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.
Reap the benefits of Education Loans
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.
Subscribe to our future articles here.
October 19, 2011 at 11:11 pm
dear sir ,
i have taken loan of 4 lach in the year between 2006-2010 for the education of BE FROM CORPORATION BANK. I COMPLETED MY BE WITHOUT YEAR BACK, MY DAD INCOME ALSO LESS THAN 3 LACH PA , AM I ELIGIBLE INTEREST FREE EDUCATION LOAN SCHEME
PLEASE INFORM ME TO MY MAIL
THANK YOU
October 20, 2011 at 12:25 am
Hi,
I have taken a loan of Rs.11.5 lacs under SBI Scholar Scheme for my MBA.
Now as per the subsidy policy, its applicable for loans upto Rs.10 lacs. Am I not eligible at all? Is there any way I can get the subsidy benefit?
Can the subsidy not work on a pro-rata basis – calculation of interest benefit only for amount upto Rs.10 lacs and I shall pay for the rest amount?
I am just curious to know since I have taken a heavy loan, I definitely need this subsidy. And, as far as the Govt spending is considered, they can put a cap on their spending for a particular candidate. How logical is it to de-bar someone who has taken loan beyond 10 lacs completely, that too without any mortgage, completely on merit of the institute?
Kindly reply. Thanking you in anticipation.
October 21, 2011 at 11:31 pm
hi sir,
i have taken an education loan of 3.23 lac for MCA during 2007 to 2010 from Punjab National Bank.
Now i want to confirm that interest free subsidy is applicable for my loan.my parents’ income is less than 4.5Lacs.
Please reply as soon as possible
Thanking you sir,please reply..
October 25, 2011 at 4:42 am
I had taken the loan of 5.75 l from bank of baroda for my MBA. Could you please suggest me whether am i eligible for getting the interest subsidy as my parents income is less than 4.5 l…
wating for your revert..pls
October 25, 2011 at 12:52 pm
hai sanoj check this link for complete details of educational loan and interest waiver scheme
http://socyberty.com/education/complete-details-of-educational-loan-in-india/
October 25, 2011 at 1:01 pm
This page contains many link which helps to clarify almost all doubts regarding educational loan also feel free to post your doubts there to get quick clarifications.You can also find ways to combat denial of educational loan in this link
http://socyberty.com/education/complete-details-of-educational-loan-in-india/
October 28, 2011 at 12:46 am
Hello Jack,
I have applied for the education loan in Sept. 2010 under the interest subsidy for education loan scheme. My Parent’s income is less than 4.5L and there was a verfication for the same as well. But till now we have not received any subsidy on the same even after clarification from Judiciary and submission of the for to the SBI. We are being charged with the same amount without any deduction in interest rates.
Please tell me the way to either file a complaint or get info on this.
Regards,
Ankit Garg
ag_coolguy00@yahoo.co.in
October 29, 2011 at 4:53 am
hello sir,
i am a medical student and i have taken loan of Rs 7 lacs on
oct 2010. Now i want to confirm that interest free subsidy is applicable for my loan or not.
i want to know the income “statement of income” of this subsidy
so that i can find out which all parts of annual income
are included in this subsidy of iterest .
pls rply soon , its really urgent.
thank you
ankita
October 31, 2011 at 7:04 am
hai ankit and ankita the details are clear in below page and its back links
http://socyberty.com/education/complete-details-of-educational-loan-in-india/
if u have further doubts post it in appropriate page there
November 2, 2011 at 4:19 am
Dear sir,
i am a student of engineering .i heard about sbi scheme of interest free for
education loan but our jagiroad sbi didnot inform about the newly made scheme and they said they didnot know abt this scheme.My family anual income is less then 4.5
lakhs.So please kindly send a official notice to my email so that i can forward this to the bank manager and i can get the scheme of no interest for education loan.
Thankyou
Partha
parthas.hazarika9@gmail.com
November 3, 2011 at 4:25 am
hello sir,
i have taken an education loan of 3.23 lac for BE during 2010 to 2014 from uco Bank.
Now i want to confirm that interest free subsidy is applicable for my loan.my parents’ income is less than 1Lacs.
Please reply as soon as possible
Thanking you sir,please reply..
November 5, 2011 at 9:01 am
sir,
i have taken education loan of 3.5 lac from SBT Kozhencherry Branch during 2004 for B.Sc nursing, i am paying the interest regularly.i completed my course in the year 2008.till now whatever i paid has been included in the interest only. then i joined for my higher studies in the year 2010, im from a lower middle class family, found unable pay the amount during this time. my course will be completing by 2012.
sir is it possible for me to apply for interest free subsidy for my loan. if not possible please suggest me what action should i take so that to get rid of this payment of interest till i complete my course.
hoping for your reply soon.
thanking you
November 8, 2011 at 12:20 pm
Sir, i had taken study loan during 2009-10 for MCA in SBH bank wether this scheme is applied to SBH or not.
November 12, 2011 at 1:34 am
i was worried when some days before they asked me 14% interest,i heard this news before but i was not getting any evidence to show them.if this is implemented why they were asking i do not know.
November 16, 2011 at 3:25 am
sir
i hv got an educational loan from indian bank in year 2009 for btech course and was paying monthly interest since my percentage was 58%. i paid monthly intrest to bank for sep 2011 but on 2 oct 2011 my father died after long illness . now i am not able to pay monthly intrest n bank’ manager regularly force me to pay intrest since i hv allready informed him. also i come under government conecession scheme which is deposited to bank.
please give me proper suggestion.
thanking you
rakesh
November 16, 2011 at 3:38 am
Respected sir,
My name is vigil and i had taken an education loan of Rs 2,95,000 for my diploma in hotel management during the period of 2005 to 2008. It is sad to hear that only the people who have taken loan after the the period of 2009 have been exempted from paying the interest for their education loan.
Those people like me have been paying the loan at an interest rate of 13% . We request you to do something about this matter and also to take us to the consideration.
Thanking you,
Vigil
November 16, 2011 at 5:10 am
Hi,
I do agree with vigil’s comment.
The people who have taken education loan before 2009 have to pay interest at 13% which is too high.
Government should definetly take a note of these.
Thank,
Vidya Kajale.
November 18, 2011 at 5:26 am
Dear sir i took loan after 2009 and i fulfilled all forms to get subsidy but still banker say they didnt get GO in 2011 too and i made to pay interest
November 20, 2011 at 11:31 am
sir.
enginearing course is passes by the special act of parliament or not?
is moradabad institute of tecnology (MIT) is a authorized institution?
i have a family income below 4.5 lakh so i eligible or not
November 20, 2011 at 11:32 am
sir.
enginearing course is passes by the special act of parliament or not?
is moradabad institute of tecnology (MIT) is a authorized institution?
November 22, 2011 at 1:40 am
Respected Sir,
I Have taken Education Loan in Central Bank At Karnataka in 2007.Is Will it be made interest free for me or not Sir
November 23, 2011 at 8:57 pm
Respected Sir,
I Have taken Education Loan in Central Bank At Karnataka in 2007.Is Will it be made interest free for me or not Sir
Can u pls forward me Any GO Number or Any website to get information Regarding subsidy Sir….
November 25, 2011 at 2:50 am
I am pursuing MBA (Batch 2010-12) and has taken loan 4 lacs from BOI. I told to manager about the scheme but he saidto me that He has not got the circular so far. please help me if there is link of RBI or Govt. or whether I am eligible for the scheme or not.
November 27, 2011 at 9:25 am
Sir I have taken education loan in May 2008 for my PGDM & it is completed in May 2010 till date I havn’t submitted any amount in the bank (Central Bank of India). So can I get some interest benefit on this or how to pay the amount, kindly guide me.
November 29, 2011 at 11:50 am
sir i was taken education loan from UBI in 2009 to m.pharma.i was gave the interest @11.5%p.a in a july 2010 for 75000.My family income is only 40000 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.
December 3, 2011 at 9:29 pm
Dear Sir,
I am existing edu. loan holder of UBI.I have paid edu. interest rate from when i was got the loan, till time i have paying interest rate with principle amount.According to govt.interest free loan applicable for me.
My family income below 4.5 lac P.A.
Regards
Suman Dutta
December 4, 2011 at 10:35 am
hii sir,
i have taken education loan in acadmic year 2009-2010.after sanction the loan my course & fee was extended.can my loan extend for rest amount.pls. is there any possiblity for extend my loan.pls give me suggestion.
thanking you,
Himanshu.
December 8, 2011 at 12:58 am
Dear Sir,
I have taken a loan of 3.25 lacs from SBI Bank on April 2006 for my 2 years of MBA Program from a private Institute in Pune affiliated to Pune University. After 2008 I am working but my salary is still not taxable. Also, My father is a retired Army officer whose pension is also less than 4.5lacs per year. I am still not able to pay my monthly installments of Rs. 7500.00 per month. I am only paying Rs. 4000/- to 5000/- per month. So, Kindly advice whether I am eligible for this interest free benefit or not.
December 8, 2011 at 9:58 pm
I Have taken Study loans for my two sons Ist In the Fincancial year 2007-2008 and second 2008-2009. may kindly be cofirm that can I avial this facilities, kindly confirm
December 10, 2011 at 11:50 pm
hi sir, i am shashank joshi i have taken education loan for BE course from bank of maharashtra in 2003.i have completed my BE in 2008.to get this scheme from 2009-10 to repayment the interest.my parents income is less than 4.5 lacs.please help me. to know this scheme criteria…..regards SHASHANK
December 14, 2011 at 3:21 am
sir,
what about 2008 educational loans. why government has not given subsidy for 2008 students if there is any reasons please mail me it is very useful to me.
December 16, 2011 at 8:31 pm
hello sir ! I m going to take educational loan from uco bank so pleage please provide me goverment rule(GR). So i will be take reabet in intrest . . . .
December 16, 2011 at 11:13 pm
I HAVE TAKEN EDUCATION LONE IN THE YEAR OF2010 FOR THE PURPOUS OF HOTEL MANAGEMENT PLS GIVE ME REPLY IAM RELLY GET THIS CHUNCE TO REDUCE MY INTEREST
December 19, 2011 at 1:36 am
hi i am dolly completing be in 2011 and i want to khow the detail how to get back my money from the bank which i deposite as a interest
December 22, 2011 at 8:26 pm
Dear Public
I HAVE TAKEN EDUCATION LOAN FROM BANK OF INDIA IN SEPT 2008.MY FATHER’S INCOME IS LESS THAN 4.5 LAK P.A.AND I HAVE NOT PAID ANY INTREST DURING MY EDUCATION .WHAT WILL BE HAPPEN WITH MY LOAN?WILL INTREST AMOUNT DEDUCT FROM MY TOTAL PAYING AMMOUNT ?
PLS HELP ME IF ANYONE HAV INFORMATION ABOUT IT …….
THANKS
July 19, 2012 at 11:20 am
Dear friends,
If you want Interest free education loan. I am giving in the following step by step suggestion. ”
1. If you resides in city area then contact head office of collectors office of your state.
2. If you resides in the districts area then please contact office of the sub-divisional office (s.d.o./B.D.O.).
3. The will give you a format and instruction and then collect the INCOME CERTIFICATE and then you submit to your bank from which taken the education loan.
This is the only process for interest free education loan. In spite of that if this process is failed then collect the order of interest free on education loan of govt. of India.. You will get it in details interest subsidy Scheme for Education loan from the website of Ministry of Human Resourse Development and Indian Bank Association.
MOHRD : http:/www.education.nic.in/uhe/intSubsidyonELS.pdf
IBA : http://www.iba.org.in
December 27, 2011 at 2:23 am
hi sir,
i want to buy education loan for my P.G course and my sister want to buy education loan for U.G course. As per law two persons in a family are eligible to buy the loan.
iam waiting for your reply………………………..
Thanking you
December 27, 2011 at 3:16 am
sir,
I have taken education loan for mba from allahabad bank in may 2008 for the academic year 2008_10 &my father hardly income is around 1 lac .can i get the subsidy in intrest. Plz help me out & how can i get it? Plz reply me sir.
December 27, 2011 at 3:54 am
hello sir i have taken educational loan on 2007 (4 lac) for my engineering and paid interest till 2nd year am i eligible for this scheme.kindly answer anyone ..its very importanat.
December 30, 2011 at 3:15 am
Hello Sir, My education loan was sanctioned from Allahabad Bank region Madhya Pradesh. I am under mentioned income term. Loan was taken in May 2008. Guide me how I can get subsidy over Interest.
January 1, 2012 at 4:41 am
may i get loan to study in ukraine? to whom i should contact about loan? hw much maximum loan i can get? in wht tym period i have to pay back?
January 1, 2012 at 8:52 am
I have taken a Education loan of 3.6 from sbbj in 2008 where i took 1.6 in 2008 and rest 2 lakhs in april 2009.
i have applied in the bank for the interest free, but till today they have not returned the inetrest money in my account. They are saying that they claim the ineterst but have not received the money from the central govt.
WHAT should i do please suggest.
January 5, 2012 at 12:57 am
sir,
i have taken loan for b-tech in 2010 . sir how much intrest is given to bank of union bank of india. my family income is less than 4.5 lack p.a.
January 7, 2012 at 10:47 pm
sir
i have applied for education loan in union bank,Salem,they getting montyly interest from my family…there is interest for education loan..
January 8, 2012 at 11:49 pm
Sir,
I have taken education loan from central bank of India during my B.tech course(2007-2011),and I want to know now can I apply for the interest subsidy. I am asking because my bank told me that now the time is over. so sir please give the reply.
January 9, 2012 at 11:42 pm
Sir,
I have taken education loan from central bank of India during my MCA course(2007-2010),and I want to know now can I apply for the interest subsidy. I am asking because my bank told me that now the time is over. so sir please give the reply.
January 10, 2012 at 8:23 pm
sir. i have taken aeducational loan in 2005, for my daughter a amount of rs.282000.00. and iam paying my interest regularly as per banks order. we are a poor family. i heard that the edu. loans will be subsidered by the banks from 2009 by submitting the salary certifiate by the thasildar. i submitted the waiting for the subsidary.can iget subsidary?
January 14, 2012 at 3:22 am
I have taken education loan from corporation bank in august 2008, for studies abroad. Can i avail the interest subsidy, fully from 2008 or from 2009. till date i have not made any payment to the bank.
If i can avail any benefit, kindly let me know where and how to apply for the benefit.
January 16, 2012 at 4:49 am
Dear sir,
good after noon !!!. I am a student of MBA. i have taken a loan of rs. 2 lakhs from SBI at the year 2010-11.I finished my MBA in may 2012.Am i eligible for this free interest scheme of indian government. My father’s annual income is only 1 lakh p.a…….
I was told to manager about the scheme but he said to me that He has not for academic year 2010-11. i want to i’m eligible or not
please reply me..
thanks
January 22, 2012 at 8:47 pm
Sir,
i got 60% in 10th and 53% in +2. I have completed Bsc with 63%. I like to study MBA. Can i get education loan for my higher studys? Which is better bank?
January 23, 2012 at 12:00 am
Sir
I have taken loan of 1 lack from state Bank of India in 2010.
I am in thired year of BCA and I am also paying my interest
to the bank. My father income is less than 2 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.