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.
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July 19, 2012 at 4:03 pm
i take an education loan Rs/-240000.00 at the time of my admission in year 2010 B.tech course from State Bank of India at the rate of 10.75%, and my father income is not so much to pay the interest and now a day i hear about this interest free education loan scheme i want to know all terms & condition & whole procedure to achieve this scheme please help me.
August 7, 2012 at 5:01 pm
Sir,
I G.Kiran Kumar completed my b.tech in 2012. I took an education loan in grameena bank in 2008.As i heard that educational loans are made free from intrests. as i took in 2008, am i eligible for this new policy…? i paid intrest for two years(till 2009 ending).at that time while paying the intrest. they informed me that no need to pay the intrest here after as per the policy. From then they dint call me for payment of intrest also. But now they called me and are asking me to pay the intrest of 43000. so, am i eligible for this new policy of intrest free education loan…..?
please reply me as soon as possible sir.
thank you.
August 8, 2012 at 11:51 am
hello sir,
I took the loan 5.25 lakh from PNB jaipur for my PGDM programme in july 2010. I just want to know how much interest subsidy i can get, can i have to make payment only principal amount.
plz help me out as soon as possible,
thanks
August 8, 2012 at 11:55 am
hello sir,
I took the loan 5.25 lakh from PNB jaipur for my PGDM programme in july 2010. I just want to know how much interest subsidy i can get, can i have to make payment only principal amount.
plz help me out as soon as possible,
thanks
August 19, 2012 at 4:44 pm
Hi I got the education loan for the period 2006-2010.
What about out status, is the free interest is eligible to me???
Please reply back soon, I got loan from syndicate bank, they are putting 14% interest rate. For loan amount 2.25 lakhs they took land property document too. Please guide me what I have to do next??
August 22, 2012 at 6:34 pm
I have taken my loan in year 2005 & completed my course in july 2008. Wheather i am eligible for the interest subsidy scheme or not,please tell me.
August 23, 2012 at 7:53 am
Dear
This schem launched in 2009-2010.
naturally it will not cover older loans.
August 23, 2012 at 12:40 am
i took an education loan Rs/-8,60,000 at the time of my admission in year 2009 B.tech course from Vijaya Bank India at the rate of 10.75%, and my father income is not so much to pay the interest but paying 1500/- per month and now a day i hear about this interest free education loan scheme i want to know all terms & condition & whole procedure to achieve this scheme please help me. send guide lines to my email as early as possible.thank u sir.
August 30, 2012 at 6:04 pm
sir i have taken a loan from ubi for mba 350000 at 11.75 %so how much subsidy i can get by the goverment tel me please and how to give full sbsity by the goverment
September 20, 2012 at 11:12 pm
Sir, i have took education loan for m.pharm from maharashtra grameen band.
Pls reply that can interest free edu. Loan scheme will applicable for such non nationalized bank.
October 1, 2012 at 3:15 pm
hello sir,
I am Nakul. I had taken edu. loan for my degree in the year of 2009. The loan is taken from Solapur Janta Co. Bank,branch- Kalamb. when i ask manager about intrest free edu. loan he refused to accept it. I want to know that “Is this bank comes in this rule or not”. Plz tell me about this. And one more thing, can i get the copy of The Deceleration of this scheme?
Thank you…
October 19, 2012 at 7:38 pm
Hi Sir, My name is Parul
I took educational loan from Union Bank OF India of around 3,22,000/Rs. in the year 2009. for my MBA education..The course got completed in 2011 and i have started paying the interest beforehand, uptil now i have paid around 60,000Rs. but now i want to avail the facility of Interest free Educational loan, but my bank manager is not complying with the Interest free scheme and its terms and conditions and saying that he is not aware about any such policy….please help
October 23, 2012 at 9:24 pm
i took loan from PNB this week. does PNB give Full interest subsidy under this scheme?? i inquired with manger but he seems like not having any information of this scheme. pls give reply.
November 3, 2012 at 4:04 am
I took edu loan in 2007 and my graduation completed in 2010. that means I am eligible for the scheme during year 2009-10. Due to lack of information, I didn’t do the formalities required till now. Submitting the income tax certificate now will make eligible to get wavier of interest paid during moratorium period.
November 3, 2012 at 4:04 am
I took edu loan in 2007 and my graduation completed in 2010. that means I am eligible for the scheme during year 2009-10. Due to lack of information, I didn’t complete the formalities required till now. Submitting the income certificate of my father now will make eligible to get wavier of interest paid during moratorium period.
November 3, 2012 at 5:28 pm
Dear all
I want to know if the Interest Free Education Loans scheme is still
effective and in oparation
plz inform
thanks
November 3, 2012 at 9:17 pm
Hi sir my name is vinod,
i had taken the education loan from Federal bank (Rs190000)for doing my MBA on 2007.For the last 4 years i am paying the intrest.shall i come under the specific scheme.when i asked the bank they are not giving the correct answer.can you please inform about the terms and schemes.
November 8, 2012 at 1:08 pm
Sir,
I had taken Education loan during the period of 2007-09 for MBA purpose. Shall i eligible for INTEREST Wavier. My loan amount is 120000/-and i paid 95000/- then remaining balance is Rs 75000+40000 due as per bank statement. my father is a former i had submitted Agricultural land property Document Plz Reply me……………………..
January 23, 2013 at 7:07 pm
I have taken loan from SBI during 2009-2010. My family income is less then 3.5 lack. i have submitted all the documents regarding this. Now i want to repay my loan. but when i went to bank and checked my loan account statement i found that they are adding interest on principle amount. if government is giving interest benefit then why they are adding in my loan amount.and my course is compleated in 2011, Please suggest me regarding this.
March 29, 2013 at 5:41 pm
Hello Sir,
I have taken my Educational loan in year 2007 & completed my course in Sep 2009 with interest rate 13% from Maharashtra Bank. Whether i am eligible for the interest subsidy scheme or not, please tell me sir.
March 29, 2013 at 8:09 pm
Please talk to your bank
May 3, 2013 at 9:10 pm
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May 4, 2013 at 11:10 am
UCO BANK STILL SAYS THAT THEY HAVE APPLIED THIS SCHEME TO GOVERNMENT..BUT NO RESPONSE FROM GOVT…IS THIS TRUE?????I SUBMIT ALL DETAIL 2 YRS AGO TO UCO BANK..HOW CAN I GET SUBSIDY???WHERE TO CONTACT TO GET RESULT….PLZ HELP ME..