Education and Career Forum

I want interest free education loan i want interest free education loan to continue my further studies after the graduation as i am a meritorious student

First of all, you need to have a secured admission to any professional courses in India or abroad through Entrance Test/Merit based selection process. You should not have any outstanding education loan from any other Institution. You parents will be the co-borrower at the branch nearest to the permanent residence. You may be consider for lower interest rate but the loan cannot go interest free completely.

I am sorry to state that you cannot get interest free education loan from any of the banks both public as well as private in India. This is because according to the norms and the laws in the field of Banking, education loans are given with the condition of interest that fluctuates between 12.5-14.5 percent depending on the economic conditions of the country. There is no bank in India which is ready to give loan without charging any interest as in that case the profit of the bank would be zero percent.

However you can get education loan from other private organization like Sahu Jain Trust and scholarships from TATA, LIC, Indian Oil, ONGC, etc. The links of certain scholarships are given below.
www.dorabjitatatrust.org/id/45/edited
www.iocl.com/Aboutus/Scholarships.aspx‎

Sahu Jain Trust is one private organization that offers loan for education without any interest charges. You have to repay the loan after completion of your studies which can be done in installments. However, the maximum loan that can be taken is only 50,000 whereas in banks it is 10 lakhs for study in India and 20 lakhs for study abroad.

The link where you can find all the details regarding Sahu Jain Trust is given below.
http://sahujaintrust.timesofindia.com/

There are a lot of help for the under developed segment of the society from the Government of India. Recently, it has launched a scheme to provide full interest subsidy during the period of course and one year or six months after getting job. One can return the loans within the time frame. The Indian government You need to visit the nearest bank branch where you and family members hold accounts. Your merit score will decide the sanctioning part as bank officials check the borrower’s credibility. Spanning from graduate, postgraduate and doctoral level programs in India, students can get loans.