Sunday, September 04, 2011: Kerala State Financial Enterprises would
provide educational loans upto Rs 10 lakh to students belonging to
families whose annual income was below Rs one lakh, state Finance
Minister K M Mani said today.
The loans would be disbursed under the `Vidyadhanam’ scheme of the
government at 12 percent interest rate from the second week of this
month, he said in a press release here.
Four percent of the interest subsidy on the loan would be borne by
the government. In effect, the student would have to pay only eight per
cent interest, it said.
Educational loans would be made available to other categories at 13.5
percent interest Students of medicine, engineering, management,
paramedical, veterinary, agriculture and dental courses would be
eligible to apply for the loans.
The loans would have to repaid within five years after the completion
of the course. Loans upto Rs five lakh would be made available on
individual surety, the release said.
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