Interest free education loans to IIT students
Posted on: 15/Jul/2016 12:00:43 PM
Union Human Resource Development Minister Prakash Javadekar has mentioned that IIT students can soon avail themselves of interest free loans under the Vidyalaxmi scheme for the total portion of the tuition fee payable.
The scheme will be available to all students of undergraduate courses and five-year integrated degree programmes starting from 2016-17, covering the period of study and one year moratorium. It will be open to students with household income of less than Rs 9 lakh per year and will cover the tuition fees paid by the student. The term of the loan will be for 10 years and no collateral will be required except the personal guarantee of the student and the guardian. Payment of the interest subvention will be from the internal accruals of IIT and will also depend on the academic performance of the student.
