Education loan cheaper

Govts full subsidy to benefit five lakh students


The scheme will be applicable from the academic year 2009-2010. A meeting of the cabinet committee on economic affairs, chaired by Prime Minister Manmohan Singh, approved the scheme to enable students hailing from families whose annual income is below Rs 4.5 lakh to pursue any approved course in recognised technical and professional institutions.

The implementation and  monitoring of the scheme will be finalised in consultation with Canara Bank. The prime minister had announced the scheme in his Independence Day address. Under the scheme, the interest payable by the student for the period of moratorium — course period plus one year or six months after getting a job, whichever is earlier — will be borne by the government.

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