Education > Education Loan
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 Rs.7.5 lakhs, while it is Rs15 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 Rs 4 lakh and PLR+1% for loans over 4 lakh. As of now, 10.75% is the benchmark PLR rate for loans below Rs 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
2. Andhra Bank
3. Bank of Baroda
4. Bank of India
5. Bank of Maharashtra
6. Bank of Punjab
7. Canara Bank
8. Central Bank
9. Dena Bank
10. Federal Bank Ltd
11. HDFC
12. IDBI Money Scholar
13. Indian Bank
14. Indian Overseas Bank
15. Punjab National Bank
16. State Bank of Hyderabad
17. State Bank of India
18. State Bank of Mysore
19. Syndicate Bank
20. UCO Bank
21. Union Bank of India
22. Vijaya Bank
|
