SBI Educational Loans, Eligibility, Interest Rates, EMIs And More

SBI Educational Loans, Eligibility, Interest Rates, EMIs And More

State Bank of India, country’s largest lender offers several types of educational loans for higher studies in India and abroad. The bank’s Student Loan Scheme, Scholar Loan Scheme, Loan Scheme For Vocational Education And Training and Central Scheme For Interest Subsidy are among the various loan schemes that are available for students. Education loans are tax effective as interest paid for an education loan qualify for tax deduction under section 80E of Income Tax Act. Here are all the details like eligibility, duration, security, repayment that you need to know…

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Dalits, tribals prefer loans for home than education

Dalits, tribals prefer loans for home than education

More Dalit and tribal families have been taking home loans over the past few years while the number of education loans has reduced, indicating a new pattern of investments among these communities. A note prepared by the department of financial services in the ministry of finance shows the amount disbursed in home loans in 2017-18 , Rs 2,849.36 crore, has gone up by nearly 50% compared to 2015-16, Rs 1,954.57 crore. Sources add that the rise coincides with the government’s renewed thrust on ‘Housing for all’ by 2022 and the…

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3 months for banks to claim subsidies for education loans

3 months for banks to claim subsidies for education loans

CHENNAI: Banks across India can now submit claims for the education loan interest subsidy for eligible accounts for the financial year 2016-17 from August 23 to November 23. Canara Bank is the nodal bank and they will be opening the portal. All the students who have availed education loanfrom the Banks under Indian Banks’ Association (IBA) Scheme to pursue professional / technical courses in India are eligible to avail the full interest subsidy, if the annual parental income is less than 4.50 lakhs. Many banks have failed to claim the interest subsidy from MHRD thereby…

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Here Is The Real Reason Why The Interest Rate On Education Loans Is Always So High

Here Is The Real Reason Why The Interest Rate On Education Loans Is Always So High

There are many reasons why the interest rate on education loans is so high as compared to a car or property loan. But, don’t worry, there are some privileges through which you can save a part of your hard earned money. But, before that, here are some calculations to keep in mind to get a better idea of the bigger picture. Know If You Are Eligible For Taking The Loan You should be a resident of India. You should have secured an admission at a reputed institution for a particular…

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Despite 21% jump in unpaid education loans, lenders continue disbursal

Despite 21% jump in unpaid education loans, lenders continue disbursal

Despite increasing number of students not paying back their loans spiking NPAs to over 10 %, lending continues for higher education with the disbursals topping Rs 20,000 crore in fiscal 2017, according to a report. Banks and other lenders together disbursed around Rs 20,000 crore in education loans in FY17, up from around Rs 17,000 crore a year ago, while total outstanding grew 1.6 % to Rs 81,600 crore. Non-performing assets (NPAs) within the education loan book of the system ballooned 21 % in the reporting year, spiking the NPA…

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142 per cent rise in bad education loans in 3 years

142 per cent rise in bad education loans in 3 years

Indian banks have seen a 142 per cent rise in default by students who have taken education loans during the past few years, at a time when hiring for new jobs has slowed down and tech companies have started laying off employees. State-owned banks, which are already weighed down by huge defaults by corporates, are the worst hit as they account for over 90 per cent of educational loans. Private banks have largely stayed away from this segment. In the education segment, the total non-performing assets (NPAs), or loans on…

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Reforming student loans and tax credits

Reforming student loans and tax credits

Student debt has reached the top of the national agenda, thanks in part to the significant expansion in the stock of outstanding student loans over the past decade. There is now $1.3 trillion in federal student-loan debt outstanding, up from $441 billion just a decade ago. The increase is a function of rising college costs, increases in student enrollments, and the expansion of federal loan programs. Over that period, total enrollments in post-secondary education grew from 17.5 to 20.3 million students. The federal role in higher-education lending has expanded significantly…

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MoU signed to offer education loans sans any guarantee

MoU signed to offer education loans sans any guarantee

Director NITHM S. Chinnam Reddy   | Photo Credit: BY ARRANGEMENT   National Institute of Tourism & Hospitality Management (NITHM) entered into a Memorandum of Understanding (MoU) with the Indian Overseas Bank, Gachibowli Branch to facilitate education loans to the students without any guarantee or collateral security. Bank Chief Regional Manager Shivkumar Chaturvedi and Director NITHM S. Chinnam Reddy and other officials were present during the signing on Thursday. Two new education loan schemes — Vidhya Surakhas and Vidhya Jyothi introduced by Government of India are to help students studying…

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Students make beeline for loans from educational trusts

Students make beeline for loans from educational trusts

By Jyotirmoyee Ghosh If didn’t get the scholarsI hip, would’ve dropped a year,” says Anubhav Khamroi, who received Rs 2 lakh under Jindal Law School’s Savitri Jindal Global Scholarship in Delhi. Khamroi, a second year BA LLB student, got a merit-based scholarship after attaining 90% in the LSAT entrance exam. “The scholarship has really reduced the financial burden on my family ,” said Khamroi. Scholarships have become essential for middle-class students as cost of higher education has skyrocketed in recent years. At top institutions, the annual fees for professional courses…

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Trump Administration Considers Moving Student Loans from Education Department to Treasury

Trump Administration Considers Moving Student Loans from Education Department to Treasury

The Trump administration is considering moving responsibility for overseeing more than $1 trillion in student debt from the Education Department to the Treasury Department, a switch that would radically change the system that helps 43 million students finance higher education. The potential change surfaced in a scathing resignation memo sent late Tuesday night by James Runcie, the head of the Education Department’s federal student aid program. Mr. Runcie, an Obama-era holdover, was appointed in 2011 and reappointed in 2015. He cut short his term, which was slated to run until…

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