Indian Banks Association (IBA) is an advisory body for all the Banks in India. They formulated a “Model Educational Loan Scheme” for pursuing higher education in India and abroad and sent the same to all the Banks in September, 2012. They also advised them to modify the scheme, if necessary before implementation.

   As the focus is on development of human capital, repayment of the loan is expected to come from future earnings of the student after completion of education. Hence the assessment of the loan will be based on employability and earning potential of the student upon completion of the course and not the parental income/family wealth. The main emphasis is that a meritorious student, though poor, is provided with an opportunity to pursue education with the financial support from the banking system with affordable terms and conditions.

Eligibility: The applicant should have secured admission to a higher education course in....