The Foreign Universities Bill has been tabled in Parliament and soon it will be a reality. But with most of our brilliant students coming from lower middle income groups, financing their higher education remains a major stumbling block.

This is where banks, and numerous philanthropic and religious bodies and institutions pitch in and help out our needy but deserving youngsters.

Most of our nationalised banks starting with the SBI offer education loans. Normally, banks extend loans up to Rs 7 lakh for pursuit of higher education within the country and up to Rs 15 lakh for receiving education overseas. Usually, it is provided for a period of five to seven years and the interest charged differs from bank to bank but hovers around 12.50% and 17.50% as per the applicant's profile