Is there any subsidy in SBI education loan?
The interest subsidy is available to students only once. They can take it for their first undergraduate or their first post-graduate diploma/degree course in India. Interest subsidy is available for integrated courses also.
Who is eligible for education loan subsidy?
The scheme provides full interest subsidy during the moratorium period on modern education loans without any collateral security and third-party guarantee, for pursuing technical/professional courses in India. Students whose annual gross parental/ family income is up to Rs. 4.5 lakhs are eligible under the scheme.
What is interest free education loan?
– No, education loan is not interest-free in India. However, student loan without interest is a possibility in India with scholarships and subsidies. You can negate the effect of interest on your education loan by availing 0% interest scholarships or subsidies with Government subsidy schemes.
How do I get an interest free education loan?
However, can education loans in India be actually interest-free? The answer is no. Or at least, technically, you cannot avail of an interest-free education loan unless you have availed some economic benefits or academic subsidies from either the government or your institution.
What is an interest subsidy on student loan?
What’s an interest subsidy? It’s a benefit that the government provides by paying off some or all of your student loan interest. If your loans are on income-driven repayment, the government might cover some of the interest that accrues.
Which is the lowest EMI for SBI education loan?
Thus, lower EMIs. This Scheme provides interest subsidy on Education Loans for students from Economically Weaker Sections (EWS) with annual gross parental/family income upto Rs. 4.50 lacs. Eligible students may contact the SBI Branch concerned for any further details along with Income Certificate from the Certifying authority.
Who are the beneficiaries of SBI education loan?
Typically it can be your Father, Mother, Brother, Sister, Spouse, Cousin, Paternal Uncle (Chacha), Paternal Aunt (Chachi), Maternal Uncle (Mama), Maternal Aunt (Mami), Grandfather, Grandmother ALL INTEREST RATES ARE SUBJECT TO CHANGE, WITHOUT NOTICE.
When does repayment of SBI student loan start?
In case of SBI Student loans, repayment will start after the completion of course period and moratorium period (Repayment commences one year after the course completion or 6 months after securing a job, whichever is earlier).
Can a student get interest subsidy under CSIS?
Interest subsidy under this scheme shall not be available for those students once they discontinue the course midstream, or who are expelled from the institutions on disciplinary or academic grounds.