Educational Loans Offering Banks Lists

The Educational Loans Offering Government of India`s Banks List, Reserve Bank of India (RBI) and Indian Banker's Association (IBA) has framed a Comprehensive Educational Loan Scheme to ensure that no deserving student in the Country is deprived of higher education for want of finances. The Educational Loans covers in professional courses in schools and colleges in India and abroad.

Educational Loans

The salient features of the scheme are as under:

• The scheme envisages loans up to Rs.7.5 lakh for studies in India and up to Rs. 15 lakh for studies abroad.
• For loans up to Rs. 4 lakh no collateral or margin is required and the interest rate is not to exceed the Prime Lending Rates (PLR).
• For loans above Rs. 4 lakh the interest rate will not exceed PLR plus 1 percent.
• The loans are to be repaid over a period of 5 to 7 years with provision of grace period of one year after completion of studies

Tax Benefit

Repayment of an education loan is deductible under section 80E of the Income Tax Act. The yearly limit for deduction is Rs. 40,000 (for both the principal and the interest). Only loans taken for higher education - fulltime studies in any graduate or post-graduate, professional, and pure and applied science courses - may claim deduction. The deduction will be available for a maximum of eight years starting from the day you start repaying.

Educational Loans Offering Banks Websites Lists

Bank	Website
Allahabad Bank	www.allahabadbank.com
Andhra Bank	www.andhrabank.in
Bank of Baroda	www.bankofbaroda.com
Bank of India	www.bankofindia.com
Bank of Maharashtra	www.maharashtrabank.com
Canara Bank	www.canarabank.in
Central Bank of India	www.centralbankofindia.co.in
Corporation Bank	www.corpbank.com
Dena Bank	www.denabank.com
Indian Bank	www.indianbank.in
Indian Overseas Bank	www.iob.com
Oriental bank of Commerce	www.obcindia.com
Panjab and Sindh Bank	www.psbindia.com
Federal Bank Limited	www.federalbank.co.in
Panjab National Bank	www.pnbindia.com
State Bank of India	www.statebankofindia.com
State Bank of Bikaner and Jaipur	www.sbbjbank.com
State Bank of Hyderabad	www.sbhyd.com
State Bank of Indore	www.indorebank.org
State Bank of Mysore	www.statebankofmysore.co.in
State Bank of Saurashatra	www.sbsbank.com
State Bank of Travancore	www.statebankoftravancore.com
Syndicate Bank	www.syndicatebank.in
Uco Bank	www.ucobank.com
Union Bank of India	www.unionbankofindia.co.in
United Bank of India	www.unitedbankofindia.com
Vijaya Bank	www.vijayabank.com