Secured Education Loan For Higher Studies in India and Abroad

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Table of content

  1. Introduction
  2. Types of Education Loan for Higher Studies in India
  3. SBI Education Loan - Student Loan Scheme or Higher Studies in India and Abroad Details
  4. Bank of Baroda Education Loan For Higher Studies in India and Abroad
  5. The Punjab National Bank Education Loan For Higher Studies in India
  6. Canara Bank Education Loan For Higher Studies in India and Abroad
  7. FAQ's
  8. Need Help? Ask Here!

Introduction

As we all know higher education is one of the most financially demanding sectors in any country, and students find it difficult to fund their dreams in top-notch institutions. In fact, tuition fees consume more than half of the total expenditure for a typical higher education program. When you compare the expenses of an undergraduate student in India to that of a student studying abroad, you may come to realize that the cost of higher studies in India is lesser than that required to study abroad. However, the tuition fees alone would constitute quite a considerable amount even for higher studies in India. This is the reason why a lot of students take help from financial institutions to fulfill the financial prerequisites of studying in India and abroad.

This article lists some of the education loan schemes of prominent lenders which are meant for higher studies in India. Today’s article will give you information about various aspects of a typical education loan for higher studies in India, like interest rates, processing fees, maximum education loans, collateral education loans for abroad studies, etc. Before trying to understand the details mentioned above, let us try and understand the two different types of loans available for higher studies in India.

Education Loan

Types of Education Loan for Higher Studies in India

Education loans are categorised into two different types based on the requirement of collateral. In order to borrow an education loan in India, it is essential to have sufficient information on both types of abroad education loans.

1. Secured Education Loan: Education loans lent based on collateral security are known as secured education loans for abroad studies. In this type of education loan, students are required to pledge collateral to borrow an education loan in India. These loans are lent by all prominent government/public banks in India. One of the biggest benefits of secured student loans borrowed from government banks is the moratorium period which is a loan holiday granted to all candidates before the repayment period begins. This moratorium period buys enough time for other students to find employment and begin their education loan repayment

2. Unsecured Education Loan: An unsecured education loan is an education loan without collateral. These loans do not require any form of collateral. They are mainly lent by private financial companies called NBFCs (Non-Banking Finance Companies) and a few other private banks. Government banks lend unsecured education loans of up to Rs.7.5 Lakhs too. Unlike government banks, NBFCs and private banks do not offer the benefits of a moratorium period to loan applicants.

The entire process of getting both types of education loans abroad is explained in great detail in many of our previous articles in this blog, as well as Loanflix episodes. The WeMakeScholars team believes that no student who is in need of an education loan should be denied or unable to borrow one under any circumstances. To know more about how we help students with the abroad study loan, do reach out to our financial officers at the earliest. 

Now that you have had sufficient information about the various education loans in India, let us take a look at the education loan schemes offered by prominent lenders in India.

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Banks

SBI Education Loan - Student Loan Scheme or Higher Studies in India and Abroad Details

This section comprises a detailed description of different SBI education loan schemes aimed at students who desire to study further in India and other countries. It includes all general loan facilities as student loans and specific ones for the best universities and abroad studies. Each subsection provides information on matters like who is qualified to borrow, what one needs to submit as security, how the loan has to be repaid, and what interest rates are to be expected. Here, you will find information on the type of loans you can take to finance studies in either India or abroad to make the right decision on how to finance your education.

Here are the schemes this section covers:

  1. SBI Student Loan Scheme 
  2. SBI Education Scholar Loans (IITs, IIMs, NITs, etc.)
  3. SBI Scholar Education Loan Interest Rates
  4. SBI Global Ed-Vantage Scheme
  5. SBI Skill Loan Scheme
  6. SBI Takeover of Education Loans SBI Takeover of Education Loans Value

SBI Student Loan Scheme

This SBI education loan scheme is a secured student loan scheme that is majorly aimed at providing financial assistance to students who wish to pursue higher studies in India, as well as abroad.

SBI Student Loan Scheme Details

Values

Eligibility

A term loan granted to Indian Nationals for pursuing higher education in India or abroad where admission has been secured.

Collateral Requirement/Security

Upto Rs. 7.5 Lakhs: No Collateral Security or third-party guarantee

Above Rs. 7.5 Lakhs: tangible collateral security

Co-applicant requirement

Upto Rs. 7.5 Lakhs: Only Parent/ Guardian as co-borrower. No Collateral Security or third-party guarantee

Above Rs. 7.5 Lakhs: Parent/ Guardian as co-borrower and tangible collateral security

Margin

Up to Rs 4 Lacs - Nil

Above Rs 4 Lacs - 5% for studies in India, 15% for studies in abroad

Repayment

upto 15 years after Course Period + 12 months of repayment holiday

Processing Charges

Loans upto Rs. 20 lacs : Nil

Loans above Rs. 20 lacs: Rs. 10,000 (plus taxes)

Loan Amount

Maximum upto INR 50 Lakhs

Medical Courses: Upto INR 30 Lakhs

Other Courses: Upto INR 10 Lakhs

Education Loan Interest Rate

11.15% - For male students
10.60% - For female student

Interest rate type

Fixed Interest rate

Concession

0.50% concession in interest for girl students and 0.50% concession for students availing of SBI Rinn Raksha

 

SBI Education Scholar Loans (IITs, IIMs , NITs etc.)

This SBI education loan scheme is aimed at students who are enrolled for higher studies in India in some of the top-ranked educational institutions in the country like the IITs, IIMs, and NITs. The highest education loan amount under this SBI education loan scheme varies depending on the category of the institution into which students are enrolled. Some of the other features of this education loan for higher studies in India are provided in the table below.

SBI Education Scholar Loans

Values

Eligibility

A term loan granted to Indian Nationals for secured admission to Professional/Technical courses in Select Premier Institutions through Entrance Test/Selection process

Collateral requirement/Security

Upto Rs. 7.5 lacs to Rs. 20 lacs- No Security

Above Rs  20 lacs- Collateral required

Co-applicant requirement

Upto Rs. 7.5 lacs to Rs. 20 lacs-only Parent/ Guardian as co-borrower

Above Rs  20 lacs- Parent/ Guardian as co-borrower  (In case of married person, co-applicant can either be spouse or parent/ parent-in-law) 

Margin

Nil, 100% Financing by the bank

Repayment 

upto 15 years after Course Period + 12 months of repayment holiday

Processing Charges

No Processing Fee

 

Category

Without Security (parent or guardian as co-signer)

With Security (& with parent/guardian as co-signer)

List AA

Rs. 40 lacs
 

List A

Rs. 20 lacs

Rs. 30 lacs

List B

Rs. 20 lacs

List C

Rs. 7.5 lacs

Rs. 30 lacs

Institutions are categorised as AA, A, B, and C, depending on their overall ranking. The final education loan amount depends on these ranks. 

SBI Scholar Education Loan Interest Rates

List

Institution

Effective Interest Rate

Rate Type

AA

ROI

8.55% (with co-borrower)

Fixed

AA

ROI

8.60% (with co-borrower)

Fixed

A

All IIMs & IITs

8.55%

Fixed

A

Other institutes

9.05%

Fixed

B

All NITs

9.05%

Fixed

B

Other institutes

9.55%

Fixed

C

All NITs

9.05%

Fixed

C

Other institutes

10.05%

Fixed

 

SBI Global Ed-Vantage Scheme

SBI Global Ed-Vantage Scheme

Values

Eligibility

Students who wish to pursue full-time regular courses at foreign colleges/universities for regular Graduate Degree/Post-Graduate Degree/Diploma/Certificate/Doctorate Courses in any discipline 

Collateral requirement/Security

Tangible collateral security or Collateral security offered by Third Party (other than parents) can also be accepted

Margin

Scholarship/assistantship to be included in margin.

Repayment 

Repayment will commence 6 months after completion of course

Repayment upto maximum of 15 years

Processing Charges

Rs. 10,000/- per application

Loan Amount

Minimum Loan Amount: Above Rs. 7.50 Lacs

Maximum Loan Amount: Rs. 1.5 Cr

Education Loan interest rate

Above Rs. 20 lacs & Upto Rs 1.5 Cr- 9.30%

Interest rate type

Fixed Interest rate

Concession

0.50% concession in interest for girl students and 0.50% concession for students availing of SBI Rinn Raksha

 

SBI Skill Loan Scheme

SBI Skill Loan Scheme

Values

Eligibility

A term loan granted to Indian Nationals for pursuing Skill development courses in India

Collateral requirement/Security

No collateral or third-party guarantee will be taken

Co-applicant requirement

Parent/ Guardian will execute loan documents along with the student, as joint borrower (co-borrower). 

Spouse will be included as co-applicant wherever applicable, in addition to Parent/ Natural Guardian

Margin

Nil, 100% Financing by the bank

Repayment 

Loans upto Rs 50,000: Upto 3 years

Loans between Rs 50,000 to Rs 1 lakh Upto 5 years

Loans above Rs. 1 lakh: Upto 7 years

Processing Charges

No processing fee

Loan Amount

Minimum Loan Amount: Rs. 5000

Maximum loan amount: Rs. 1,50,000

Education Loan interest rate

10.65% for all students

Interest rate type

Fixed Interest rate

Concession

No Further Concession

 

SBI Takeover of Education Loans SBI Takeover of Education Loans  Value

SBI Takeover of Education Loans

Values

Eligibility

With SBI Take-over of Education Loans, you can switch your existing high-cost Education Loan to SBI and reduce your monthly EMIs.

Collateral requirement/Security

The collateral security acceptable to the bank to be a minimum of 100% of the value of the proposed loan

Repayment 

Flexible repayment tenure upto 15 years

Processing Charges

No Processing Fee

Loan Amount

Minimum: Rs. 10 Lakhs

Maximum: Rs. 1.5 Crores

Education Loan interest rate

  11.15%

Interest rate type

Fixed interest type

Concession

0.50% concession for girl students

These are the few schemes provided by SBI Education Loans. However, the interest rates mentioned in the article are the latest on the date of publishing. Interest rates are subject to change with the change in market conditions. Therefore, it is recommended to get in touch with your financial officer to know the latest interest rates and to inquire about all the requirements of the scheme in detail. 

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Banks

Bank of Baroda Education Loan For Higher Studies in India and Abroad

This section gives information on the different education loan products available for students studying in India and other parts of the world through the Bank of Baroda. It ranges from overseas education loans to specific segment schemes for students studying in premier institutions, and MBA and other executive development courses. The individual subsections provide information about the eligibility, collateral that is accepted, the repayment period and the interest rates charged etc. This section will give you all the necessary information on the education loan scheme offered by the Bank of Baroda if you are planning to study either in India or abroad. Here are the schemes this section covers:

  1. Bank of Baroda Scholar for Study Abroad
  2. Baroda Gyan (For Higher Study in India)
  3. Baroda Education Loan to Students of Premier Institution
  4. Bank of Baroda Education Loans for Executive Development Programme (EDP) being offered by Premier Institutions Abroad

Bank of Baroda Scholar for Study Abroad

To avail of this education loan in India, the student must have secured admission to a notified institute and course. The loan limit for the universities which come under the prime category is Rs. 1.5cr and for the universities that come under the non-prime category is Rs. 60 lakhs.

Bank of Baroda Scholar for Study Abroad

Values

Eligibility

Applicant must be an Indian National/ Secured admission to professional/technical courses Abroad through an Entrance Test / Merit Based Selection process.

Collateral Requirement/Security

The loan amount must be below or 100% of collateral value.

Repayment 

Up to Rs.7.5 lakh: Moratorium period + 10 years

Above Rs.7.5 lakh: Moratorium period + 15 years

Margin

Nil

Processing Charges

Rs.10,000 + GST (Rs.10,000 refundable)

Loan Amount

Prime Universities: Rs.1.5cr

Non-Prime Universities: Rs.60 lakh

Interest rate

For Prime Universities- 10.60% for boys, 10.10% for girls,

For Non-prime Universities- 11.25% for boys, 10.75% for girls

Concession

0.50% Concession in rate of interest to loans for girl students

 

Baroda Gyan (For Higher Study in India)

This scheme is specifically designed for students who aim to pursue graduation, post-graduation, or any other professional courses in India. To avail of this loan, the student must have secured admission to the course.  

Baroda Gyan (For Higher Study in India)

Values

Eligibility

Students pursuing Graduation, Post-Graduation, Professional, and other courses in India

Collateral Requirement/Security

Up to RS. 4.00 lacs: Co-obligation of parents- No Security required

Above RS. 4.00 Lacs and up to RS. 7.50 lacs- Third-party collateral or tangible collateral required

Above RS. 7.50 lacs- Tangible collateral security equal to 100% of the loan amount required

Repayment

Up to Rs.7.5 lakh: Moratorium period + 10 years

Above Rs.7.5 lakh: Moratorium period + 15 years

Margin

Up to RS. 4.00 lakhs: Nil

Above RS. 4.00 lakhs: 5%

Processing Charges

Rs.10,000 + GST (Rs.10,000 refundable)

Loan Amount

Maximum RS.80.00 Lakh for Medical & Aviation Education

Maximum RS.10.00 Lakh for others

Interest rate

11.05% for boys and 10.55% for girl students

  Concession

0.50% Concession in rate of interest to loans for girl students

 

Baroda Education Loan to Students of Premier Institution

Baroda Education Loan to Students of Premier Institutions is given to Indian Nationals who have secured admission into top-notch education institutes in India. The loan amount depends on the categorization of the institute (AA, A, B, C).

Baroda Education Loan to Students of Premier Institutions

Values

Eligibility

Full-time regular Courses conducted by the Premier Educational Institutions 

Collateral Requirement/Security

List AA- Up to RS. 40.00 Lakh No Security: Above RS. 40.00 Lakh collateral required

List-A- Up to RS. 20.00 Lakh No Security: Above RS. 20.00 Lakh Collateral required

List-B and List-C: Up to RS. 7.50 Lacs No Security: Above RS. 7.50 Lacs Collateral required

Repayment

Up to Rs.7.5 lakh: Moratorium period + 10 years

Above Rs.7.5 lakh: Moratorium period + 15 years

Margin

Nil

Processing Charges

Rs.10,000 + GST (Rs.10,000 refundable);

Loan Amount

List AA Secured: Rs.80 Lakhs, Unsecured: Rs.40 Lakhs

List A Secured: Rs.80 Lakhs, Unsecured: Rs. 20 Lakhs

List B & C Secured: Rs.80 Lakhs, Unsecured: Rs. 7.50 Lakhs

Concession

No special concession for girl students under this scheme

 

Bank of Baroda Education Loans for Executive Development Programme (EDP) being offered by Premier Institutions Abroad

In the Bank of Baroda Education Loans for Executive Development Programme (EDP) are given for executive development programs abroad and up to Rs. 80 lakhs only. A student should be gainfully employed and would continue to be in gainful employment during the study.

Bank of Baroda Education Loans for Executive Development Programme (EDP)

Values

Eligibility

Students pursuing Executive Development Programmes(Part-time/Online programmes/Distance Learning) being offered by Premier Institutions abroad, as listed under List of Premier Institutions

Collateral Requirement/Security

Up to RS. 4.00 lacs: Co-obligation of parents, no security required 

Above RS. 4.00 Lacs and up to RS. 7.50 lacs (any security required)

Above RS. 7.50 lacs- Tangible collateral security equal to 100% of the loan amount

Repayment 

Up to Rs.7.5 lakh: Moratorium period + 10 years

Above Rs.7.5 lakh: Moratorium period + 15 years

Margin

Up to RS. 4.00 lakhs: NIL

Above RS. 4.00 lakhs: 5%

Processing Charges

1.00% of the Loan amount (maximum ₹ 10,000/-) to be recovered upfront which will be refundable on availing

Loan Amount

Maximum Rs. 80.00 Lakh

These are the few schemes provided by Bank of Baroda Education Loans. However, the interest rates mentioned in the article are the latest on the date of publishing. Interest rates are subject to change with the change in market conditions. Therefore, it is recommended to get in touch with your financial officer to know the latest interest rates and to inquire about all the requirements of the scheme in detail. 

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Banks

The Punjab National Bank Education Loan For Higher Studies in India

This section covers all the schemes of education loans provided by Punjab National Bank (PNB) that are available to students for higher studies within the country. With the PNB scheme, if you are an Overseas Citizen of India interested in studying in India or a student who wants to apply for premier institutions or skill development courses, there is something for you. In the same way, the PNB Pravasi Shiksha Loan for OCI students, the PNB Kaushal scheme for skill development, etc., all loan schemes are tailored for financial assistance with loan terms, conditions, collateral, and interest rates. Here's an overview of these schemes and their key details. Here are the schemes this section covers:

  1. PNB Pravasi Shiksha Loan
  2. PNB Saraswati
  3. PNB Pratibha
  4. PNB Udaan
  5. PNB Kaushal
  6. PNB Honhaar

PNB Pravasi Shiksha Loan

PNB Pravasi Shiksha Loan is the education loan scheme for  Overseas Citizens In India (OCI)/persons of Indian Origin (PIO) i.e. students born abroad and willing to pursue higher education in India. The main objective of this scheme is to provide opportunities for meritorious students to pursue their education in India by seeking financial support from the banking system with affordable terms and conditions.

PNB Pravasi Shiksha Loan

Values

Eligibility

Overseas citizen of India (OCI)/ students who are born to Indian parents during their stay abroad

Collateral requirement/Security

Equitable/Registered Mortgage of Immovable Property in India in the name of Guarantor(s) with value at least 125% of the loan amount

or

Liquid Security with value at least 125% of loan amount

Repayment 

Maximum 10 years (excluding moratorium period)

Margin

  20%

Interest rate 

11.25%

Processing Charges

1% of the loan amount, Minimum Rs.10,000/- (Non-refundable)

Loan Amount

Need based

PNB Saraswati

PNB Saraswati Education Loan Scheme aims to provide financial support to meritorious students for pursuing higher education in India.

PNB Saraswat

Values

Eligibility

Student should be an Indian national and should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process, 

Cases of Management Quota may be considered on a merit basis

Collateral requirement/Security

Upto Rs. 7.50 lacs: No security required

Above Rs.7.50 lacs: Security required

Repayment 

Maximum upto 15 years

Margin

Up to Rs. 4 lac - Nil

Above Rs. 4 lac - 5%

Interest rate

10.75%

Processing Charges

For Studies in India- Nil

Loan Amount

Need based- Finance subject to repaying capacity of the parents/students

PNB Pratibha

PNB Pratibha aims to provide financial support to students who aim to study in top premier institutes in India. Premier institutes, including  Business Schools, Engineering Colleges, Medical Colleges, and other reputed Institutes, are eligible to avail loans under PNB Pratibha Scheme.

PNB Pratibha

Values

Eligibility

Should be an Indian national.

Secured admission in Regular full time Degree /Diploma courses of Premium Institutes covered

Premier institutes which includes Business Schools, Engineering Colleges, Medical Colleges and other reputed Institutes are eligible

Co-applicant requirement/Security

Co-obligation of parents/guardian as joint co-borrowers

Repayment

maximum upto 15 years

Margin

(a) Scholarship/Assistantship be included in margin 

(b) Margin may be brought-in on a year-to-year basis as and when disbursements are made on a pro-rata basis

Interest rate

Based on the institution

Processing Charges

For Studies in India- Nil

Loan Amount

Need based- Finance subject to repaying capacity of the parents/students

PNB Udaan

PNB Pratibha aims to provide financial support to students who aim to pursue their higher education abroad.

PNB Udaan

Values

Eligibility

Student should be an Indian national and should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process

Collateral requirement/Security

Upto Rs. 7.50 lacs: no collateral security

Above Rs.7.50 lacs: collateral required

Repayment

maximum upto 15 years

Margin

Up to Rs. 4 lac - NIL

Above Rs. 4 lac - 15%

(a) Scholarship/Assistantship be included in the margin 

(b) Margin may be brought in on a year-to-year basis as and when disbursements are made on a pro-rata basis

Interest rate

10.75%

Processing Charges

For Studies abroad- 1% Minimum Rs.10000/- (Refundable after 1stDisbursement)

Loan Amount

Minimum Rs.5000/-

Maximum Rs 1,50,000/-

PNB Kaushal

The PNB Kaushal scheme aims to provide financial support to students who are willing to pursue skill development courses. 

PNB Kaushal

Values

Eligibility

Student should be an Indian national and should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process

Collateral requirement/Security

No collateral is required

Repayment

For Loans upto Rs. 50,000 - Upto 3 years.

For Loans between Rs. 50,000 to Rs. 1 lakh - Upto 5 years

For Loans above Rs. 1 lakh - Upto 7 years

Margin

Nil

Interest rate

10.25%

Processing Charges

For Studies in India- Nil

Loan Amount

Minimum Rs.5000/-

Maximum Rs 1,50,000/-

PNB Honhaar

The PNB Honhaar Scheme aims at providing financial support to students who are willing to pursue higher education in Delhi.

PNB  Honhaar

Values

Eligibility

Student should be an Indian national and should have secured admission to a higher education course in recognized institutions in India through Entrance Test/ Merit Based Selection process

Collateral requirement/Security

No tangible Security and /or 3rd party guarantee is required.

Repayment 

Max 15 years

Margin

Nil

Interest rate

11.25%

Processing Charges

Nil

Loan Amount

Max Rs 10.00 lacs

These are the few schemes provided by Punjab National Bank Education Loans. However, the interest rates mentioned in the article are the latest on the date of publishing. Interest rates are subject to change with the change in market conditions. Therefore, it is recommended to get in touch with your financial officer to know the latest interest rates and to inquire about the scheme's requirements in detail. 

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Banks

Canara Bank Education Loan For Higher Studies in India and Abroad

This section focuses on the different education loan schemes provided by Canara Bank for students pursuing higher education in India and other countries. If one’s goal is to pursue education in well-known universities or if one wants to take up a skill development course and get financial assistance, Canara Bank provides several options with different characteristics. Here's an overview of these education loan schemes and their key details: 

  1. IBA Model Education Loan Scheme for Pursuing Higher Studies in India and Abroad
  2. IBA Skill Loan Scheme
  3. Vidya Turant Education Loan Scheme 
  4. Vidya Shakthi Education Loan Scheme
  5. Vidya Sahay Education Loan Scheme

IBA Model Education Loan Scheme for Pursuing Higher Studies in India and Abroad

IBA Model Education Loan Scheme aims to provide financial support to students who are willing to pursue higher studies in India or abroad. 

IBA Model Education Loan Scheme

Values

Eligibility

Indian National

Collateral requirement/Security

up to Rs.7.50 Lakhs: No collateral Security required

above Rs. 7.50 Lakhs: Tangible Collateral security required

Repayment

maximum of 15 years excluding the moratorium period

Margin

Upto Rs.4.00 Lakhs - Nil

Above Rs.4.00 Lakhs -  Studies in India -  5% 

Studies abroad   - 15%  

Interest rate 

10.65%

Loan Amount

Need-based finance

Concession

0.50% concession  in ROI extended to girl students

0.50 % concession for repayment of interest during the moratorium

IBA Skill Loan Scheme

IBA Skill Loan Scheme aims to provide financial support to students who are willing to pursue skill development courses. It has been developed to support national initiatives for skill development.

IBA Skill Loan Scheme - Education Loans

Values

Eligibility

Indian National

Collateral requirement/Security

No collateral or third-party guarantee is required; Based on the future earning potential of the student

Repayment

Loan amount up to Rs 50000: up to 3 years

Loan amount above Rs 50000 and up to Rs 1 Lakh: up to 5 years

Loan amount above Rs 1 Lakh: up to 7 years

Margin

Nil

Interest rate 

10.65%

Loan Amount

Rs.5000 to Rs.1,50,000/-

Vidya Turant Education Loan Scheme 

Vidya Turant Education Loan Scheme aims to provide financial support to students who are willing to pursue their higher studies in select institutions, especially in selected IIMs/IITs/NITs/IISc /ISB (Hyderabad & Mohali) and other reputed institutes.

Vidya Turant - Education Loans

Values

Eligibility

Indian National

Collateral requirement/Security

No collateral Security up to limits for institutions designated category wise

Repayment 

maximum of 15 years excluding the moratorium period 

Margin

Up to Rs. 4.00 lakhs – Nil

Loan above Rs. 4.00 lakhs - 5%.

Scholarship/assistantship will be included in margin

Interest rate

9.25%

Loan Amount

Category A Institute: Limit up to Rs 25.00 lacs

Category B institute: Rs 40.00 lacs

Category C institute: Rs 20.00 lacs

To know the university you selected falls under which category, connect with our team at WeMakeScholars. Our financial officer will guide you through the entire loan process. WeMakeScholars is an organization funded and supported by the Government of India that focuses on International Education finance. As this initiative is under the Digital India campaign, it’s free of cost.

Vidya Shakthi Education Loan Scheme

Vidya Shakthi Education Loan Scheme aims to provide financial support to students who are willing to pursue special device courses in India. The main objective of this scheme is to assist the PWD (Physically disabled) category students who are in need of education loans. Also, they also provide education loans for abroad studies as per the guidelines of the IBA Model Education loan/Skill loan scheme.

Vidya Turant - Education Loans

Values

Eligibility

Student must be an Indian National with physical disability to the extent of 40% or more.

Collateral requirement/Security

No collateral Security up to  a limit of Rs 7.5 lakhs

Repayment

a maximum of 15 years excluding the moratorium period

Margin

Up to 4 lakhs: nil

Above 4.00 lakhs: 5%

Scholarship/ assistantship if any, will be considered as margin.

Interest rate 

9.25%

Loan Amount

For degree Courses  : Max: Rs 7.5 lakhs

Vocational/Certificate/Diploma courses/Skill loan: Max Rs 1.50 lakhs.

Vidya Sahay Education Loan Scheme

Vidya Sahay Education Loan Scheme aims to provide financial support to students who are in need of the down payment that has to be made to the CET/counseling Authorities at the time of selection/counseling.

Vidya Sahay Education Loan Scheme

Values

Eligibility

Student must be an Indian National and should have cleared the previous qualifying exam.

Collateral requirement/Security

No collateral required

Repayment 

Loan is to be cleared after sanction of regular education loan

Margin

Nil 

Interest rate 

11.25%

Loan Amount

Maximum Rs.1 Lakh

These are the few schemes provided by Canara Bank Education Loans. However, the interest rates mentioned in the article are the latest on the date of publishing. Interest rates are subject to change with the change in market conditions. Therefore, it is recommended to get in touch with your financial officer to know the latest interest rates and to inquire about the scheme's requirements in detail. 

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FAQs:

  • I'm planning to study abroad, but I don't have any collateral to offer. Can I still get an education loan?


  • I'm planning to take a break of two years after completing my graduation. Will I still be eligible for an education loan when I decide to pursue further studies?


  • What are the chances of getting a loan for studying in a top-ranked foreign university?


  • What is the maximum loan amount that I can get for studying abroad?


  • Can I transfer my education loan from one bank to another?


Our Education Loan team will help you with any questions

Abhinav Raj
WeMakeScholars- supported by IT Ministry, Govt. of India.
Published: | Updated: