Educational Loan in Banks
Bank Education Loan
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 [rupee] 7.5 lakhs, while it is [rupee] 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 [rupee] 4 lakh and PLR+1% for loans over 4 lakh. As of now, 10.75% is the benchmark PLR rate for loans below [rupee] 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|
|1. Allahabad Bank||12. IDBI Money Scholar|
|2. Andhra Bank||13. Indian Bank|
|3. Bank of Baroda||14. Indian Overseas Bank|
|4. Bank of India||15. Punjab National Bank|
|5. Bank of Maharashtra||16. State Bank of Hyderabad|
|6. Bank of Punjab||17. State Bank of India|
|7. Canara Bank||18. State Bank of Mysore|
|8. Central Bank||19. Syndicate Bank|
|9. Dena Bank||20. UCO Bank|
|10. Federal Bank Ltd||21. Union Bank of India|
|11. HDFC||22. Vijaya Bank|