education loan scheme by prime minister narender modi Vidya Lakshmi Portal is the portal that delivers all the required features for Education Loan Scheme By Prime Minister Narendra Modi and easy ways to apply education load scheme. Following the 3 easy step will make you accessible to all the possible banks where you can apply for the loan.

1. The government of India had launched a portal on 15 th August 2015 “”.
2. At the time of launching 5 Banks were incorporated their framework with the site but now almost all the national banks in India have integrated their system with the Vidya Lakshmi Education loan Portal,
3. The gateway has been developed and maintained by NSDL e-Governance Infrastructure Limited ( NSDL e-Gov ) under the direction of Department of Financial Services in the fund service, division of advanced education, Ministry of HRD and Indian Banks’ Association.

Shri Arun Jaitley, Honourable Union Finance Minister in his budget speech for FY 2015-16 said: “India is one of the youngest nations in the world with more than 54% of the total population below 25 years of age. Our young people have to be both, educated and employable for the jobs of the 21st century.

The Prime Minister has explained how Skill India needs to be closely coordinated with Make in India. Yet, today less than 5% of our potential workforce gets formal skill training to be employable and stay employable. With a view to enabling all poor and middle-class students to pursue higher of their choice without any constraint of funds, I propose to set up a fully IT-based Student Financial Aid Authority to administer and monitor Scholarship as well Educational Loan Schemes, through the Pradhan Mantri Vidya Lakshmi Karyakram ( PMVLK ).

We will ensure that no student misses out on higher education for lack of funds. The IT-based mechanism under the Pradhan Mantri Vidya Lakshmi Karyakram is expected to provide to students a single window electronic platform for Scholarships and Educational Loans.” Vidya Lakshmi Portal is the first kind of portal which provides the complete information about education loan and also provides facility to apply for education loan online provided by banks.

The entry will give data about instructive credit plans of banks; normal instructive advance application shape for understudies; office to apply to various banks for instructive advances; and office for banks to download understudies’ advanced applications. The website also provides facility to check the loan status, inquiries about the loan process, provide linkage facility to other National Scholarship Portal,

This activity expects to bring on board all banks providing education loan. It is expected from this initiative that the students across the nation will be profited by this act of the legislature by making accessible a solitary window for access to different education loan plans of all banks.
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Which scheme is best for education loan?

– Loan Limit: up to Rs.150 Lakhs HDFC Bank grants education loans to study in India and abroad. The maximum loan amount for studying in India is limited to Rs.50 Lakhs. Whereas, all the cost of education is covered under the loan for foreign education, with no upper limit. But you need to provide collateral in the form of a fixed deposit or immovable property to the bank.

The loan is for a maximum period of 14 years (including a moratorium) and is disbursed directly to the institution based on the fee structure. HDFC bank doesn’t have a dedicated education loan scheme for skill development courses. That is why they recommend personal loan for skill development courses. Advantages

Lower interest rates Quick processing

Drawbacks

1% loan processing fee Less loan amount for study in India

Usually, HDFC takes two to three days to process your loan application and disburse the loan amount. Expert Tip: If you have a premium or a good long-standing banking relationship with HDFC, then the chances of approval are high.
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How much education loan can I get India?

Instant Loan for Students | Education Loan Apply Online | UBI

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Life insurance of the student is mandatory to the tune of the loan amount.

for EMI Calculator

ul> The loan shall be sanctioned / disbursed from the branch nearest to the place of domicile of the student Loan would be disbursed directly to the institute

**Conditions Apply** **Contact our nearest Branch for more details** for apply online loan

: Instant Loan for Students | Education Loan Apply Online | UBI
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Can I get 40 lakhs education loan?

The quantum of education loan ranges from Rs.50,000 to Rs.40 lakhs.
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Who is eligible for education loan?

The candidate applying for the loan must be a resident of India. He/she must have confirmed admission to recognised educational institutes in India or abroad. The age of the candidate must fall within the bracket of 18 to 35 years during loan application.
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Is education loan interest free in India?

In India, there is no educational loan available with a 0% interest rate. However, there are a few other ways that you can adopt to lessen the impact of the educational loan interest rate.
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Can I get 50 lakhs education loan without collateral?

What is Education Loan Without Collateral? – Education loan without collateral or non-collateral education loan is taken without putting any collateral as a gaurantee to the lender. That means applicants can take a loan without any security such as house, land or anything.

• Students can take up to 50 Lakhs for their education.
• In this article, we will cover all about non collateral loan like eligibility criteria, process and some other factors on why lenders may have been rejecting the loan application form, also the entire information needed before applying for an education loan for abroad studies without collateral.

Also Read: Collateral Education Loan for Abroad Studies
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Is it difficult to get education loan in India?

Easily available: Education loans are widely and easily available. In fact, they are a priority product in all banks as per the RBI’s guidelines. Varied loan amounts: Banks can offer loans anywhere between Rs.2 lakh and Rs.
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Can I get 25 lakhs education loan without collateral?

Basic Criteria for Educational Loan One of the most vital questions that you may wonder about is the amount of the educational loan. In general, you can get up to 4 lakhs of educational loan for higher studies without any collateral. Under education loan scheme, you can get a maximum of 15 lakhs for studies in India and more 25 lakhs for abroad studies.

1. When you take education loan up to 4 lakhs, only the student and the parent have to sign the document and no collateral are necessary.
2. However, if your loan amount is between 4 lakhs and 7.5 lakhs, you will have to provide third party guarantee to the bank.
3. If the loan is above 7.5 lakhs, you will have to furnish the bank with collateral documents.

These are documents of any securities like NSC which the bank can sell to recover the amount if you fail to pay. How to apply for an educational loan for higher studies? In order to apply for an educational loan, you will have to prepare a number of documents beforehand.

The process goes as follows: Once you have determined to study at an institution and completed the process of admission, then you will have to concentrate on taking out an educational loan. Here are the documents which you should keep ready: You will have to provide a proof of admission to the selected recognized institution.

Proof of your consistently high academic performance along with the last mark sheet will need to be produced. The cut-off marks generally differ from general students to reserved students. You need to produce a schedule of fees. Depending on the amount that you are applying for, you will need to produce income statement, statement of assets and liabilities etc.

If you are going to study abroad, you need to produce your passport with a valid visa also. Your education loan will cover a number of things in addition to your tuition fees. These include hostel fees, exam fees, library fees, purchasing books, travel and other expenses for educational projects. After all the documents have been submitted and verified, you will have to appear for an interview.

It is best to know as much as possible about the course and the institutions that you have chosen. It takes around 15 days for an educational loan to be sanctioned. Once it has been sanctioned, you will get a promissory note which you will have to sign.

• In most cases, banks pay the institution directly and or to you.
• You should check the repayment clause.
• In most cases, repayment starts six months after the end of the course or as soon as you get a job – whichever comes earlier.
• Interest rates on educational loans depend on a number of factors.
• In general, they vary between 10% and 15% rates of interest.

You can claim tax deduction on the interest of the education loan. However, no deduction can be claimed on the principal. : Basic Criteria for Educational Loan
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What happens not pay education loan in India?

– If you do not pay your education loan in India, the lender will start sending notices to you and your guarantor, if there is one. If you fail to comply with the warnings, you will default on your loan, and your credit score will take a huge hit. You would not be able to secure any loan in the future for a long time.
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Which bank provide education loan easily?

Education Loan

Bank of Baroda Digital education loan is here to assist you finance your dream education & career ambitions. Loan Amount: No Collateral for Premier Institutes Maximum Tenure: No prepayment charges

A loan given out to parents of an Indian national/residing student for schooling at a recognized institute. This loans covers other expenses such as purchase of books and computer/laptop required for education. Loan Amount: Rs.4 lakhs

This education loan is specifically designed Indian students pursuing graduation, post-graduation, or any other professional courses in India. To avail this loan, the student should have secured admission in the course. Loan Amount: Maximum Rs.125 lakhs Maximum Tenure: 10-15 years

An education loan scheme given for MBA, MCA, MS, and other notified courses that help with job creation. To avail this education loan in India, the student must have secured admission to the notified institute and course. Loan Amount: Maximum Rs.150 lakhs Maximum Tenure: 10-15 years

This student education loan is given to Indian nationals who have secured admission into premier educational institutions in India. The loan amount depends on the categorization of the institute. Loan Amount: Up to Rs.80 lakhs Maximum Tenure: 10-15 years

A loan designed for students pursuing technical courses. Any Indian national who has secured admission in a course run by Industrial Training Institutes or National Skill Qualification Framework., etc shall be covered by skill loan. Loan Amount: Rs.1.50 lakhs Maximum Tenure: Up to 7 years

Vidya Lakshmi is a first of its kind portal for students seeking Education Loan. This portal has been developed under the guidance of Department of Financial Services

A student can apply for an education loan and get loan subsidy by checking his eligibility under few government subsidy schemes.

This study loan is offered to resident Indians who must have secured admission in the institute and should be employed during the course of study. Loan Amount: Maximum of Rs.20 lakhs Maximum Tenure: 10-15 years

A study loan given for executive development programmes abroad. The student must have secured admission in the university and be employed while applying & during the course of study. Loan Amount: Up to Rs.80 lakhs

A loan that helps provide a meritorious student in the Delhi the opportunity to pursue higher education with the financial support from the banking system, within reasonable terms and conditions. Loan Amount: Maximum Rs.10 lakhs Maximum Tenure: 15 years

Education loan or student loan is a form of monetary assistance availed by students to meet the expenses associated with their studies. The student loan includes expenses related to school fees, post-secondary education or cost associated to higher education. Bank of Baroda offers various education loans at attractive interest rates with repayment tenure of up to 15 years. No collateral needs to be provided for education loans of up to Rs.40.00 lakh for the identified premier institutes. Maximum Education Loan limit is Rs.125.00 lakh for study in India and Rs.150.00 lakh for study abroad. Opting for an education loan reduces the strain on existing savings and eliminates the need to liquidate the existing investments. The interest on an education loan is eligible for a tax rebate under Section 80 E of the Income Tax Act 1961 To apply for education loan online one needs to visit the bank’s website The student applying for the education loan must be a resident of India. He/she must have confirmed admission in recognized educational institutes in India or abroad. For study in India one can get Education Loan up to – Rs.125.00 lakh For study abroad one can get Education Loan up to – Rs.150.00 lakh Starting from BRLLR+0.25 % for study in India & BRLLR+1.75% for study abroad. For Current ROI kindly visit our page. The education loan can be paid using any online channel like net banking, mobile banking etc. The Borrower will have also a choice to pay the Education loan by visiting the nearby branch. Co-applicant should normally be parent(s)/guardian of the student borrower. In case of a married person, joint borrower can be either spouse or the parent(s)/parents-in-law as a co-applicant for Education Loan.

: Education Loan
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How much is a 50000 student loan monthly?

How much will you save if you refinance $50k? – With $50,000 in student loan debt, your monthly payments could be quite expensive. Depending on how much debt you have and your interest rate, your payments will likely be about $500 per month or more.

Your potential savings from refinancing will vary based on your loan terms. For example, say you have a $50,000 loan balance with a 6.22% interest rate — the average student loan interest rate for graduate students. On the standard 10-year repayment plan, you’d pay $561 per month and $17,277 in interest over time.

But if you refinanced to a new loan at 5% interest with the same 10-year repayment term, you’d pay $530 per month and $13,639 in interest — meaning you’d save $3,638 over the life of your loan. Tip: If refinance and shorten your repayment term, you might save even more — though you’d also end up with a higher monthly payment.

Check Out: Graduated Repayment Plan
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Can I get education loan without income proof?

The Bank of Baroda – The Bank of Baroda is another major lender of education loans in India and is emerging as a competitive lender in the education loan market. The Bank of Baroda offers abroad education loans under the Baroda Scholar Scheme. The Bank of Baroda has categorized universities into two different lists, called the prime list and the non-prime list, on the basis of their worldwide ranking and the courses offered by them.

Now, the most important point to be noted is that the interest rates and loan amounts offered to students seeking abroad education loans from the Bank of Baroda vary, depending on which of the above lists, the chosen course and the college belong to. If you apply via the online process, it will be processed within 14 days.

Here’s an overview of the same:

Other important factors like the moratorium period, processing fees, loan tenure, repayment period, etc. are similar for institutes belonging to both the lists. Apply online for Bank of Baroda education loan online for faster processing.
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Is there any govt scheme for education loan?

Central Scheme of Interest Subsidy for Education Loans Interest subsidy is provided to the Eligible students for the interest charged in the account during the moratorium period of the loan.

• Scheme will be named as “Education Loan Interest Subsidy Scheme” specially designed to provide interest subsidy for the period of moratorium on educational loans taken by students from economically weaker sections from our bank under the educational loan scheme of the Indian Banks’ Association to pursue technical/professional education studies in India.
• Government of India will provide a full interest subsidy to the eligible students during the moratorium period on loans taken by students from the bank.
• After the moratorium period interest will be borne by student.
• State Government will designate appropriate authority or authorities who are competent to issue income certificates, based on economic index and not social background, for the purpose of this scheme.
• Subsidy will be available only to students enrolled in recognized technical/professional courses (after XII) in India in educational institutions established by acts of parliament, other institutions recognized by the concerned statutory bodies, Indian Institutes of Management (IIMs) and other institutions set up by the Central/State Government.
• Interest rates charged on the loan shall be as per interest rates applicable under our education loan scheme.
• Interest subsidy shall be available to the eligible students only once, either for the first undergraduate degree course or the post graduate degrees/diplomas in India. Interest subsidy shall, however, be admissible for integrated courses (graduates + post graduates).
• Subsidy shall not be available if a student discontinues the course in midstream, expelled from Institutions on disciplinary or academic grounds.
• There would be a tag/marker on the degree and marksheet of the student indicating his repayment liabilities. Electronic tag will enable employers to identify loanees. Nodal Bank for the scheme shall be Canara Bank and monitoring shall be finalized in consultation with the Canara Bank.
• List of technical/professional courses for which the scheme would be applicable, shall be publicized from time to time by UGC and AICTE and the same would be immediately displayed at their websites, which may be accessed for verification purposes.
• Agreement is also to be signed by the student and bank.

Beneficiary eligible for receiving the benefits under the CSIS, PPIS and ACSISOBCEBC shall be required to furnish the proof of possession of AADHAAR number ad to undergo AADHAAR authentication. [The AADHAAR architecture created by UIDAI provides multiple methods of authentication (biometric/demographic or OTP, QR code etc).

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Beneficiary eligible for receiving the benefits under the CSIS, PPIS and ACSISOBCEBC shall be required to furnish the proof of possession of AADHAAR number ad to undergo AADHAAR authentication. [The AADHAAR architecture created by UIDAI provides multiple methods of authentication (biometric/demographic or OTP, QR code etc).

• Under the interest subsidy scheme, the central government would reimburse the interest due on the loan amount till the expiry of the moratorium period.
• Each student eligible for subsidy on an educational loan should fulfil the criteria regarding income, religion, or cast as applicable in the 3 subsidy schemes.
• At the time of sanction, if you had submitted the right certificates of your income/cast and were found eligible for the interest subsidy scheme. Then, you will receive an account from the Government of India through Direct benefit transfer (DBT).
• There are 3 types of interest subsidy schemes.
  1. Central Scheme of Interest Subsidy for Education Loan (CSIS) for studying in India
  2. Padho Pradesh Interest Subsidy Scheme, introduced by Narendra Modi
  3. Dr. Ambedkar Central Sector Interest subsidy for OBCs and EBCs
• Take a look at the criteria’s interest subsidy scheme.
  1. Central Scheme of Interest Subsidy for Education Loan – for students belonging to economically weaker sections.
  2. Padho Pardesh Scheme of Interest Subsidy for Education Loans – for Muslim, Christian, Sikh, Buddhist, Jain, and Parsi communities.
  3. Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Educational Loans – For students who belong to Other Backward Classes (OBC) and Economically Backward Classes (EBC).

: Central Scheme of Interest Subsidy for Education Loans
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Which Bank has the lowest rate on education loan?

Central Bank of India provides education loans to students to study in India and abroad with interest rates starting from 6.85%. The bank also offers concession rates for female students.
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