Interest Free Education Loans scheme become Operational
- 33 Comment
It is almost one year back, I have written about the interest free education loans announced by the Indian govt. for Indian students who are pursuing the studies in India. It is one of the great reforms in the education sector to help the poor students. The qualification to avail this scheme is, if your family income is below Rs.4.5 lakhs p.a.
There is tremendous response on the post, it shows the expectation from the public to know more about the scheme. But, sadly there is very much delay on implementing the scheme (known for Indian politics). At last, last week it is been officially sent the notification to all the Banks in India.
I am writing this post to let our readers know about the updated news on the scheme which announced last year. The good news is that, the scheme is effective from the year 2009-10. If you have paid the interest on the period, it will be returned to your bank account.
Full interest subsidy will be provided during the period of moratorium on loans for students. Here the moratorium means the time till the students completing the course and 6 months after completing the course. The proof of income is to be certified by authorities to be designated by the State governments.
Eligible students can approach the respective bank branch from where they are availing the loan and complete the formalities so that the individual accounts could be credited with the interest due on the loan from the academic year 2009-10 onwards.
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33 Comments on this post
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jay said:
dear sir
if you have same rbi announcemeat link or any ather govt link ..then tell me..i have to take printout and show to the bank …he want the printout about the scheme become operational…
thanks in advance
jayJune 26th, 2010 at 12:24 pm -
krishnas said:
HI Jay,
When did you ask the banker? This scheme is become operational on last week only. I hope they will send the circular within few days or weeks. You need not worry, this will be implemented soon.
If you want to link for the news, here is the news posted in the Hindu newspaper:
http://www.hindu.com/2010/06/25/stories/2010062565251700.htmThanks,
KrishnaJune 26th, 2010 at 6:32 pm -
Manya said:
Hello Krishna,
I have taken loan from HDFC Bank for MBA (of 7.5 L) @ 11% intt rate,but my guarantor is my married sister and brother in law… And their income is more than 4.5L
My father is retired,hence his income in less than this, Would I be eligible for the scheme?
Thanks.
June 27th, 2010 at 12:36 am -
Sanjay V said:
Hi sir, I’ve taken edu. loan for my B.E course in the year 2005. I completed my B.E in July 2009. I’ve taken loan from CORPORATION Bank at 11% rate of interest. I need to start repayment from coming month (i.e. July 2010). my parents’ income is less than 4.5Laks. Am i eligible for the interest exemption loan scheme. Please help.
Regards,
SANJAY VJune 27th, 2010 at 8:31 pm -
Tereza D'Souza said:
Dear Sir,
I am a from Minority (Christian community) from Vasai. I had taken Education loan of Rs.15.00 lakhs from Union Bank of India, Borivali Branch, Mumbai, for my son for commercial Pilot Licence for studies at Australia. The loan sanctioned during 8th December, 2008 and I have paid interest from April, 2009 to March 2010 is Rs.1,75,000/-. Can I get the facility of interest free education loan announced by Prime minister. Please inform accordingly.Thanks
June 29th, 2010 at 10:49 pm -
ram bahadur said:
Sir
I have taken loan of 3.5 lack from United Bank of India in 2008.
I am in fourth year of engineering and I am also paying my interest
to the bank. My father income is less than 4.5 lack per annum.So I want to know whether I am eligible to this scheme or not and
whether I will get all my interest refund that I have already paid to
the bank.Please inform me about this.
I will be very thankful to you.
July 1st, 2010 at 4:25 am -
anoop soni said:
Dear sir,
A very good morning sir. sir i am a student of Delhi Business School new delhi. i have taken a loan of rs. 3.5 lakhs from bank of baroda at the year 2008. am i eligible for this free interest scheme of indian government. sir one more thing my father’s annual income is only 1.2 lakh p.a…….thanking you please reply soon.July 1st, 2010 at 8:37 pm -
flaviyan jerome said:
Mr.Krishna;
I hav been following your post since last year. thanks for the effort, i would like to know wether the existing loan can be linked to this scheme. i got the loan for 2006-2010
July 3rd, 2010 at 3:55 am -
mina said:
sir , i have taken loan from bank of india in 2008 for mba studies for the period 2008-10 and i have been paying interest till then . my family income is less than 4.5. am i able to get the interest refunde as per RBI NORMS.
July 4th, 2010 at 10:53 am -
mina said:
sir i really need your answer , i am very confused regarding this that whether i am eligible for this waiver or not and if i am eligible then for which year it will be refunded 2008-09 1 year or 2008-10 for 2 years because i have been paying from last 2 years.
July 4th, 2010 at 11:37 am -
krishnas said:
Hi Mina,
It is not applicable for the loans taken before the year 2009-10.
Thanks,
KrishnaJuly 4th, 2010 at 7:35 pm -
Manya said:
Hello Krishna,
I have taken loan from HDFC Bank for MBA (of 7.5 L) @ 11% intt rate,but my guarantor is my married sister and brother in law… And their income is more than 4.5L
My father is retired,hence his income in less than this, Would I be eligible for the scheme?
Thanks.PS: Kindly,Reply for the above mentioned comment as well!
July 4th, 2010 at 11:43 pm -
mohd samad said:
hello.sir,
i am very poor student. and am student of b.com 3year
and i want computer engg course……plz tell me about
interest free loan……..July 7th, 2010 at 2:07 am -
DEEPAK UNIYAL said:
SIR
I (DEEPAK UNIYAL S/O JAGDISH UNIYAL) RESIDENCE OF A1-53A MADHU VIHAR UTTAM NAGAR NEW DELHI -110059. I AM A STUDENT
OF B.TECH.ENGINEERING ,STUDYING IN COLLEGE OF ENGINEERING ROORKI 3rd YEAR COMPUTER SCIENCE,
SIR I TAKES EDUCATION LOAN EVERY YEAR FROM STATE BANK OF TRAVANCORE R K PURAM BRANCH. MYACCOUNT NO IS
#067064751398 SIR MY FATHER JAGDISH UNIYAL HAS BEEN PAYING INTEREST SINCE TAKING LOAN FROM HIS ACCOUNT NO.57022215432.AS PER HRD ANNAUNCEMENT.I WANT TO GET THIS SCHEME, I REQUEST YOU KINDLY LOOK INTO THE MATTER.
THANKING YOU.July 7th, 2010 at 2:10 am -
prajwal said:
this is not implimented yet
July 8th, 2010 at 7:37 am -
Soma said:
Sir i’m studyin B.E. I’ve got loan in d yr of 2007 whether interest wil be refunded for me… Plz i’m awaitin 4 ur reply…
July 9th, 2010 at 5:54 pm -
Subhash said:
Sir,
i have completed MCA in 2008, till i am working in small company. i have an education loan. i have not deposited any single installment. Now i want to know is my education loans interest free? Please let me know that in detail.July 11th, 2010 at 11:37 pm -
ranjeet said:
thank u sir for sharing this information among us…………..i hav a query if u can plz help me in this…..i wanted to go aborad for higher education and i need loan for that ……..so do bank will provide me loan with interest waiver……
July 17th, 2010 at 3:11 am -
kesavamoorthi said:
Hi,
Will this scheme applies to the educational loan taken on 2004? I have finished my studies in 2008. Please explain about this scheme applicability. Why the banks not communicating any information related to this while they are doing that for other notifications? should we have to claim this scheme our self directly contacting the bank?
How are the poor people comes to know about such schemes when the banks were not notifying them?July 21st, 2010 at 3:20 am -
sarangapani said:
I had taken educational loan of 12.5 lakhs for studying abroad in the year 2007 for my son and I am regularly paying interest till date.My annual income is less than 4.5 lakhs.Am I eligble for interest waiwer scheme.Kindly reply me.
July 24th, 2010 at 7:47 am -
carloan calculator said:
That was indeed a good news. Interest free loans should be the priority scheme of the government so as to provide opportunity to the young generation in achieving their goals. Education is the most important device in attaining success and providing this kind of financial aide would be a tool that pushes this possibility.
July 25th, 2010 at 9:09 am -
PRASHANT said:
Hi,
please suggest me the path…
I have also taken Education Loan in 2006 for MBA …it completed in 2008 ..Due to recession Campus placement was not done…i am working with d small companies…due to this i cant pay interest..will i be eligible for this scheme..i have not paid any single installment yet & my family income is also below the criteria..
July 26th, 2010 at 12:48 pm -
punit mishra said:
hello sir,
i joined mca from uptu Lucknow in 2008, now i’m going in 5th sem and i need loan due to family problems in which income is less than 2,oo,ooo. sir, please say m i illigible to take interest free education loan and how? is it possible from sbi bank?
July 27th, 2010 at 9:25 pm -
punit mishra said:
sir ,
really i need your answer as soon as possible as i have to deposit my fees till15th of august.
regards,
punit mJuly 27th, 2010 at 9:30 pm -
Shweta said:
Hi….
Myself shweta.. M belonging to backward catagory… For edu loan is there necessity of NOC document of parents…. I have completed my graduation N i want to complete my post gradution…. right now I am doing job…. so please let me know that will it be possible to take loan without NOC document infavour of parents from any bank……..August 2nd, 2010 at 2:50 am -
SUMIT KUMAR said:
Dear sir,
I have taken edu. loan for B.E. course in the year 2007. I have taken loan from Vijya Bank. My parents Income is less than 4.5 Lacs. Am I eligible for the Interest Free exemption Loan scheme, Please Help.Regards
Sumit Kumar
August 4th, 2010 at 4:31 am -
mathan said:
sir,
i got the educational loan from tamilnad mercalntile bank for last 3 years.my family income is 100000 per year.the central govt has been announced as the interst for the education loan will be canceled.but till now i paid the interst.the bankers said “the order didnt come to our bank.so you have to pay the interest”,please tell me whether this plan is realy implemented or not?August 10th, 2010 at 4:30 am -
Shadab ali said:
sir,
i have taken education loan from SBI in year 2005,for my degree(BDS),now i am in internship.so pleez let me knw dat my loan will be included in this scheme or not nd if yes den plz giv me proper ruling or notification(plz if u can provide) so that i can present that to bank authority.August 15th, 2010 at 12:10 pm -
vasudevan said:
as on date no bank at erode is offering interst free edu loan.what to do wherw to approach? kindly guide me
August 27th, 2010 at 4:24 am -
Manjit said:
Sir, I’ve taken edu. loan for my B.E course in the October 2008. I’ve taken loan from INDIAN Bank at 12.50% interest rate.I have been paying the interest regularly since then. My parents’ income is less than 4.5 Lacs. Am I eligible for the interest exemption loan scheme and from when? Please help. Will bank return the paid interest to me.
August 28th, 2010 at 7:49 pm -
Warpade satish raosaheb said:
sir i was taken education loan from SBH in 2009 to engineering.i was gave the interest @11.5%p.a in a july 2010 for 75000.My family income is only 20000 p.a but i was contact bank manager he told that G.R. is not received in our bank therefore i can not collect your interest up to G.R. will received. please tell me when G.R. will receive and i will become independance my father.I know that due to politics G.R. is not receving to bank in time.
August 29th, 2010 at 11:28 pm -
Deepak said:
Is it possible to have educational loan of 20 lakhs without keeping property. My dad annual income is 40,000
August 31st, 2010 at 3:35 am
[...] This scheme is become operational. And it is effective from 2009-10. [...]