Education and Career Forum

I bought education loan in Indian overseas bank . They collect interest from me . how can i get interest subsidy? Please do help me as I am in need for it.

It is normal that the bank will charge interest if you take loan from it. It is the way through which the entire banking field works. Getting subsidy on education loan is very tough since already a great deal of facilities is given on education loan interest like charging simple interest rather than compound interest. You can get subsidy when :-

- You pay the interest regularly every month. This will give you a rebate of 1% in the interest rate after completion of your study course.

- If your parent/co-borrower is Senior Citizen, then you will get a subsidy.

You need to approach the bank for the prompt servicing of interest for all months during the study period when repayment holiday is specified for interest / repayment under the scheme. You can get an interest rebate at 1.00 % and interest concession at 0.50% on all education loans to Girl Students for pursuing education in India and Abroad. The interest rebate thus calculated will be credited back to loan account at the time of commencement of repayment of the principal sum.

Why bank did not given interest subsidy?i have submit my form order of finical minister

Don't worry bro..

You have all rights to question the bank.. Ask them clearly the reason they are refusing to give the subsidy..
Just take the print out of below links and show it to them.... Sure your problem will be solved..

http://www.business-standard.com/article/news-ians/indian-overseas-bank-addressing-complaints-on-education-loan-113080801020_1.html
http://www.financialexpress.com/news/interest-on-education-loans-before-apr-1-2009-waived/1227028

Originally Posted by Unregistered

I bought education loan in Indian overseas bank . They collect interest from me . how can i get interest subsidy? Please do help me as I am in need for it.

If you have paid the interest regularly and no interest for holiday period is outstanding there as on 31.12.2013 then you can not claim the subsidy under the new CSIS announced in the budget.

i have interset subsidy .the goverment says to have inseret susidy.why did not give to me

the other banks give complete interset subsidy for educational loan under IBA scheme.but iob why do not that

the bank taken interest of educational loan applied on 2013 without my permission.but the elliglble to claim to interest subsidiy what can i do

Dear All ,

I need need help regarding above conversation , I have taken loan from SBI under mentioned time ( 31-3-09) had paid interest & principal amount regularly .
I had submitted all the required documents & had taken receiving from bank .I had also applied for subsidy under this scheme but I have not got the subsidy - Kindly advise me where to approach now.

Thanks ,
Satish Kumar

I have taken educational loan in may 2011 from indian overseas bank, and i have submitted the subsidy form of the parental income less than 2,50,000 rupees. but still i have not get the subsidy on my loan account.
Please help me regarding htis issue.

Thankin You
Aman Chanana

Low rate interest rate is announced by the government for education loans. To avail this facility you must be be eligible for it.

Eligibility to get low interest loan from bank :

Candidate must belong to Economically Weaker Sections with annual gross not more than Rs. 4.5 Lakh. Candidate have to submit the certificate issued by authorized officer of state government.

Also, 0.5% subsidy is provided to girl child.

Loan will only be provided to candidates who are pursuing higher studies after 12th in technical or professional field from recognised field.

My daughter have taken education loan in 2004 from iob and settled loan accounts dues under OTS. Intimation have been received from bank to open a new SB account for crediting the subsidy and opened a new SB account. But one month is over, subsidy has not been credited the account so far. Approached the bank so many time. They are saying that head office is doing that job.

Kindly advise me where to approach now.

I have taken education loan from IOB in July 2013. Till date I have paid all interest regularly. How should I approach bank for getting Interest Sudsidy ?

candidates who can satisfy following criteria are only eligible to get subsidy in Education loan Interest.

->Candidates should be enrolled in either Technical or Professional courses.
->Candidates parents annual income should not exceed Rs.4.5 lakhs.
->In case, if the student is a Girl, then there will be Interest concession at 0.50% on all Education Loans.

So, If you satisfy this criteria, try to contact the officer, who processes your application to get subsidy on Interest rate. If the officer delays your application, you should contact that bank manager and should submit a written request to process your application as soon as possible.

I have got edu.loan at IOB for my son's higer education at USA. Whether I am eligible for interest subsidy or not?

I bought educational loan from iob .(2012-2016) if we ask a form means they said we didn't get such information for interest subsidy .write it on a white sheet and give it to us they said .is this the scheme in iob

I bought education loan from IOB Durgapur Bidhannagar branch for my MBA program of RS four lakh and paid regularly interest and some Amount of principal. Further it will be finalized before 84 equally monthly installment. Now I would like to know that I am applicable to have subsidy for this loan, please suggest me. Thanks.