Education loan by government of India, sometimes known as student loans, are advances made to students by banks or other financial organizations to help cover the costs of their higher education. High-achieving students are provided financial help to attend universities in India and across the world under this unique loan program.
Many Indian banks provide these loans to qualified borrowers at low interest and with flexible terms and conditions. Moreover, for students to get their loan money as soon as possible, the paperwork procedure is also kept to a minimum.
Eligibility For Education loan by Government of India
- a) Members of lower castes, as routinely announced by the federal or state governments.
- b) The applicant’s family’s annual income is Rs. 3.00 Lakh. A minimum of 50% of the total funding must be made available by the channel members (State Channelizing Agencies/Banks) to individuals with yearly family incomes of up to Rs. 1,50,000.
- c) The candidate must have been accepted into a properly accredited/recognized institution for any professional or technical courses authorized by the competent organization, such as the AICTE, Indian Medical Association, UGC, etc. A minimum of 50% on the qualifying test is the exam that must be passed before enrolling in the course.
- d) Must have passed an entrance exam or been selected based on merit for professional or technical programs in India or abroad.
The trainees must have been accepted into a course with a minimum six-month duration in India and be supported by a government ministry, department, or organization, a business, society, or nonprofit organization, or courses approved by the sector skill council, preferably leading to a certificate, diploma, degree, or another credential from a government agency or another recognized organization.
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Qualification for Student Loans Table-based presentation
Interest Rate Of Education loan by Government of India
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According to their financial needs, students may apply for school loans, but they must be fully aware of the rate of interest that the banks are giving. All banks offer loans at various interest rates. So, to find out the interest rates on student loans in India, see the chart below.
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For Girl Student Education loan by Government of India
Education Loan Programs in India for Female Students are :
1. Corporation Bank of India’s Corp Vidya Scheme
The Corporation Bank of India launched the Corp Vidya Scheme, which grants female students an interest rate reduction of up to basis points ( bps) on education loans. Aspirants concerned with studying abroad may also take advantage of this program.
The loan substantially covers the following costs associated with education, among others:
Books and uniforms expenses
instruments/technology for education Cost
Other fees connected with the course
The prices of travel and lodging are also covered.
2. Cent Vidyarthi of the Indian Central Bank
The Central Bank of India has launched the Cent Vidyarthi program, which provides students who want to continue their education in India with unsecured loans up to INR 10L. In addition, for students who wish to pursue higher education overseas, the bank offers unsecured financial assistance up to INR 20L.
Additionally, the Cent Vidyarthi Loan offers ST/SC (Scheduled Caste/Tribe) women an interest rate of MCLR = 1.5 percent. There is no maximum loan amount permitted for loans with collateral, nevertheless.
The majority of education-related costs, including textbook purchases, college fees, lab fees, test fees, accommodation costs, and All transportation expenses, are paid for by the program.
3. Indian Overseas Banks Education Loan Vidhya Jyoti
The Indian Overseas Bank launched the Vidya Jyoti initiative, which provides a 0.5 percent interest rate discount on loans.
For pupils wishing to continue their studies in India, a sum of INR 30L is available, while those wanting to study overseas can get up to INR 40L.
Along with the choice of returning interest on the loan either during the student’s academic tenure or after the student’s education is complete, i.e., in addition to the original amount, a flexible payback period anywhere between 5-7 years is also provided.
4. Bank of Baroda’s Baroda Scholar Loan Program
For female students who want to pursue graduate, postgraduate, or doctoral degrees abroad, the Bank of Baroda provides education loans.
The provided loan pays for the student’s one-way travel expenditures in addition to the cost of basic educational expenses.
The simple interest that benefits students is computed during the moratorium period.
5. Loan for Education – Axis Bank
Axis Bank provides education loans for female students interested in doing graduate or postgraduate studies abroad. The given loan will pay for housing expenses, books, and tuition.
6. Loan for education: HDFC Credila
For Indian female students interested in attending university abroad, HDFC Credila provides education loans. The sum provided for studying abroad has no maximum limit.
Faq (Frequently Asked Questions) :
Q1.How do I get a government study loan?
Answer. The applicant must sign up for a Vidya Lakshmi Portal account, log in, and complete the Common Education Loan Application Form by entering all required information. Students can apply for educational loans from various banks and programs via the CELAF, a single form. All banks accept this form, which is standardized by the Indian Banks Association (IBA). The Vidya Lakshmi Portal offers it. The user can search for a student loan and APPLY after completing the form, according to their needs, eligibility, and convenience.
As an alternative, the applicant can log in and look for Educational Loans before filling out the CELAF to apply for the appropriate Educational Loan.
A student may use CELAF to submit applications to three banks via the Vidya Lakshmi Portal.
Q2. Does the Government provide education loans?
Answer. Through the “Pradhan Mantri Vidya Lakshmi Karyakram,” a fully IT-based Financial Assistance Authority has been proposed to oversee and supervise Scholarship as well as Higher education Loan Schemes, to enable all poor and middle-class pupils to pursue an education of their preference without any financial restriction.
The Vidya Lakshmi Portal is a leading website for students looking for educational loans. It offers a single-window electronic portal via which students may access information and create applications for government scholarships and educational loans. It provides details on the following:
1. Educational Loan Programs from Different Banks
2. Common Student Loan Online Application for Students Seeking Loans from Multiple Banks
3. Banks have the option of downloading student loan applications
4. Banks have the option of uploading loan processing status
5. Ability for Pupils to Email Banks with Complaints or Questions Regarding Educational Loans
6. Link to Scholarship Portal for Government Scholarships Information and Application
This program aims to include all banks that offer educational loans. By providing a single point of entry to the numerous Educational Loan Schemes offered by all Banks, this effort of the Government is anticipated to help students across the nation. NSDL e-Governance Infrastructure Limited created and maintained the portal.
39 Banks have registered 70 Student Loan Schemes on the Vidya Lakshmi Portal and integrated their systems with it to provide students with updates on the status of their loan applications.
Q3. Which loan is eligible for education?
Answer. Students can utilize education loans as a sort of financial help to pay for their educational expenses. Cash-based student loans are provided, and they must be paid back to the bank with interest. They are attainable through grants, awards, financial aid, and finance. The repayment terms for school loans can vary greatly depending on the bank and the sum borrowed by the student. Therefore students who intend to take out loans are encouraged to borrow just what they need.
Different Education Loan Types
For various sorts of educational programs, there are several different educational loans available. For example, there are student loans for professional education programs, student loans for skill-based programs, student loans for studying overseas, and other options depending on the sort of education a person wishes to pursue.
There are two substantial kinds of education loans based on geography, regardless of the course.
Domestic education loans are available for study within the nation’s borders.
The lenders will sanction the loan if the applicant has a guaranteed seat at an institution that satisfies the lenders’ standards after the applicant meets various qualifying conditions.
Education Loan for Study Abroad is for academic programs beyond the nation’s borders. The borrower must be assured admission to one of the universities or colleges on the list of recognized educational institutions for the loan to be accepted, much like for domestic education loans.