As the cost of education for graduate as well as postgraduate courses is rising day by day, it is difficult to raise funds for education. Keeping this into consideration, Indian banks run various education loan schemes. Almost all the banks are offering student loans to those with a good track record of performance in the academic field and the average loan limit is nearly INR 20 Lakhs. However, if you are an IIM aspirant then this amount won’t be sufficient for you. There are some banks like SBI, PNB, Indian Bank, etc. which offer special loan facilities for students qualified for admission at premier institutes like IIMs, IITs, NITs, etc.
Indian Institute of Management and Indian Institute of Technology are undoubtedly some of the finest institutes in India but some of them have the steepest tuition fees for their flagship programmes. In the past few years, there has been a lot of hikes in their tuition fees. 5-17% hike in the tuition fee is quite common every year. So, education loans are really essential to cover up the cost of these prestigious institutions.
Below we have described some of the education loan schemes for premier colleges:
SBI Scholar Loan scheme offers loans to different categories of institutes. The loan amount and their respective interest rates are described in the table below:
|Category of Institutes||Loan Amount||Interest|
|AA||INR 40 Lakhs||8.75% for an amount up to INR 30 Lakhs|
|A||INR 20-30 Lakhs||9.05%|
|B||INR 20 Lakhs||10.20%|
The PNB Pratibha Loan Scheme aims at providing financial support to the meritorious students who are getting admission to Premier Institutes in India.
Bank of Baroda Premier Institutes Loan scheme offers the education loan to the students who have secured admission into prestigious institutions like IITs, IIMs, NITs, etc in India. The loan amount depends on the categorization of the institute (AA, A, B, C). The base rate of interest is 9.40% and the RoI will be charged according to the categories of college.
|Maximum Loan Amount||Collateral Requirement|
|INR 40 Lakhs||No|
|INR 80 Lakhs||Collateral equivalent to the loan amount|
The main objective of Vidya Turant Loan Scheme is to assist the needy and meritorious students who are in need of education loans who are pursuing higher studies in reputed educational institutions.
In the IB Prime Loan Scheme, the base rate of interest is 9.45% and the RoI will be charged according to the categories of college.
Synd Super Vidya Loan Scheme of Syndicate Bank also provides financial support to deserving/meritorious students for pursuing higher education in reputed Business Schools/ Technical / Professional Institutes in India.
Cent Vidyarthi IIMs Loan Scheme offers education loans to the students who have secured admission in IIMs and 4 other reputed institutions namely SPJIMR, XLRI, XIMB, and MDI.
The interest rate for premier education loans is comparatively lesser than the interest rates for other colleges. The banks are willing to cover almost all the expenses and that too on zero margins. So, don’t think about giving up on your dreams to pursue higher education at prestigious colleges, banks are here to help you out.