NEWS & ADVICE : EDUCATION LOANS
Model Educational Loan Scheme: the new revised version
By Neelima Shankar
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Other features

Other features on Model Educational Loan Scheme includes quick appraisal of the application (within 15 days).

  • The loan would be directly disbursed to the educational institution.
  • Repayment of the loan doesn't take place till the holiday period/moratorium, which is one year plus the course duration or 6 months after getting a job, whichever being earlier.
  • If the borrower services the interest during the moratorium, he/she receives 1% subsidy in interest rate when the repayment commences.
  • Repayment tenure of 10 to 15 years depending upon principal amount.
  • No prepayment penalty to be charged by the bank in case of foreclosure of the loan.

 


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