Indian Government Education Loan Schemes To Help Students Study Abroad : Interest Subsidy

1. Padho Pardesh What are the objectives of the Padho Pradesh Scheme? The objective of this scheme is to awards interest subsidy to meritorious students belonging to economically weaker sections of the notified minority communities as declared in section 2(c) of National Commission for Minorities Act, 1992 so as to provide them better opportunities for higher education abroad and hence enhance their employability. What are the eligibility criteria of the Padho Pradesh Scheme? You should have secured admission in the approved courses at Masters level/Ph.D./M.Phil level abroad courses. You must…

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Education Loan for Abroad Education at the Lowest Interest Rate

With the increasing cost of higher education, more and more students are now considering studying overseas, and to cover the expenses for the same, the majority of students apply for an overseas education loan. Not only does an education loan help students in paying for their tuition fees but if chosen wisely an education loan also helps with other things like tax benefits and in building a good credit score. The overseas education loan market is flooded however there are certain financial institutions that offer an education loan at a…

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Education loan: Income tax benefits, moratorium period, lower interest rates for IIMs and IITs

New Delhi: The cost of education is rising rapidly, especially, if you are considering to study at a reputed institute. Quality education is a must for a complete and successful life. In order to provide best possible education, parents consider to make an investment in mutual funds (MFs), fixed deposits (FDs), unit-linked insurance plans (ULIPs), etc., for the long term horizon. With the rising cost of education, there could be instances where one may fall short of funds. In such a situation, an education loan comes to rescue. It helps to…

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Education loan a boon, but interest rate a pinch: Students

BENGALURU: While education loans help many students pursue higher education in the country, they are seen as a burden when it comes to higher interest rates. Rajesh Bhatt, who is pursuing M Tech in highway technology at the governmentrun Sri Krishnarajendra Silver Jubilee Technological Institute, is still haunted by the burden of an educational loan he’d availed from a nationalised bank while studying his engineering degree, though he has been managing to pay it off. “Without taking a loan it is not possible to study engineering even at a government college.…

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Ministers under fire as student loan interest hits 6.3%

The rate rise affects students who started after 2012. Photograph: Alamy Ministers are facing renewed criticism over university funding after an increase in student loan borrowing costs using a “flawed” measure of inflation. The interest rate on loans for students in England, Wales and Northern Ireland will rise by up to 6.3% from September, up from the current 6.1% for anyone who started studying after 2012. The change is a consequence of the increase in the retail price index (RPI) for last month to 3.3% from 3.1% in March a…

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SBI Educational Loans, Eligibility, Interest Rates, EMIs And More

State Bank of India, country’s largest lender offers several types of educational loans for higher studies in India and abroad. The bank’s Student Loan Scheme, Scholar Loan Scheme, Loan Scheme For Vocational Education And Training and Central Scheme For Interest Subsidy are among the various loan schemes that are available for students. Education loans are tax effective as interest paid for an education loan qualify for tax deduction under section 80E of Income Tax Act. Here are all the details like eligibility, duration, security, repayment that you need to know…

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Here Is The Real Reason Why The Interest Rate On Education Loans Is Always So High

There are many reasons why the interest rate on education loans is so high as compared to a car or property loan. But, don’t worry, there are some privileges through which you can save a part of your hard earned money. But, before that, here are some calculations to keep in mind to get a better idea of the bigger picture. Know If You Are Eligible For Taking The Loan You should be a resident of India. You should have secured an admission at a reputed institution for a particular…

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Goodbye to low interest rates on student loans

Families have been benefiting from historic lows on student loan interest rates. But that will change this fall. As the result of the Treasury Department’s auction of 10-year notes on Wednesday, interest rates on federal student loans will rise by seven-tenths of a percentage point. The new rates will take effect July 1 and are only good for loans taken out to pay for the 2017-2018 academic year. Undergraduate students can expect to pay 4.45 percent in interest on new Stafford loans, instead of the current 3.76 percent. At that…

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Interest Free Student Loans to boost Higher Education in Bihar

Bihar government under Chief Minister Nitish Kumar has launched multiple programmes to boost higher education. Part of the Chief Minister’s key plans for upliftment of the state and improving the level of higher education in the state, the plans include initiatives like providing interest free student loans of upto Rs 4 lakh through student credit card for the aspirants to pursue higher education. Another major plan is to provide monthly allowance of Rs. 1000 to students who drop off in order to support their families. These sops are aimed towards…

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Did you know: Interest on education loans is tax deductible

Getting educated in a premier institute is a costly affair. Course fees and other expenses can be in lakhs of rupees, and many parents or individuals may not have such amounts of money. For instance: it would cost about Rs20 lakh to complete a postgraduate programme from the Indian Institute of Management, Ahmedabad, one of the country’s best management schools. Those who don’t have ready cash to finance higher education, can opt for education loans. The advantage of these loans is that they can be repaid after the borrower, or…

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