Category :
Economy & Banking
The Reserve Bank of India has advised all Scheduled Commercial Banks to adopt Education Loan Scheme, formulated by Indian Banks Association. |
Salient features of the Scheme includes:
- Loan upto Rs 10 lakh for study in India and upto Rs 20 lakh for study abroad.
- Collateral free loans upto Rs 7.5 Lakh under the Credit Guarantee Fund Scheme for Education Loans (CGFSEL).
- No Margin for loan up to Rs 7.50 Lakh.
- Repayment period of 15 years.
- One Year Moratorium for repayment after completion of studies in all cases.
- Moratorium taking into account spells of unemployment/under employment, say two or three times during the life cycle of the loan.
- Moratorium for the incubation period if the student wants to take up a start-up venture after graduation.
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Source: The Press Information Bureau
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