Everything you Need to Know about Education Loan for IITs

Posted In education loan On April 10, 2019
image

The Indian Institute of Technology is one of the premier institutes of India. The Government of India has implemented new loan policies for students studying from IITs. The annual tuition fee was incremented from 90,000 to 200,000 for the IITs from the academic year 2016-17.

The Ministry of HRD announced an interest-free loan scheme for the students studying in IITs after the fee hike. The benefits scheme is applicable for students belonging to those families whose annual income is less than 9 lakhs per annum. Earlier the interest scheme was applicable for students whose annual family income was up to 4.5 lakhs.

The Education loan for IIT students provided by banks is applicable only for the students’ tuition fees. Even the amount that is paid by the students during admission is reimbursed by the loan amount. The Ministry of HRD, Government of India decided to offer interest funding on the Education loan for all postgraduate and undergraduate students for a maximum of 5 years (including the moratorium period). Respective IITs have signed an MOU with their home branches for the facilitation of loan to students. The scheme which covers the interest rates of the loan for IIT students is commonly known as the Vidyalakshmi Scheme. Apart from free-interest, underprivileged students from Scheduled Caste, Scheduled Tribe and physically handicapped category will enjoy a full tuition fee waiver under the present scheme.
Like it? Share it!