Government of India makes various schemes and opportunities to promote education in India. There are various government schemes, rules laws and fundamental rights, that help people to become motivated for their studies. These things also help to clear all the hassles, faced by the students to get their educational rights.
The governed of India, help the student by providing free education to students of 6 years to 14 years of age. Along with there are various government schools, which provide education and meal to economically weaker students at a very low fee or for free.
Along with the higher studies or the candidates who want to study in private institutions for better placement or opportunity the government has started various schemes and loan schemes for the candidates so that they can easily chase their dreams without facing any financial conflicts.
Best student loans in India
Well on the internet you can find various web portals which provide complete details of these best student loans in India. We are going to mention some government schemes which provide Higher education student loans.
Vidhya Laxmi Portal A central IT-based financial loan to young Indians. Which helps students for applying for an educational loan from a centralised website. It allows the candidates to apply for education loans from multiple banks through a common application form CELAF. This process helps the students in managing their student loan status and also maintains the privacy of their details by being online.
Education loan interest rate
Every bank which is connected with this scheme and the Ministry of Finance.
The MCLR Rate of every bank is different but under a ratio of 2% to 6% higher than its MCLR rates. The interest rate of banks starts from 10% and raises to 12% P.A
Vidhya laxmi portal
The courses for which the scheme Vidhya laxmi portal helps to provide education loans are for graduation, and post-graduation, including regular technical courses from the universities which are approved by UGC, AICTE, IMC, government
- The student has to face the entrance test or eligibility test for taking admission into the desired course.
- There is no minimum educational qualification needed to register for the Vidhya Laxmi portal
- The candidates who want to take admission abroad to colleges have to secure their admission before applying on the Vidhya laxmi portal.
Padho Pardesh Scheme
The main purpose behind making this scheme is to make education affordable for eligible students. This scheme provides a special benefit for the poor, backward or minority community students who want to study abroad, this scheme provides an interest subsidy to the Education loan.
Education loan Eligibility
- The candidate should belong to the minority community
- Candidates should register or enrol themselves from a recognised university to avail the benefit of this scheme.
- Candidates who are pursuing Post graduation course, or M.Phill, PHD is eligible to take a subsidiary on the interest rate.
- The family income of the candidate should be 6 lacks or less than that.
- The loan amount should not be more than 20 lacks or above.
- The candidate must be a legal entitle of India.
Higher education student loan
Padho Pradesh scheme is Higher education student loan which works on an interest rate of none for the period, in which the course is going on. Once the candidate finishes his course, the candidate gets an extra time duration of 1 year and 6 months and the candidate can repay the loan once he gets the job.
Dr Ambedkar Central Sector Scheme of Interest Subsidy
This scheme helps the candidates to provide education loans for pursuing their master, or higher education student loan. Candidates who want to study in abroad can be a part of this scheme. The interest subsidiary of this education loan is connected with the Indian bank association. The candidates can only take benefit of this interest once under their master, or pHd program.
Eligibility criteria for this loan
- The loan should be taken from a scheduled bank.
- If the candidate is applying on behalf of their caste then he/she must have a caste certificate.
- For the candidates belonging to the OBC category, the income should be under 8000 lakh per annum
- EBS candidate’s yearly house income should not exceed more than 2.5 lakh
- The income certificate should be authorised by the state government or UT where you belong too.
Rate of Interest on loan
The candidates can pay later, after their course duration. After 1 year and 6 months as soon as the candidate gets the job.
The candidate has to pay the interest amount and principal instalment.
Central government interest subsidy scheme
The Central Sector interest subsidiary scheme, also known as CSIS is run by the Ministry of human resources development which helps to full fill the difference between quality education and the candidates at the minimum cost. This scheme was launched in the year 2009.
To become eligible for this scheme the candidate’s family income should not be more than 4.5,00,000 lac.
- If the candidate wants to take benefit of this scheme for technical education, the candidate must have completed their 12th academic from the appropriate subject.
- The candidate can take a 7.5 lakh loan interest subsidy.
Rate of interest
There will be no interest charge or the interest will become due on the loan amount until the moratorium period expires. Later on, a normal bank interest rate can occur, on the principal amount or interest amount.
Best student loan app in India
Online market is full of the loan application, which provides loans on an easy base. The candidate doesn’t need to go through a strict process or eligibility criteria. One can only apply for the loan through their Adhaar card or PAN card details. And if the candidate builds a good credit CIBIL, they can become eligible for a good amount of loan, on a regional rate of interest.
Here in this article, we have mentioned some trending government schemes, which are helping candidates throughout the country, to get them their desired education and job.
#1. which education loan is best in India ?
Yes.There are various schemes, and educational loan are available in the market, as per the need of the candidate. Each education loan is best for the candidates, or the educational loan which ROI is lower is best.
#2. which bank is best for education loan in India ?
Ans – Well, these government scheme’s are best for the candidates who falls under the eligibility criteria of these schemes. Although Axis bank offers best education loan plans to the candidate.