Can I get a top up on my education loan?

Top-up loans can be taken from your existing bank, from where you have already taken an educational loan. Also, from the Rs 35 lakhs, if you have already paid Rs 5 lakhs, your total eligibility also increases – and you will now be eligible to take a loan of 20 lakhs more.

Can I transfer education loan to another bank?

It is very much possible to transfer your existing education loan from one bank to another bank, and actually financially gain from such a transfer. Apart from lowering your interest rate you also can get a larger amount of loan.

What to do if a bank does not provide subsidy?

If the Banks have failed to submit the claims fully or partially or failed to inform the students about the subsidy procedures, they can approach ‘District Consumer Forum’ and file a complaint against the Branch and the Managing Director of the Bank claiming damages and compensation. This is a simple and cost effective legal process.

What is education loan subsidy?

In order to promote the level of education among citizens, the Governments of many States introduce attractive interest subsidies on education loans taken by students, who are pursuing higher education but whose family background is not economically strong enough to afford it fully.

What are the reasons for denial of interest subsidy to students?

1. Banks have not claimed eligible subsidy from the Government within due date, thereby denying the interest subsidy to the students; and 2. Though the Government of India has promised 100\% interest subsidy during the study period plus one year for eligible students, the Government has not settled full amount.

How to get educational loans’ interest reimbursed from the government?

Once it is approved, they will be eligible to get their educational loans’ interest reimbursed from the Government either after it is fully paid to the bank or along with the payment of interest to bank periodically as per the scheme. Following formats are specimen copies only.