An updated e-edition of Guide to Education Loans from Banks in India and Central Interest Subsidy Scheme. The booklet explains the model education loan and skill loan schemes of Indian Banks Association which the scheduled banks in India have launched as also the Central Government’s interest subsidy scheme for students from weaker sections of the society.
Students with annual family incomes of upto Rs.450,000 can avail the benefit of 100% interest subsidy on education loans of upto Rs.7,50,000 which are granted for higher studies in India (after XII Std.) at 5% margin and without any third party guarantee. The entire interest on the loans charged by the bank during the course period plus moratorium period of upto 1 year is paid by the Central Government. The student starts to repay the loan thereafter over a period upto 15 years in easy equated monthly instalments.
The free booklet can be downloaded from https://bit.ly/EduLoanGuide