It is almost one year back, I have written about the interest free education loans announced by the Indian govt. for Indian students who are pursuing the studies in India. It is one of the great reforms in the education sector to help the poor students. The qualification to avail this scheme is, if your family income is below Rs.4.5 lakhs p.a.
There is tremendous response on the post, it shows the expectation from the public to know more about the scheme. But, sadly there is very much delay on implementing the scheme (known for Indian politics). At last, last week it is been officially sent the notification to all the Banks in India.
I am writing this post to let our readers know about the updated news on the scheme which announced last year. The good news is that, the scheme is effective from the year 2009-10. If you have paid the interest on the period, it will be returned to your bank account.
Full interest subsidy will be provided during the period of moratorium on loans for students. Here the moratorium means the time till the students completing the course and 6 months after completing the course. The proof of income is to be certified by authorities to be designated by the State governments.
Eligible students can approach the respective bank branch from where they are availing the loan and complete the formalities so that the individual accounts could be credited with the interest due on the loan from the academic year 2009-10 onwards.
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