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  • Introduction
  • Benefits
  • Features
  • Eligibility
  • Interest rates & charges
  • Documentation
  • Most Important Terms and Conditions (MITC)

Government of India Interest Subsidy Schemes for Education Loan : Introduction

Central Scheme of Interest Subsidy for Education Loan

For economically weaker sections to pursue technical/professional courses in India.

Padho Pardesh Scheme of Interest Subsidy for Education Loans

Dr. Ambedkar Central Sector Scheme of Interest Subsidy for Educational Loans

Government of India Interest Subsidy Schemes for Education Loan : Benefits

Not available

Government of India Interest Subsidy Schemes for Education Loan : Features

Salient features of scheme are as under:
  • 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.
  • Course fee (all inclusive) may exceed Rs. 10 lakhs but subsidy amount will be calculated only up to loan amount of Rs. 10 lakhs.
  • Government of India will provide a full interest subsidy during the moratorium period on loans taken by students from the bank. Loans sanctioned prior to 01/04/2009, interest on the amount disbursed after 01/04/2009 are eligible.
  • After the moratorium period interest will be borne by student.
  • Student should belong to an economically weaker section (not on social background) having parental family income from all sources not more than Rs. 4.5 lakh per annum.
  • 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.

Government of India Interest Subsidy Schemes for Education Loan : Eligibility

Not available

Government of India Interest Subsidy Schemes for Education Loan : Interest rates & charges

Product Conditions Repo Rate + Spread Effective Rate of Interest
Baroda Vidya
Repo Rate + Spread
BRLLR + SP+ 3.10%
Effective Rate of Interest
0.00%
Baroda Gyan
Upto 4 Lakhs
Repo Rate + Spread
BRLLR + 2%
Effective Rate of Interest
0.00%
Above 4 Lakhs
Repo Rate + Spread
BRLLR + 2.25%
Effective Rate of Interest
0.00%
Baroda Education Loan to Students of Premier Institutions (For Studies in India)
Conditions
List-AA Institutions:
Repo Rate + Spread
BRLLR
Effective Rate of Interest
0.00%
Conditions
List A Institutions:
Repo Rate + Spread
BRLLR+0.25%(for any Amount)
Effective Rate of Interest
0.00%
Conditions
List B:
Up to Rs. 7.5 lakhs
Repo Rate + Spread
BRLLR+ 1.35%
Effective Rate of Interest
0.00%
Above Rs. 7.5 lakhs
Repo Rate + Spread
BRLLR+1.10%
Effective Rate of Interest
0.00%
Conditions
List C:
Upto Rs. 7.5 lakhs
Repo Rate + Spread
BRLLR+ 2.10%
Effective Rate of Interest
0.00%
Above Rs. 7.5 lakhs
Repo Rate + Spread
BRLLR+1.85%
Effective Rate of Interest
0.00%
Additional Risk Premium @ 0.05% (Loans above Rs 7.50 lakhs) over the above rates would be applicable for customers not obtaining Credit Life Insurance.
Baroda Scholar (For Studies abroad)
Conditions
List of Institutes specified in the list of Premier Institutions:
Repo Rate + Spread
BRLLR + 1.75%
Effective Rate of Interest
0.00%
Conditions
List of Institutes NOT specified in the list of Premier Institutions:
Repo Rate + Spread
BRLLR + 2.40%
Effective Rate of Interest
0.00%
Additional Risk Premium @ 0.05% (Loans above Rs 7.50 lakhs) over the above rates would be applicable for customers not obtaining Credit Life Insurance
Baroda Executive Development Premier Institutions (For Studies in India)
Repo Rate + Spread
BRLLR+2.25% (For Institutes not specified in Premier Institutions List)
Effective Rate of Interest
0.00%
Conditions
List-AA/A Institutions:
Repo Rate + Spread
BRLLR+0.25%(for any Amount)
Effective Rate of Interest
0.00%
Conditions
List B:
Up to Rs. 7.5 lakhs
Repo Rate + Spread
BRLLR+ 1.35%
Effective Rate of Interest
0.00%
Above Rs. 7.5 lakhs
Repo Rate + Spread
BRLLR+1.10%
Effective Rate of Interest
0.00%
Conditions
List C:
Upto Rs. 7.5 lakhs
Repo Rate + Spread
BRLLR+ 2.10%
Effective Rate of Interest
0.00%
Above Rs. 7.5 lakhs
Repo Rate + Spread
BRLLR+1.85%
Effective Rate of Interest
0.00%
Additional Risk Premium @ 0.05% (Loans above Rs 7.50 lakhs) over the above rates would be applicable for customers not obtaining Credit Life Insurance.
Baroda Executive Development Premier Institutions (For Studies abroad)
Repo Rate + Spread
BRLLR + 2.35%
Effective Rate of Interest
0.00%
Baroda Skill Loan Scheme
Repo Rate + Spread
BRLLR + 1.75%
Effective Rate of Interest
0.00%
Baroda Education Loan: For family members of our Bank’s Employees:BRLLR + SP + 0.25%

Government of India Interest Subsidy Schemes for Education Loan : Documentation

Not available

Government of India Interest Subsidy Schemes for Education Loan : Most Important Terms and Conditions (MITC)

Not available

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Select Education Loan Type
  • Baroda Vidya
  • Baroda Gyan
  • Baroda Scholar
  • Baroda Education Loan to Students of Premier Institutions
  • Skill Loan Scheme
  • Vidya Lakshmi Portal
  • Government of India Interest Subsidy Schemes for Education Loan
  • Baroda Education Loan for EDP being offered by Premier Institutions in India
  • Baroda Education Loans for EDP being offered by Premier Institutions Abroad
  • Higher Education and Skill Development Guarantee Scheme for Pursuing Higher Education in Delhi
  • Others

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Frequently Asked Questions (FAQs)

  • What is Interest Subsidy Schemes for Education Loan?

    Under the interest subsidy scheme, the central government would reimburse the interest due on the loan amount till the expiry of the moratorium period.

  • Who is eligible for an education loan subsidy scheme?

    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.

  • How do I claim my education loan subsidy?

    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).

  • How many education loan interest subsidy schemes are available?

    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 
  • Who is eligible for an education loan subsidy?

    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).

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