Which Bank Has Lowest Interest Rate On Education Loan
The government of Odisha launched the Kalinga Sikhya Sathi Yojana, an educational loan program, to lessen the financial load on parents and students pursuing higher education. Here are the key highlights:
- Objective: To provide affordable educational loans to deserving students.
- Maximum Loan Amount: Students can avail a maximum loan of ₹10,00,000 under this scheme.
- Interest Rate: The interest rate is an incredibly low 1%. Yes, you read that right! There is only 1% interest on the loan amount.
- Eligibility:
- The student must be a resident of Odisha.
- The family’s annual income should be less than or equal to ₹6,00,000.
- The student shouldn’t be availing similar benefits from any other government or institution.
- Courses covered include management, integrated law, engineering, and medicine.
- Repayment Period: Up to 10 years for loans up to ₹7,50,000 and 15 years for loans up to ₹10,00,000.
- Application Process:
- Apply online through the Vidya Lakshmi portal.
- Register, fill in mandatory details, and submit the application.
2. Odisha Gramya Bank
The Odisha Gramya Bank also offers educational loans. Here are the details:
- Interest Rate: As of now, the interest rate is 14.25%
- Eligibility:
- The student must meet the bank’s criteria.
- Courses covered include various disciplines.
- Application Process:
- Visit the bank’s website or a branch for details.
In conclusion, if you’re a student in Odisha seeking an educational loan, the Kalinga Sikhya Sathi Yojana is your best bet with its incredibly low interest rate. However, do explore other options like the Odisha Gramya Bank based on your specific needs. Education is an investment in your future, and these schemes are here to support you!
Which Bank Has Lowest Interest Rate On Education Loan
