme or not?

thanks

November 25th, 2009 at 7:45 am
pranay kumar said:

hiiiiiiii
I am pursuing PGDM AICTE MKT. Course
and I had taken taken Edu loan & my family income is less than4.5laks per annum am i benifited in this circular

November 30th, 2009 at 6:02 am
pradeep said:

Hi krishna,i had taken a loan from sbi for my Ms and the amount is 5lakhs,now i am intersted to pay whole the amount and also now i am intersted to have a loan for pilot training approx.18lkhs but when i went to bank they are telling me tht pilot training is just 10+2,so its not possible to take loan for you.I want to know is there any Rule tht they should not give for lower education once if i did Ms .so can pls let me know sir.

December 3rd, 2009 at 8:34 am
Ramesh said:

Implementation of interest subsidy may take more time,as it is still require clearance of MHRD.
for details visit http://www.taxguru.in/government-policy/govt-may-provide-interest-subsidy-on-education-loan-to-student-from-weaker-section-for-moratorium-period.html

December 3rd, 2009 at 8:21 pm
krishnas said:

Hello Ramesh,

Thank you for the information. I will update the article with this info.

Thanks,
Krishna

December 3rd, 2009 at 9:52 pm
krishnas said:

Hello Pradap,

There may be rules associated with each bank. You try with any other banks whether they are offering the loans. They have list of courses which they can offer the education loans.

Thanks,
Krishna

December 3rd, 2009 at 10:43 pm
pradeep said:

Hi krishna,Thanks alot for responding to my query.As per my knowledge the entry level for this cpl course is Intermediate,as i have done Masters degree my loan is getting rejected due to this reason .do you have any information about this RULE ifso do pls let me know.

December 4th, 2009 at 7:15 am
krishnas said:

Hello Pradeep,

As I said earlier, it is good idea to talk to the bank. As I know, the rules may be different from banks,

Thanks,
Krishna

December 4th, 2009 at 7:33 pm
vijay said:

sir, i need a education for 3.7lacs and my father is having a personal loan in his bank, i want to know weather now am i eligible for education loan in that bank or any other bank.

December 5th, 2009 at 5:19 am
vikyraj said:

i have taken an education loan in year 2007 for B.E. can u tell me whether I can avail this scheme or not?

December 7th, 2009 at 2:01 am
P.T.PATEL said:

My relative has taken admission in mbbs course, his father income is less than 4.5 lakh per year. If presently he applying for loan in the bank of baroda, will he be eligible for interest free loan because scheme is not yet implemented in the bank itself.Whether government has made any provision for implementation of scheme from cuurrent year in different banks?
Hope positive response from you,
Yours Sincerely,
P.T.Patel

December 11th, 2009 at 1:45 am
priyanka said:

sir,now im studying in 1st year engineering from mumbai university.my fathers income is less than 4.5 lacs. will i be able to apply for this scheme.If yes how?

December 11th, 2009 at 9:32 am
Deepa S said:

Hi,

I have availed for Educational loan from Canara Bank from my engineering studies for the year 2002-2006. I have not yet finished my loan back due to my dad’s expiry. Now I got married and came to my husband’s place in aboard. Kindly let me know i what way this scheme will help me in settling this loan.

Regards,

Deepa S

December 13th, 2009 at 12:36 pm
sachin said:

if this is true then it will defenetly useful for poor student, because i have borrowed education loan from SBH and i am not able to pay interest and amount of loan.

December 15th, 2009 at 5:41 am
shiva said:

Is it already in place or yet to be implemented?

December 18th, 2009 at 11:47 am
shiva said:

but banks are saying they have not received such circular till date.
Is it yet to be implemented?

December 18th, 2009 at 11:48 am
hemil said:

i am getting addmission in this mbbs. & my family income is less than 4.5 lack. if i take loan with interest this year,then can it converted into free loan in second year? & what is the latest update by free education loan? it is implimented or not? if it is not implimented,then when it is impliments?plz early say…….

December 20th, 2009 at 7:36 am
M.B.Vijayakumar said:

Sir,

I have got a education loan from Indian Bank for my son. But till I have not received any information or notification from the Govt.Of India regarding free interest on Education Loan. Recently, I have seen from the Vijay TV Programme on Sunday the 19th December, 2009, one of the Parliament Member and Lawyer of Supreme Court assured that the Free Interest on Education Loan will be implemented by the Govt. of India very soon. I request you to kindly inform through my e mail id when the Govt.of India will be implemented on Free Interest on Education Loan.

With Regards,

M.B.Vijayakumar
Mob. No.9789237981

December 23rd, 2009 at 7:50 am
M.B.Vijayakumar said:

Sir,

Refer my letter Dt.23.12.2009, I have not received any reply or any communication from ;your end.

Awaiting your favourabely reply as early as possible.

Regards,

M.B.Vijayakumar

December 23rd, 2009 at 6:36 pm
krishnas said:

Hello Vijayakumar,

I will update here when the scheme is implemented in the banks. Thank you for the comments.

Thanks,
Krishna

December 25th, 2009 at 9:09 am
ashraf, kanhirapuzha said:

sir,

now iam doing MBA with the help of education loan from SBT during the academic year (2008- 2010). so i have one doubt, now i think eligibile for this free education loan.so kindly request to you i need more details about this free educational loan.

thanking you…

December 26th, 2009 at 3:34 am
Raj said:

where from i get full instruction for this plans???

December 28th, 2009 at 12:19 am
abinaya said:

sir,
i am a 2009 passed out student..i took education loan in 2005-2009 academic year in indian bank….whether the full interest is free?..whether it is applicable for me?..

December 30th, 2009 at 12:47 am
abinaya said:

sir,
i am a 2009 passed out student..i took education loan in 2005-2009 academic year in indian bank….whether the full interest is free?..whether it is applicable for me?.

December 30th, 2009 at 12:48 am
kumar said:

hello

my family income is less than 4 lakh, but i had finished my ug in the field of dentistry , now i am pursuing a educational loan in banks,for my higher studies post graduation in india,for that my yearly fees is goes around 3.5 lakhs & for three years its 10.5 lakhs!,so i am in need help for loan to get my higher studies , so my question is when will our government announces these interest free for educational loan scheme? ,,,when ?

December 30th, 2009 at 11:43 am
vibhor said:

my sister is in Government medical college first year(2009) MBBS
is she eligible for this scheme?

thanks

December 30th, 2009 at 11:47 pm
M.B.Vijayakumar said:

Sir,

Further to my comment, I have not received any communication or reply regarding free interest on education loan . Kindly consider my request.

Regards,

M.B.Vijayakumar

January 6th, 2010 at 6:46 am
LinZi said:

Keep up the good work! Look forward to reading more from you in the future. I think it will be also nice if you add “send to email” tool so people can forward the articles to their friends easily.

January 7th, 2010 at 4:47 am
krishnas said:

There is a option in end of all the articles to send email to friends. Please check it

January 7th, 2010 at 5:03 am
krishnas said:

M.B.Vijayakumar,

There is no update on the scheme.

Thanks,
Krishna

January 9th, 2010 at 4:58 am
krishnas said:

vibhor,

Family income must be less than 450000. Then only you can apply for these loans.

Thanks,
Krishna

January 9th, 2010 at 4:59 am
krishnas said:

Hello shiva,

It is yet to be implemented.

Thanks,
Krishna

January 9th, 2010 at 5:00 am
Aimeejay said:

Dear Krishna,

My cousin availed an education loan of about 1.6 lakhs from IOB for her MBA .
she got the first installment (40k) of loan for the fees.
The branch manager asking her to pay interest so that she can get the next instalment of the loan.
what she can do ? (her family income is about one lakh per year).

Thanks
Aimeejay

January 12th, 2010 at 6:57 am
gopal singh said:

Is scheme for interest subsidy on education loan implemented or not?Is concern banks are agreed to waive incurred interest? if not,what is the reason behind it?If yes, what are the formalities to avail it. How much time is expected. Thanking You

January 16th, 2010 at 9:37 pm
darshan said:

hi i am d how we couid getthis benifite

January 18th, 2010 at 3:22 am
SUBHASH KOHLI said:

I have taken Education Loan from Syndicate Bank for my daughter. To whom I should apply for Interest free scheme.

January 18th, 2010 at 11:33 am
Rajesh Gokani said:

Sir, I have taken education loan for my daughter for medical course from Union Bank of India for Rs.3 lacs.
My annual income is less then 4.5 lacs.
I have written one letter to HRD, New Delhi regarding this scheme of interest subsidy. Our PM also have announced on 15/08/09 regarding the scheme. After 5 months they have yet not implemented the schem. Why so late?
please reply from when it is goint to implemented.

January 20th, 2010 at 7:10 am
krishnas said:

Hello Rajesh,

I am also not sure why they are delaying such good schemes.

Thanks,
Krishna

January 20th, 2010 at 7:35 pm
Murali said:

Now i am doing engineering – Part Time. Am i eligible this loan?

January 21st, 2010 at 1:16 am
TOMS said:

My sister has taken loan of Rs. 3 lakh from union bank for her daughter to study nursing degree in bangalore. As announced by the government, I informed my sister to contact the bank for this interest subsidy. They said they do not have any information regarding this. When our govt. is going to implement it.

January 21st, 2010 at 7:52 am
sidharth said:

my annual income is 90000 thausend,m i eligible for these?please reple

January 23rd, 2010 at 8:18 am
P.T.PATEL said:

When interest free education loan letter from government will be issued and implimented to take benifit of its to the students who admitted in professional courses in current year from economically poor families.

January 25th, 2010 at 12:55 am
cpundru said:

It is even mentioned in the Rajya SAbha , that this scheme will be implemented shortly , but still we didnt have any notification on this to banks .. . Does any one have any idea abt this ?

January 26th, 2010 at 4:05 am
M.Venkatesan said:

My sister has applied sbi education loan 2009-2010(B.E first year) acadamic year, Loan always sanstion, the amount for 2.5L four year. but the bank person told 10.5% interest, and pay the monthly month interest. then only next year loan amount you will get.

What can we do? (my family income about one lakh per year).

How can we get free interest loan amout in sbi.

The goverment already announced free interest load. but sbi people told to insterest.

Please give me solution for free education loan, getting in sbi details.

Regards
M.Venkatesan

January 30th, 2010 at 7:28 am
Soumodip Patra said:

I took education loan on 2008.am pursuing MBA.2008-2010.will i b eligible.plzzzzz reply.i need this benifit.when it b applicable.

February 1st, 2010 at 7:54 pm
M.B.Vijayakumar said:

Sir,

Evenafter several reminders and also HRD Department, New Delhi, why the Free Interest on Education loan Scheme will not be implemented till date by the Govt.of India.

Kindly communicate the same as early as possible.

M.B.Vijayakumar

February 3rd, 2010 at 6:48 pm
Rahul said:

Sir,
Sincerely appreciate and thanks a lot for your advices.

My brother had borrowed Rs. 50000/ year from 2004 to 2008 for pursuing his education in Engineering. He completed in 2008 and was jobless for more than 6 months. His family’s annual income is less than Rs. 4.5 L. p.a.

For the first 2 years he paid off his interest and the rest are payable. Is he eligible to avail this scheme, if so why his bank is denying his eligibility and asking him to pay off his debts?

Kindly advice.

Regards,
Dhatchayani

February 7th, 2010 at 10:17 am
Mithun said:

Dear Sir,
I took loan for my MCA(2006 – 2009) course around 1lakh from SBI for my second year and final year(2007 – 2009) of my course.
My family’s annual income is less than 4.5lakhs, I am paying interest for my loan amount from the beginning itself. I just want to know will there is any good fortune for me in our Governments announcement about “no interest” for education loan.
One more thing sir, can I continue in paying interest. I paid around 25000Rs as interest for my loan amount around 1 lakh please reply me sir, because I cant able to get any information from my bank regarding Government’s stand in “interest issue”….. thank U sir

February 8th, 2010 at 5:33 am
ptpatel said:

We are going to take educational loan for mbbs course commenced from 2009 from nationalized bank i.e. Bank of barod , weather intrest free benifit will be avilable or not in future to us? kindly guide us
with regards
P.T.PATEL

February 9th, 2010 at 11:15 pm
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February 15th, 2010 at 4:34 am
Gokul Raj said:

Dear sir/Madam,
I had obtained educational loan in the year 2008 for my MBA from a private bank, is there is any waiver of interest for me. if so where can i get the details and is any goverment order is been passed.

February 16th, 2010 at 10:46 pm
aditya singh said:

SIR
main CCS UNIVERSITY se B.ETCH kar raha hun. mai apne nikat ke UNION BANK OF INDIA ke branch maneger se 0 PERCENT intrest per education lone lene ke lie gaya, kintu maneger ne lone dene se mana kar diya, jab ki mere pita ji ki ANUAL INCOME 24000 hai.

aap bataen main kya karu
THANKYOU

February 19th, 2010 at 4:39 am
Ramesh said:

In status of implementation of budget(2009-10) placed before Lok Sabha,FM mentioned that:
The scheme to provide interest subsidy to students
belonging to economically weaker sections on the loans
taken by them under the educational loan scheme of the
Indian Bank Association for pursuing technical/ professional
education in India, has been approved by the Cabinet
Committee on Economic Affairs on 27.8.2009. Chairman,
Indian Banks Association, Mumbai has been requested on
8.9.2009 to inform all Member Scheduled Banks about this
new Scheme and also to give wide publicity to this scheme.
Action completed

March 4th, 2010 at 3:23 am
Ramesh said:

but not implemented any where in india.
kya yeh proposal sirf papersme hi rahega?
we should sought information under RTI Act 2005 from Ministry of Human Resourse Development(nodal agency in this case)

March 4th, 2010 at 3:28 am
mathan said:

i am engineering student under anna university control.when will the educational loan interest canceled out?

i have applied tmb education loan 2009-2010(B.E first year) academic year, Loan always sansaction, the amount for 3.2L four year. but the bank person told 13.5% interest, and pay the monthly month interest.

What can we do? (my family income about half of the lakh per year).

How can we get free interest loan amout in tmb.

The goverment already announced free interest loan. but tmb people told to pay the interest each& every month.

Please give me solution for free education loan, getting in sbi details.

March 4th, 2010 at 5:38 am
D'Souza said:

I am from Minority Community (Christian) I have taken educational loan 15 lakhs from Union Bank of India on 8th December, 2008 with 12% interest for Commercial Pilot Licence Training at Australia. Since I am paid interest for the financial year 2009-2010 is Rs. 1.57 lakhs. I have not received any information or notification from the Govt.Of India regarding free interest on Education Loan. Recently, I have seen from the Vijay TV Programme on Sunday the 19th December, 2009, one of the Parliament Member and Lawyer of Supreme Court assured that the Free Interest on Education Loan will be implemented by the Govt. of India very soon. I request you to kindly inform through my e mail id when the Govt.of India will be implemented on Free Interest on Education Loan. Can I get interest free education loan or not . I have paid interest which has to be adjusted for installments starting from July 2010 i.e. Rs.28,000/p.m. Please send me notification and as well as inform Union Bank of India to get interest free loan sanctioned to me.

Keep inform me on email: tereza_souz@rediffmail.com

With Regards,

Mrs. D’Souza
Mob.9975391569

March 11th, 2010 at 9:45 am
sri kanth said:

I also took the educational loan and my moratorium period is over.now SBI sent a notice to pay the money we took from the bank other wise they say they will take necessary action.we being from a poor family cant pay the money immediately and the interest got doubled.whats the govt doing?when can we avail this scheme.so that we can get some interest waiver.

please mail me when this scheme gets implemented

srikanthgaali@gmail.com

March 13th, 2010 at 8:39 pm

Interest Free Education Loans