Education loan scheme, GCC, LUCC, APY , PMAY , CGTMSE , SHG
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What is the maximum loan amount under the IBA Model Education Loan Scheme for studies in India?
Under the IBA Model Education Loan Scheme, the maximum loan amount for studies in India is Rs. 10 lakh, while for studies abroad it is Rs. 20 lakh.
What is the maximum age limit to apply for an education loan under IBA Model Scheme?
No specific age bar; generally up to 35 years.
What collateral security is required for education loans between Rs. 4 lakh and Rs. 7.5 lakh?
For education loans between Rs. 4 lakh and Rs. 7.5 lakh, a third-party guarantee is required as collateral security instead of tangible assets.
What is the interest rate concession given to girl students under the education loan scheme?
0.50% concession on interest rate for girl students.
What is the repayment period allowed for education loans after the moratorium period?
After the moratorium (course period + 1 year), education loans are to be repaid within a maximum period of 15 years.
Under the IBA education loan scheme, what is the maximum loan for studies abroad?
Rs. 20 lakh for studies abroad.
What is the moratorium period under the Education Loan Scheme?
The moratorium period is the course period plus 1 year, during which repayment of principal is not required, though simple interest accrues.
What expenses are covered under the education loan scheme?
Tuition, hostel, books, equipment, travel, and exam fees.
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