Education loans in India
This resource is not about the scholarship facilities but gives the idea of the sources other than the banks.
I always suggest that if you want to open a savings account prefers to nationalize bank, your savings are safe here. If you are seeking a loan select co-operative bank because their terms and conditions are flexible. When we talk about educational loans I would suggest one should approach to the NGO's or the trusts providing financial supports. Its misconception that trusts award only scholarships it's not like that. They work on many social activities, we have to enquire about it because they hardly advertise their program. They charge very nominal rate of interest say 2% to 4% for educational loan or its interest free loan and the provision of a loan amount is usually less than the banks. Each city has one or two such trusts and here are few well-known trusts of India,1)J.N.Tata Endowment, Mumbai. 2) k. c. Mahindra Education Trust, Mumbai. 3) Mariwala Trust, Mumbai. 4) Sahu Jain Trust, New Delhi. 5) Bhoomika Trust, Chennai. 6) All India Women's Conference (AIWC) Delhi. Central government is working on this issue and in future a favourable result is expected. Some state government has temporary scheme in collaboration with nationalize banks and some state has helpful scheme like the state government of Goa has IFEL scheme that is interest free educational loan scheme with a financing plan for 5 year, 7 year and 9 year can be repaid after one year completion of education. I am sure that such a scheme may be offered by other state too. If you don't get a loan from these institutes then you apply to any bank that has comparatively low rates of interest. All banks have near about the same documentation process. The eligibility factor is common in all banks. The rates of interest, processing charges, the margin money, the period of repayment etc. vary from the bank to bank. Some nationalize banks have good schemes too. But they are very few.