Education Loans

We have a good news for the students of Chattisgarh. The State Government has announced a loan scheme exclusively for the students. The students can avail education loans with just 4 percent interest. The scheme is named as Chief Minister’s Higher Education Loan-cum-Grant Scheme. Students who want to study engineering and other professional courses in Chattisgarh will be provided these loans.

The Chattisgarh Government has already issued a notification in this regard. Technical Education Department has recently signed a memorandum of understanding with nodal banker Canara Bank. As per the latest scheme, a student belonging to a family with an annual income up to Rs 2 lakh will be eligible to avail the interest subsidy scheme.

The maximum limit of the loan under the scheme is up to Rs 4 lakh. The students will pay the 4 percent of the interest levied by the Bank. The remaining interest will be paid by the Government directly to the Bank.

Are you planning to take an education loan from any PSU Bank? Then you will be happy after reading this post. The Government of India is thinking of giving you guarantee for education loans till Rs.7.5 lakh. Providing guarantee remain a big issue for the students who want to avail education loan facility from banks.

The RBI Governor, D Subba Rao has informed that the proposal to offer guarantee to education loans is aimed at removing problems faced by students in securing a education loan.

There are complaints from students that getting loans for education in the present scenario is not a cake walk. Considering the difficulties, the Government is working on guarantee scheme for education loans.

The RBI is also concerned on providing education loans to all the students who want to go for higher education irrespective of their past performance and joining institution. Let us hope the new scheme will be materialized soon.