Educational Loan in Banks

Educational Loan in Banks

A good number of nationalized banks in India have come up with diverse schemes for providing financial assistance to young scholars, to enable them to fulfill their dreams. According to a circular recently released by the RBI, for studies within the country the ceiling of the loans provided is approximately ₹ 7.5 lakhs, while it is ₹ 15 lakhs for higher studies abroad.

In order to make higher education more accessible, the existing bank education loan schemes will be liberalised so that funds will be available at 200 basis points below the Prime Lending Rate ( PLR ).

Currently, on an average, banks charge PLR for loans upto ₹ 4 lakh and PLR+1% for loans over 4 lakh. As of now, 10.75% is the benchmark PLR rate for loans below ₹ 4 lakh and 11.75 for those above it. These loans could be priced at 8.75% once the proposed subsidy scheme is implemented.

Education Loan Schemes of Various Banks
Allahabad Bank IDBI Money Scholar
Andhra Bank Indian Bank
Bank of Baroda Indian Overseas Bank
Bank of India Punjab National Bank
Bank of Maharashtra State Bank of Hyderabad
Bank of Punjab State Bank of India
Canara Bank State Bank of Mysore
Central Bank Syndicate Bank
Dena Bank UCO Bank
Federal Bank Ltd Union Bank of India
HDFC Vijaya Bank

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Application Form Submission 16 Dec 2020 to 16 Jan 2021.