Banks charge interest rates ranging from 12% to 13.75% for education loan schemes meant for vocational courses.
Generally, these loans can be repaid in 3 to 7 years, though some banks limit the repayment period to 5 years.
Processing fees, Margin, Prepayment penalty
Banks have made these loans more affordable by waiving off extra expenses on them like processing fees, margin and prepayment penalty.
Some banks offering education loans for vocational courses
Some public sector banks which are providing education loans for vocational courses are:
State Bank of India
Loan Scheme for Vocational Education and Training
Model Scheme on Educational Loans for pursuing Vocational Courses
Oriental Bank of Commerce
Oriental Education Loan Scheme for Vocational Courses
CorpVidya scheme for vocational & skill development courses
Abhyudaya Co-operative Bank Ltd.
Scheme for Education Loan for Vocational Courses
Punjab National Bank
United Bank of India
United Education Loan Scheme for Vocational Education and Training
Bank of Baroda
Baroda Education Loan for Vocational Education & Training