Education and Career Forum

Hello sir, I have completed 12th and want to study Bachelor of Architecture course from Mumbai. I want to apply for education loan. My father is in Indian Army. So, please tell me can I get education loan without paying any interest?

No, you can't get an education loan without interest from any bank even if your father is working is in Indian Army. Each and every bank charges interest for all education loans irrespective of designations. Only some banks offer 0.50% concession on interest rate of education loan for girl candidates and everything is almost same is every bank. So, you have to pay interest if you take an education loan from bank for pursuing your higher studies.

Yes, you can get educational loan but, as per government norms there are no such concessions in the rate of interest for the Indian Army. This facility is only available for BPL. You have to pay the usual rate of interest of the bank.

If your father's income is less than 4.5 lacs per annum then you can avail central government scheme which allows interest subsidy on education loan.

An income proof certificate will be required at the bank branch where you applied for loan to get the subsidy. Hence, just confirm your admission and apply for loan at a leading PSU bank.