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.

Can I take education loan for IIT?

New Delhi: All students of the elite Indian Institutes of Technology (IITs) whose annual family income is less than ₹ 9 lakh will be eligible for interest-free education loans for a period of five years, the human resource development ministry said on Thursday.

Are student loans interest free?

Interest is charged from the day the Student Loans Company makes your first payment to you or your uni or college, until your loan is repaid in full or cancelled. When you’re at uni or college – while you’re studying, up until the April after you leave your course, the interest charged will normally be RPI plus 3\%.

How the education loan interest is calculated?

So, if you take an education loan of Rs 10 lakh with an average interest rate of 12\%, for 2 years the EMI will be: P = 10 lakh, R = 12/100/12 (You convert to months), N = 2 years or 24 months EMI = [10,00,000 x 12/100/12 x (1+12/100/12)^24] / [(1+12/100/12)^24-1] EMI = Rs 47,073.

How is education loan interest calculated?

How do IIT students get reimbursed for their education loans?

Students who pay a certain amount for admission will get reimbursed from the loan account. The interest on the loans will be paid by IITs from their internal accruals. Banks will have to issue an education loan for tenure of 10 years and without any collateral except the individual guarantee of a student and his or her parents.

How do I get a 15 lacs loan for IIT?

You can get upto 15 lacs loan without any collateral for admission in any IIT/IIM. You need to apply online at Vidyalakhsmi portal and contact your nearest Indian Overseas Bank branch. Can I trust Avanse education loans?

What is the rate of interest for education loan?

education loan schemes – rate of interest (w.e.f. 22.06.2021) The interest rates will remain same for entire period of loan Education Loan Portal mean rate of interest 8.68\%.

Which bank in India provides scholar loans to students?

State Bank of India provides scholar loans to a student who has got admission to the top colleges of India. In scholar, loans include colleges like IIT, IIM, NITs, MBBS colleges etc. The rate of interest on scholar loans is the lowest and best in industry.