The Government of India in consultation with Reserve Bank of India and Indian Bank's Association has framed new Educational Loan Scheme to ensure better treatment of loan applicants who want to pursue higher studies both in India and abroad. The aim is to provide affordable terms and conditions while taking loan.
The courses eligible under the loan are mentioned below:
The courses in India are,
i) Graduation courses like Bachelor of Arts, Bachelor of Commerce Bachelor of Science, etc.
ii) Post Graduation courses like Masters Degree & Ph.D.
iii) Professional Courses like Engineering, Medical, Agriculture, Veterinary, Law, Dental, Management, Computer, etc.
iv) ICWA, CA, CFA, etc.
v) Courses conducted by IIT, IIM, IISC, XLRI, NIFT, etc.
vi) Courses offered in India by reputed foreign universities
vii) Evening Courses of approved institutes.
viii) Other courses conducted by colleges, universities, approved by UGC, Govt./AICTE, AIBMS/ICMR etc. leading to diploma/degree.
ix) Courses offered by National Institutes and other reputed private Institutions.
x) Regular Degree and Diploma courses like aeronautical, pilot training, shipping et cetera approved by Director General of Civil Aviation / Shipping
xi) Teacher Training Course / Nursing Course / B.Ed where the training institutions are approved either by Central or State Government and leading to Degree or Diploma.
xii) The Aircraft Maintenance Engineering/ Pre Sea training courses are eligible for the loan only if it is either a Degree Course recognized by a competent University or Diploma Course recognized by appropriate State Body.
Studies Abroad
i.Job oriented professional and technical graduation courses offered by reputed universities.
ii.Post Graduation courses like MCA, MBA, MS etc.
iii.Courses conducted by CIMA – London, CPA in USA etc
iv.Regular Degree and Diploma courses like aeronautical, pilot training, shipping et cetera recognized by the competent local aviation / shipping authority.
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