hi puys..
I got my loan approved by a private bank...so wondering if i should take it or go for a psu..
as this policy is not implemented yet..will i qualify for it once it gets implemented..or is it otherwise because i will be taking a loan under the present system ...
thanks in advance
hi puys..
I got my loan approved by a private bank...so wondering if i should take it or go for a psu..
as this policy is not implemented yet..will i qualify for it once it gets implemented..or is it otherwise because i will be taking a loan under the present system ...
thanks in advance
Same dilemma here.
but I will wait for 2-3 months then I will Apply for edu loan.
2-3 weeks back ON NDTV in an interview with PNB CEO also told the same scheme.I
Which bank offers d lowest interest on education loan..??
hi puys..
I got my loan approved by a private bank...so wondering if i should take it or go for a psu..
as this policy is not implemented yet..will i qualify for it once it gets implemented..or is it otherwise because i will be taking a loan under the present system ...
thanks in advance
Yesterday I enquired in SBI bank and bank manager said the circular regarding Interst free education loan will come within a weak.
so its better to wait for 2-3 weaks.
than loosing 50-60k a year.
Does this also apply for the students studies abroad during the same course time ?
Aashish Satyam SaysDoes this also apply for the students studies abroad during the same course time ?
hi u just google it and find it out... i think this scheme is yet to get implemented in most of the banks for indian MBA itself ....
Yesterday I enquired in SBI bank and bank manager said the circular regarding Interst free education loan will come within a weak.
so its better to wait for 2-3 weaks.
than loosing 50-60k a year.
Hi Puys,
When I saw this thread, I was also amazed. And ya, though the press release says so, this is also a fact that there is no instruction till date regarding any such scheme. There are several points which I think I may clarify at this point in time.
1. There is nothing such as "Interest Free education loan" The interest will be applied once the moratorium period is complete.
2. The education loan scheme of IBA is still the same old scheme. You can refer it at INDIAN BANKS' ASSOCIATION
3. If any such scheme comes, they will specify that it is applicable from this session or some date. You can even at that point in time change your interest applicability. So you can apply freely for the loan.
4. As per my understanding there is no instruction to any bank regarding any such scheme.
The article says that the govt will make the scheme in consultation with Canara Bank. But there is no such info on Canara Bank Site also. So I would suggest to atleast apply for it to avoid any delays at last moment.
Although the education ministry was supposed to implement this scheme from this academic session as indicated by this http://www.education.nic.in/uhe/IntSubsidyonELS.pdf
gvijayakumarg Sayshi u just google it and find it out... i think this scheme is yet to get implemented in most of the banks for indian MBA itself ....
Guys this scheme has already been implemented by banks, as I have taken an education loan for the same course period and the bank given me the form to fill up to avail this subsidy, but at the last moment I found the circular is given for the Indian Institutes. This is the reason I am worried if this apply for the abroad studies as well...
Instead of a completely interest free loan I feel an one time interest fee should be charged and will be ideal for both the students and the economy....
Aashish Satyam SaysGuys this scheme has already been implemented by banks, as I have taken an education loan for the same course period and the bank given me the form to fill up to avail this subsidy, but at the last moment I found the circular is given for the Indian Institutes. This is the reason I am worried if this apply for the abroad studies as well...
is it already implemented in banks ? gr8... which bank are u talking about ? i need to enquire my bank regarding that..... pl tel me
I have taken loan from Syndicate Bank, and the governing bank for this scheme is Canara Bank. I am sure about the syndicate bank coz they have given me the form to avail this subsidy.
gvijayakumarg Saysis it already implemented in banks ? gr8... which bank are u talking about ? i need to enquire my bank regarding that..... pl tel me
Hi, my sister had taken a loan from SBI for 2008-2010 batch and the interst amount that we had to give for 09-10 (after the implementation of this scheme) is being adjusted against the future interest payments. You should talk to your bank's manager..
The websites of the banks still have this loan mentioned on their website even though it says-applicable for academic year 09-10!
So is it still applicable? as in for 2011-12?? Any idea puys??
If I dont go for the college hostel and instead rent a flat or paying guest, will the edu loan include the living cost?
Or can I apply for that? 
do sbi provide intrest free education loan?
is it official?
Hi Puys,
Could you please tell if this interest subsidy scheme has been implemented in any of SBI banks. Today we went to bank and asked about this scheme, but the bank manager told that they didn't receive any information regarding this and they are asking for any proofs.
My loan was granted on Sep-2009. So I think this scheme is applicable.
Please mention if anyone of you has info on this for SBI and also provide the link for the FORM to avail this subsidy.
Thanks in advance.
Can anyone confirm on the status of this scheme:
Whether or not has this scheme been implemented????
Also pour in your suggestions for the best interest rate provided by banks of NBFCs...
is family income a very important criteria?
from which bank will i get cheapest (indian) education loan?
Unsecured Education Loan
For students who lack in showing the assets or collaterals essential to obtain a secured loan can go for Unsecured Overseas Education Loans. Nationalised Banks, Private banks and NBFCs provide unsecured loans as well. Nationalised banks provide up to 7.5 lakhs whereas the NBFCs and selected private banks offer up to 45 lakhs loans. As there is no property or assets involved in unsecured loan process, the whole time of valuation is saved. Thus, the entire process for Unsecured Loan becomes very easy and smooth. Only 7-10 days are required to sanction an unsecured loan.
i want to study with loan can you help me get more information.