Education loan is a kind of loan intended to assist students in covering the costs of their post-secondary education, including living expenses, books and supplies, and tuition. In contrast to other loan kinds, it could have a significantly reduced interest rate and a repayment plan that is postponed while the student is still enrolled in classes.The projected growth rates for the education loan are 32.3 percent in 2009–10, 39.8 percent in 2010–11 and 2011–12, and 44.8 percent from 2012–13 to 2014–15.
Five banks, including SBI, IDBI Bank, and Bank of India, have connected their systems with the Vidya Lakshmi portal, which was developed by the Indian government for students looking for educational loans. On August 15, 2015, Independence Day, Vidya Lakshmi was introduced to assist students in need of student loans.Idya Lakshmi was created by the Indian Banks Association (IBA), the Department of Financial Services, and the Department of Higher Education.
The education loan is expected to expand at a pace of 42.8% from 2012–13 to 2014–15, 39.8% from 2010–11 and 2011–12, and 32.3% from 2009–10.From 2012–13 to 2014–15, the education loan is anticipated to grow at a rate of 42.8%, from 2010–11 to 2011–12, 39.8%, and from 2009–10 to 32.3%.From 2012–13 to 2014–15, the education loan is anticipated to grow at a rate of 42.8%, from 2010–11 to 2011–12, 39.8%, and from 2009–10 to 32.3%.
