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- Your Guide to Educational Loans in India
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Educational Loans
• Allahabad Bank
• Andhra Bank
• Axis Bank
• Bank of Baroda
• Bank of India
• Bank of Maharashtra
• Bank of Punjab
• Bank of Rajasthan
• Canara Bank
• Catholic Syrian Bank
• Central Bank
• Dena Bank
• Development Credit Bank
• Federal Bank Ltd.
• HDFC Bank
• IDBI Bank
• ICICI Bank
• Indian Bank
• Indian Overseas Bank
• Karnataka Bank
• Mysore Bank
• Oriental Bank of   Commerce
• Punjab And Sind Bank
• Punjab National Bank
• State Bank of Hyderabad
• State Bank of India
• State Bank of Mysore
• Syndicate Bank
• UCO Bank
• Union Bank of India
• Vijaya Bank
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EDUCATIONAL LOANS

These days education comes with a cost and higher education seems to be proving costlier day by day.

The question haunting most of the deserving students, whose parents / guardians are not rich enough, is with respect to any available financing options. To support such students so that they may not left behind from the main league of education, the government of India has formulated Educational Loan Scheme.

Two banking and financial Apex Bodies, the Reserve Bank of India (RBI) and Indian Bankers Association (IBA) have helped the government in preparing the plan and procedure for educational loans. The new scheme covers all types of courses including professional courses in schools and colleges in India and abroad.

The key-features of educational loan scheme are mentioned below.

1. The scheme provides loans up to Rs. 7.5 lakh for studies in India and up to Rs. 15 lakh for studies abroad.

2. For loans up to Rs. 4 lakh no security or margin is necessary and the interest rate is not to exceed the Prime Lending Rates (PLR). For loans above Rs. 4 lakh the interest rate will not exceed PLR plus 1 percent.
 
3. The loans are to be paid back over a period of 5 to 7 years; there is provision of grace period of 1 year after completion of studies.

4. Tax Benefit- The repayment of an educational loan is deductible under section 80E of the Income Tax Act. The annual limit for deduction is Rs. 40,000 (for both the principal and the interest). Only loans borrowed for higher education (fulltime studies in any graduate or post-graduate, professional, and pure and applied science courses) may claim deduction. The deduction will be available for a maximum of eight years starting from the day you start paying back.


 

Allahabad BankAndhra BankAxis BankBank of BarodaBank of India
Bank of Maharashtra Bank of Punjab Bank of Rajasthan Canara Bank Catholic Syrian Bank
Central BankDena BankDevelopment Credit BankFederal Bank Ltd.HDFC Bank
ICICI BankIDBI BankIndian BankIndian Overseas BankKarnataka Bank
Mysore BankOriental Bank of CommercePunjab And Sind BankPunjab National BankState Bank of Hyderabad
State Bank of IndiaState Bank of MysoreSyndicate BankUCO BankUnion Bank of India
Vijaya Bank    
DOU=24012008



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