Indian Government Scholarship and Education Loan | Higher Studies | Study Abroad

Education Loan

Indian Government Scholarship & Education Loan System

Education Loan

Scholarship & Education Loan Overview

In India this kind of movement is boon for the students who are all belong to the weaker section of the society, who are unable to afford their higher education liabilities. Scholarship is like an incentive or an encouragement to the students who are very passionate about studies.

Variety of Scholarship:

  1. Merit-based
  2. Need-based
  3. Student-specific
  4. Career-Specific
  5. College-Specific

The ministry of Human Resource Development, Department of Higher Education offers National Scholarship and also facilities for the process of the external scholarship which is providing by other countries, to the meritorious and eligible students.

The National Scholarships are Given Below:

  • Central Sector Scheme of Scholarship for College and University Students.
  • Special Scholarship Scheme for Jammu & Kashmir.
  • Scheme for Scholarship to Students from Non-Hindi Speaking States for post Metric Students in Hindi

The above three are the national Scholarship which is provided by Indian Government.

The External Scholarship are Given Below:

  • Commonwealth Scholarship for United Kingdom and New Zealand.
  • Scholarship offered by China, South Korea, Israel, Japan, Italy, Mexico, and Sri Lanka.
  • Agatha Harrison Memorial Fellowship

The ministry also issue No obligation to return to India (NORI) Certificate required by Indian Immigrants in Canada, USA, Singapore, etc.

In addition, the Ministry also implements Central Scheme of interest Subsidy for Education Loans (CSIS).

Education Loan:

All the top Banks in India are offering Bank Loans for Higher Education. Candidates who can’t afford high amount when it comes to Higher Education especially who are all interested for studying abroad.

In this case who can go for Education Loan, In India all the top Category Banks are providing Bank Loans according to their Rules and Regulation

Disclaimer: Please contact the concerned Bank for full details.

Education Loan will cover?

Education Loan will covers the basic course fee of the course and other related expenses such as college accommodation, Exam fee, and other charges which is given by college.

Who can apply for Loan?

Always student is the main borrower. And always the Bank will ask for co-applicant – It should be your parent, spouse, or sibling can be.

Eligibility and Documents required for applying?

To apply for education loan, candidate must be Indian citizen, secured admission in college / university the college / university should be recognized by authority of India or abroad.

The applicant must complete higher secondary education or equivalent.

As per the Reserve Bank of India rule there is no restriction for upper age limit but some Banks are following this.

Bank required Documents:-Admission letter from the College.
Fee Structure.
Class X, XII and Graduation (if available) Mark sheets.
Also require Income documents.

Interest Rate?

Corresponsive bank will decide the interest rate. But during your course time you will get subsidy from government and it will transfer to your loan as your interest payment (If you submit all documents)

Name Of Bank

Loan Limit Rate of interest per Ann-um
Axis Bank Up to Rs 20 Lacs 13.75 % to 15.75 %
Bank of Baroda Up to Rs 4 Lacs 10 %
Above Rs 4 Lacs 12 %
Canara Bank Up to Rs 4 Lacs 11 %
Above Rs 4 Lacs to 7.5 Lacs 12 %
Above Rs  7.5 Lacs 9.50 %
HDFC Bank Up to Rs 20 Lacs 13.5 %
ICCI Bank Up to Rs 4 Lacs No Interest
Above Rs 4 Lacs 15 %
Indian Overseas Bank Up to Rs 4 Lacs 12.25 %
Above Rs 4 Lacs to 7.5 Lacs 13.50 %
Above Rs  7.5 Lacs 13.25 %
Vocational Course 12.25 %
State Bank Of India Up to Rs 7.5 Lacs 9.95 %
Above Rs 7.5 Lacs 10.70 %


All The Best



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