Interest rate

Banks charge interest rates ranging from 12% to 13.75% for education loan schemes meant for vocational courses.

Repayment

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

Andhra Bank

Model Scheme on Educational Loans for pursuing Vocational Courses

Oriental Bank of Commerce

Oriental Education Loan Scheme for Vocational Courses

Corporation Bank

CorpVidya scheme for vocational & skill development courses

Abhyudaya Co-operative Bank Ltd.

Scheme for Education Loan for Vocational Courses

Punjab National Bank

PNB Kaamgar

United Bank of India

United Education Loan Scheme for Vocational Education and Training

Bank of Baroda

Baroda Education Loan for Vocational Education & Training