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Secured Education Loan For Higher Studies in India and Abroad
✓ Education Loan Schemes Of Government Bank
✓ Public Banks Education Loan Details
Table of content
- Introduction
- Types of Education Loan for Higher Studies in India
- SBI Education Loan - Student Loan Scheme or Higher Studies in India and Abroad Details
- Bank of Baroda Education Loan For Higher Studies in India and Abroad
- The Punjab National Bank Education Loan For Higher Studies in India
- Canara Bank Education Loan For Higher Studies in India and Abroad
- FAQ's
- 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.
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.
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:
- SBI Student Loan Scheme
- SBI Education Scholar Loans (IITs, IIMs, NITs, etc.)
- SBI Scholar Education Loan Interest Rates
- SBI Global Ed-Vantage Scheme
- SBI Skill Loan Scheme
- 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 |
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.
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:
- Bank of Baroda Scholar for Study Abroad
- Baroda Gyan (For Higher Study in India)
- Baroda Education Loan to Students of Premier Institution
- 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.
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:
- PNB Pravasi Shiksha Loan
- PNB Saraswati
- PNB Pratibha
- PNB Udaan
- PNB Kaushal
- 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.
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:
- IBA Model Education Loan Scheme for Pursuing Higher Studies in India and Abroad
- IBA Skill Loan Scheme
- Vidya Turant Education Loan Scheme
- Vidya Shakthi Education Loan Scheme
- 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.
FAQs:
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I'm planning to study abroad, but I don't have any collateral to offer. Can I still get an education loan?
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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?
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What are the chances of getting a loan for studying in a top-ranked foreign university?
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What is the maximum loan amount that I can get for studying abroad?
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Can I transfer my education loan from one bank to another?
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