Education loan schemes in India have
evolved significantly over the years, playing a crucial role in facilitating
access to higher education for students across the country. These schemes are
designed to provide financial assistance to eligible students who wish to
pursue education in India or abroad. Typically offered by banks, financial
institutions, and government bodies, education loan schemes cover a wide range
of expenses, including tuition fees, accommodation, books, and other related
costs.
One of the key features of education
loan schemes in India is their flexibility in terms of repayment. Most schemes
offer a moratorium period, during which students are not required to make any
repayments, allowing them to focus on their studies without immediate financial
burdens. Repayment usually begins after the completion of the course or a
certain grace period, giving students time to establish themselves in their
careers before starting to repay the loan.
Furthermore, these schemes often come
with competitive interest rates and favorable terms, making them an attractive
option for students and their families. Many schemes also offer benefits such
as interest rate subsidies for economically weaker sections, incentivizing
education among marginalized communities.
Overall, education loan schemes in
India serve as a lifeline for students aspiring to pursue higher education,
bridging the financial gap and empowering them to achieve their academic and
career goals.
Table of Contents:
- Students in India
- Students in Abroad
- Repayment Period
- Moratorium Period
- Professional/Technical courses Covered
The scheme is for providing financial
assistance in pursuing full-time Professional/Technical courses.
Students
in India:
Loan
amount up to 90% of course fees or Rs.20 Lakhs, whichever is less.
Interest
rate per annum chargeable to SCA’s 1.5%
The interest rate per annum is chargeable to Students 4% (0.5% rebate for women beneficiaries).
Students
in Abroad:
Loan
amount up to 90% of course fees or Rs.30 Lakhs, whichever is less.
Interest
rate per annum chargeable to SCA’s 1.5%
The interest rate per annum is chargeable to Students 4% (0.5% rebate for women beneficiaries).
Repayment
Period:
Up to 10
years (for loans up to Rs.7.50 lakh) & Up to 15 years (for loans above
Rs7.50 lakh)
Moratorium Period:
6 months after course completion
or getting employment, whichever is earlier.
Professional/Technical Courses Covered:
Educational Loan shall be
provided to eligible students for pursuing regular full time Professional /
Technical recognized courses approved by the Government in the following fields
in India or abroad :
Engineering (Diploma/ B.Tech
/B.E, M.Tech/M.E.)
Architecture (B.Arch/M.Arch)
Medical (MBBS/MD/MS)
Biotechnology/Microbiology/Clinical
Technology (Diploma/Degree)
Pharmacy (B.Pharma/M.Pharma)
Dental (BDS/MDS)
Physiotherapy (B.Sc./M.Sc.)
Pathology (B.Sc/M.Sc.)
Nursing (B.Sc./M.Sc.)
Information Technology (BCA/MCA)
Management (BBA/MBA)
Hotel Management & Catering
Technology (Diploma /Graduation/Post Graduation)
Law (LLB/LLM)
Education (CT/NTT/B.Ed/M.Ed)
Education (CT/NTT/B.Ed/M.Ed)
Physical Education (C.PEd./B.PEd/
M.PEd)
Journalism & Mass
Communication (Graduation/Post Graduation)
Geriatric Care (Diploma/Post
Graduate Diploma)
Midwifery (Diploma)
Laboratory Technician (Diploma)
Chartered Accountancy (CA)
Cost Accountancy (ICWA)
Company Secretaryship (CS)
Actuarial Sciences (Graduation/
Post Graduation/FIA)
Associate Member of Institute of
Engineers (AMIE) and Institute of Electronics & Telecommunication
Higher education like Doctoral Studies leading to M.Phil/PhD from recognized institutions.
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