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Interest Subvention Scheme by state to benefit quota students

Interest Subvention Scheme by state to benefit quota students

Apnaloan.com Research Bureau

28 May 2008

State Government has drawn up an outlay of Rs. 200 crore in a move to subsidize higher and professional education for reserved category students. Under this scheme around 2 lakh students classified in the categories of SC, ST, VJNT, OBC, EBC and Special Backward classes who wish to enroll for the courses like medicine, dental science, veterinary science, architecture, bio-technology, hotel management, nursing, MBA, MCA and others.

The interest will be reimbursed by the state govt. annually to the lending banks and capital amount will be paid by the student in installments after a year of completion of the course. The scheme will cover only tuition fees and is valid for the loans up to Rs. 10 lakh.

Though the conditions like guarantee of repayment of loans by parents will remain, where for a loan in the range of Rs. 4-7.5 lakh, parents will have to give collateral of a higher amount as security. For the loan above Rs. 7.5 lakh, parents will have to submit movable or immovable assets whose tangible value is higher than the loan amount.