Now Education loan available for Rs. 7 lakh income

Bhopal: Madhya Pradesh Government’s scheme to provide loan subsidy to students on bank loans taken by them for pursuing higher education has been implement from this academic session. Under the scheme, students whose annual family income is more than Rs. 4.50 lakh and upto Rs. seven lakh will be eligible for loan subsidy.

It may be noted that loan subsidy is granted by the Union Government to students belonging to weaker section families whose annual income is upto Rs. 4.50 lakh. Due to this, students belonging to families with more income than stipulated limit cannot avail benefit of the scheme. Madhya Pradesh government has launched this scheme to remove this shortcoming.

Under the scheme, a student will be eligible for loan subsidy during moratorium period fixed by bank and after maximum one year on completion of course or starting job, whichever is earlier. It is mandatory that such student should have obtained loan from a scheduled bank and taken admission in an institution in technical or professional course recognised by Indian Bank Association.

Under Madhya Pradesh Government’s Higher Education Loan Subsidy Scheme, students whose annual family income is more than Rs. 4.50 lakh and up to Rs. seven lakh and who have taken admission in professional course after passing class XII exam with minimum 65 percent marks are eligible. Under the scheme, ten thousand new students will be benefited every year. The scheme has come into effect from July 1, 2012. A student will be eligible for loan subsidy only once and in one scheme. The State Government has appointed Central Bank of India as nodal bank for claim for payment of loan subsidy. The scheme will be implemented by the Directorate of Institutional Finance.

 
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