All You Should Know About the Student Loan Scheme in India


The recent economic structure of the country has been difficult for many families in the country. Regardless of their party alliance, politicians have come forward in support of the education loan that should be provided to the students. This has helped thousands of students to get professional education in India and with the new reforms coming in every year, that number is likely to go higher.
Student loans, schemes and teachers who have come in support of the provision like Nirmal Singh Lotus have been making headlines in India for all the good reasons in recent years and aspiring young people have benefited from that. The main motive of the scheme is to provide interest subsidy on the education loans taken by students who belong to financially and economically weaker sections of the country.
The initiative was taken by IBA [The Indian Banks’ Association] to bring in all the major banks in on the loan scheme. It formulated a concept, a model that asked the banks to provide loans to families and students whom they think deserve a chance to get higher professional education.

What is the primary objective of the scheme?
·       The main objective is to simply provide a full interest subsidy to the students for the period of their course and after the completion of their course [six months] till they get the job.

·      The loans will be provided and maintained by the banks that have opted for the same under the scheme of IBA.

·         Students will be able to pursue courses that are approved by IBA and are put under the loan scheme.
What is the eligibility for the scheme?
·         The loans will only be applicable from banks that are associated with IBA.



·       The loan will only be allowed to students who want to study recognized professional/technical courses in the country.

·      Students can enroll for courses provided by institutes that are established under the Acts of Parliament, set up by Central or State Government, IIMs, and institutes recognized by any other statutory body in India.

Interest Rate?
The rate will be according to the one charged as per the base rate of the bank the loan had been sanctioned in the first place and also according to the provisions of the interest rate set by the IBA and its model of education loan.

According to Nirmal Singh Lotus, this scheme will only benefit the weaker section of the society if taken advantage of in a positive way; otherwise it will become another failure that could have been a stepping step towards a better future for the younger generation of the country.  
Location: India

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