Higher education is progressively moving into the domain of private sector. With a gradual reduction in government subsidies higher education is getting more and more costly and hence the need for institutional funding in this area.

No deserving student is to be denied opportunity to pursue higher education for want of financial support.

Every deserving student desiring to pursue higher education in India or overseas, will be able to access easy loan facility from any of the scheduled banks in India.

Eligibility Criteria

Students applying for Loan should:

• Be an Indian National
• Have secured admission to professional/ technical courses in India or overseas
  
  

RATE OF INTEREST

Upto Rs 4 lacs	Base Prime Lending Rate, BPLR
Above Rs. 4 lacs	BPLR + 1%
For Girl Students	A reduction of .50% from the applicable rate

Simple interest to be charged during the currency of loan / Moratorium period.

Interest Subsidy - Economically Weaker Students

Effective academic year 2009-10, Government of India, Ministry of Human Resource Development shall provide full interest subsidy to eligible students belonging to Economically Weaker Sections. The scheme highlights are:

• Irrespective of any caste, tribe, minority or any other consideration, the criterion for grant of interest subsidy is the economic status of the family of the student seeking this concession.
• The accruing interest on the loan amount would be paid by the government. The principal amount, however, would be the responsibility of the student / borrower.
• For example, for a B.Tech student, the interest payable over four years, being the course duration plus one year moratorium, would be paid in by the government directly to the bank granting the loan. The eligible students would only need to repay the principal amount. A typical benefit of Rs 4.50 lacs by way of interest subsidy would be available to a B.Tech student on a loan of Rs 7.50 lacs.
• The interest subsidy is available only once either for the undergraduate degree course or the post graduate degree/diplomas. It will also be available for combined undergraduate and post graduate courses of five [5] years duration.
• Students who discontinue the course midstream or are expelled from the institution of any reason, other than medical reasons, will not be entitled to any subsidy.

Eligibility for Interest subsidy

Students whose family’s total family income from all sources is less than Rs 4.50 lacs per annum are eligible for interest subsidy. A certificate of Income from the competent authority is essential. For ‘Competent Authority’, click here to read more...