Education Loans
The Reserve Bank of India (RBI) has advised all
Scheduled Commercial Banks to adopt Education Loan Scheme, formulated by Indian
Banks’ Association (IBA), vide Circular RPCD.PLNFS. BC. NO.83/06.12.05/2000-01
dated April 28,2001.
IBA has formulated and circulated to all Member Banks
including State Bank of India (SBI) a ‘Model Education Loan Scheme’ for
providing financial support to meritorious students for pursuing higher
education in India and abroad. Salient features of the Scheme inter-alia
include;
I. Loan upto Rs
10 lakh for study in India and upto Rs 20 lakh for study abroad.
II. Collateral
free loans upto Rs 7.5 Lakh under the Credit Guarantee Fund Scheme for
Education Loans (CGFSEL).
III. No Margin for
loan up to Rs 7.50Lakh.
IV. Repayment
period of 15years
V. One Year
Moratorium for repayment after completion of studies in all cases,
VI. Moratorium
taking into account spells of unemployment/under-employment, say two or three
times during the life cycle of the loan
VII. Moratorium for
the incubation period if the student wants to take up a start-up venture after
graduation.
The IBA scheme provides broad
guidelines to the banks to operationalise the Educational Loan Scheme. However,
the implementing banks may vary their products as may be required.
As per
IBA Model Scheme, approved courses leading to Graduate/Post-Graduate Degree and
P G Diploma conducted by Colleges/Universities recognized by the University
Grants Commission (UGC), the All India Council for Technical Education (AICTE),
the Indian Council of Medical Research (ICMR), etc. are eligible for education
loan.
SBI
and other Nationalised Banks are granting education loan for Post-Graduation
Diploma Courses conducted by the colleges and approved by AICTE without any
discrimination.
As per the information furnished by
SBI, the State-Wise Education Loan sanctioned and disbursed by SBI for pursuing
Degree and Diploma Courses inside and outside the country during each of the
last three years and the current year are at Annexure I &II.
Source |
www.pib.nic.in
Regards!
Librarian Rizvi Institute of Management
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